In The District, Bigger May Not Always Be Better
For many the millennial generation remains a mystery that simply cannot be pegged. Everything that boomers prioritized and worked so hard for is coming up of little importance to millenials—for example, the long-standing ideal of the suburban dream home with a white picket fence and two and a half kids may soon be an aspiration of the past as the technologically minded millennial places higher importance onto more efficient options. By and large millenials are opting to occupy the cities – they want to be closer to their jobs and to the action and they're willing to make sacrifices for the proximity, namely in size.
In the Northwest community of Adams Morgan developers Peterson Cos are making a move to address this dilemma by offering cheaper condos that boast just 372 square feet on average. Ontario 17 is the latest condominium development by Peterson Cos to come to the District and as of now it is 70% sold with about 80% of buyers being first-time home owners, in case you had any doubts about the interest in mini condos. The condos will be in a word: functional. With the urbanite in mind, there will be just enough space to dwell without any of the grand amenities, such as pools and fitness centers, that are typically offered to lure potential home owners into committing to a higher price point. At just $275,000 Ontario17 condos will work out to about half of the median price of residences in Adams Morgan.
The magic of Ontario 17 is that no square foot is wasted If you can imagine the sofa pulls out the bed, the bed pulls out from the wall and so does the dining room table. What you’ll find in each condo is room enough for someone on the go - perhaps a well-plugged yuppie that only comes home to rest and recharge before the next escapade. While a homebody might desire more space to spread out in his abode as more people buy into the idea of mini condos it’s worth considering the changing priorities and what this could mean for the way people opt to live. Urban life offers a great deal of excitement and stimulation and if people are spending more time out of their homes this may translate into greater community involvement.
We are definitely interested in hearing your thoughts on this new development – would you be willing to buy into a smaller living space if it meant greater access to all that comes with living in a thriving metropolis? Weigh in and leave your comments below.
Sources Cited:
http://www.cnbc.com/2015/09/29/wooing-millennials-to-buy-condos-really-tiny-condos.html