MIAMI—Some developers are doing away with studios and one-bedroom floor plans to accommodate the buyer who plans for the next generation of the home—housing young adult children who have returned or aging parents coming to live with their children. This is another reason for the increase in self-made duplexes within condo developments.
I discussed this with Greg Freedman of BH3, co-developer of Privé At Island Estates, yesterday. In today's interview, we'll take a closer look at those legalities and the buyer profile for these types of condos.
GlobeSt.com: Talk to me about the legalities involved with combination formats and self-made duplexes.
Freedman: Buyers of large condominium residences have ample options for large residence. Those seeking even larger residences who don't want to commit to paying the highest price for a penthouse—or who don't wish to be that high up—can often elect to combine two condominiums for a larger floorplan.
At Privé, we call these combined options our “Reserve Collection.” This approaches opens up a limited number of units that can be combined for about 6,000 square feet of air-conditioned space.
GlobeSt.com: What is the profile of the buyer purchasing combo-units at Privé?
Freedman: No matter where you are in the world, when all of us were growing up there was always that one house—maybe it was your house—where everyone went. The doors were always open to family and friends. On holidays, everyone was welcome. That is the profile of the buyer acquiring our Reserve Collection, the purchaser that craves vast space to share with their families and friends.
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