B.I.G. Reports on The Value of a Den
We recently launched the Baker Insights Group (B.I.G.), a research and analysis service that will provide developers with the custom market insights and data required to optimize project sales. Armed with refined knowledge of the trends that are influencing consumer demand, developers will be empowered to make the best decisions about new site purchases and the subsequent plans that will make them more competitive and strategically focused.
Initially, B.I.G. produced custom reports on key issues for several clients. Now, we have released our first broad market report which analyzes the value of a den in new condominium developments. Leveraging our proprietary data base, it takes an in-depth look at how this specific design feature resonates with buyers and the extent to which it commands a premium price in the context of the overall market
Careful analysis of cumulative data enforces what we’ve been saying for years, suites with dens command a higher price point, even when square footage stays the same. For example, the share of suites with one bedroom plus den rose from 10 per cent in 2018 to 13 per cent in 2019, to 23 per cent last year. From 2018 to 2020, the data from our projects show that the median one-bedroom suite at approximately 500 square feet in size sold for about $65,000 less than a similar size one-bedroom suite with a den.
At Baker, we see the demand for suites with a den increasing all the time. Buyers envision using the den space as a nursery, a hobby spot, a place for friends or family to stay, home office, or even a second tenant or roommate. Whether you are buying a suite to live in or to rent out, consider choosing one with a den for the most flexibility, now and in the future.
CONFIDENTIALITY: All Baker data is kept in the strictest confidence. While we use insights from those numbers, what we publish will be based on sales as a whole, rather than on specific projects. In accordance with The Privacy Act, no personal information is used. We know that B.I.G. is a new industry game-changer, and we look forward to welcoming you on board.
For more information on how B.I.G. can help you directly email [email protected]