This article describes the newest fad in the real estate market. While many are forsaking large generous homes to live in smaller apartments in the city, the question of where does their stuff go arises. The answer is "luxury storage." I'm talking about those gross storage units that somehow have been made classy enough to cost six figures. Instead of owning large houses to store all their stuff, people opt for buying inexcusably large (and expensive) storage rooms and spend hundreds of thousands of dollars on renovations in attempts to make their lives "simpler" while they live in a smaller home in the city.
In the photo above, the owner spent an estimated $400,000 to purchase and create this space.
The article calls the storage facilities as "climate-controlled rooms that have the infrastructure to be customized with kitchens, bathrooms, and other homelike amenities, so owners can relax and entertain guests while hanging with their stuff." Frankly, this sounds like they're describing a home. Instead of "storage rooms," some are calling these rooms "hobby rooms." Apart from the added space, another main reasons people are now keen on these storage units is due to the fact that owners have the freedom to decorate these spaces however they please. This could include connecting multiple storage units together, installing home-like ameneties, and other luxuries that aren't possible when buying a home.
Real estate is taking a turn in the market, now offering high-end storage units, subjecting people to waitlists for these spaces, and resales are expected to double. This could potentially mean that while larger homes are still expensive, they increasingly are becoming less popular, which could suggest a decrease in the prices of bigger homes that are outside the city. Furthermore, this could also mean a spike in the prices of smaller homes and apartments in the city.
Originally published on http://marketingwithmarwa.blogspot.com/ on March 6th
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