Booming Condo Market Commands Attention at Pillars
The booming condo market ― when it might peak and how multifamily builders, developers and others across the country are responding to it ― commanded the attention of many of the attendees at NAHB’s Pillars of the Industry Conference in Miami, Fla., on April 3-6.
Dominic Wilker, of Struever Brothers, Eccles & Rouse in Baltimore, found out how other multifamily developers were converting rental properties into for-sale condos in answer to the booming condo market. “Internally, our CEO is very receptive to new ideas,” Wilker said.
Jamie Gorski, the chief marketing officer of KSI Management Corporation, learned about the state of the multifamily market during the next several years. “It really helps you determine what the best plan for your company may be.”
KSI, with more than 8,000 units in the Washington, D.C. area, is one of that area’s largest diversified real estate companies.
Gorski also leaned about “interesting twists,” such as condo-hotels and other types of vacation homes in the multifamily market, during the Pillars session, "Who’s Renting, Who’s Buying: Meeting the Needs of Future Consumers."
Maurice Walters, of the architectural firm Torti Gallas and Partners in Silver Spring, Md., said it was important to see what others in the industry are creating. “Seeing other people’s work is truly inspirational and gives you something to be fired up about when you come home,” Walters said. Torti Gallas won four Pillars awards this year, including the best for-sale community of 15 units per acre or less.
Like many others at the conference, Walters was also interested in learning more about the growing urban market trend involving mixed-use properties. Speakers at the sesion, "Live, Work, Play: Developing Mixed-Use Communities," really thought outside the box, Walters said. “The complexity of mixed-use developments is amazing and they handled it really well.”
An estimated 550 builders, developers, architects, property managers and lenders involved in multifamily housing attended the four-day conference. Next year's Pillars conference will be in Scottsdale, Ariz. on April 1-4.
For more conference information, contact Courtenay Brown at 800-368-5242 x8168. For more information about the Pillars of the Industry awards, contact Laura Zaner at 800-368-5242 x8563.