Yes, we have seen it. The articles about how malls, plazas and other brick and mortar shops could be moving into a new stage of development.
What does this mean for you as the consumer? And what does this mean for the real estate market as a whole?
It’s time to share a few points that could shine some light on this topic from multiple sources!
How Much Could this cost?
These homes would be for people who would be on a lower income level. They are calling these homes, more affordable housing. Based on the video below, some estimates for these apartments could be the following:
- The apartments in the video below started at 500$ a month
- They later raised to $800 and $1800 per month
- Figures shifted based on location and demand
As this virus continues to play a big factor in the earning potential of the average family, the cost of these properties will likely drop. Families are not in the greatest of shapes over the course of this pandemic and opening the door to new future opportunities could provide some motivation.
It is up to the government to find ways to keep these families at the forefront of cost decision making!
Could This Be A Glimpse Into The Future?
The video above offers us a bit of glimpse into what life could be like within a store front. This is one of the oldest buildings in the United States. One of the most interesting points from the video was the idea of making these older places more economically sound instead of destroying them. This could be the route most people could use going forward.
COVID is shifting home buyers. As more people start to adapt to the life of remote work, we could be seeing more people opting to rent these store fronts. Millennial’s (Like Myself) prefer to have things now. You want a house downtown? Rent this new store front apartment.
COVID is a wake up call to realtors and to the world around us. People will soon realize the idea of owning a house is more of a liability then a asset.
Lastly, the video is made of people who want to live in a place close to work for a short period of time. As more people adapt to remote work, people might take the opportunity to travel and work elsewhere. This means shorter rental agreements and less commitment to a large home. I really like the direction of the world, we are focused on enjoying our lives.
Whether that be in a store front house in Canada or inside a beach side rental property in Indonesia.
If this is to be our new normal, real estate enthusiast and architects need to collaborate on making cities in accordance with these changes. We need to redesign cities now more then ever. If more of these people move into these homes and store fronts, the topic will become: “What space do we have to breath in our cities?”.
We need urban architecture, urban farms, and urban parks within our cities. Population is increasing and if we want to be ready for another one of these pandemics, we need more space to live before its too late.
Stay tuned to my blog for more trends, news, opinions about the future of real estate and how marketing will play a crucial role in this industry. If you have questions, email me email@example.com.
UPDATE: Let me know in the comments, would you live in a store front? What do you think about this situation that we have now? Let me know!
Gracias por el apoyo!