Is your condo association discussing how to increase unit sale prices?
By: Chris Muellenbach
I held an open house at a condo I had available for sale in Milwaukee’s Third Ward neighborhood – a fashionable, walkable neighborhood filled with restaurants, galleries, and boutiques. Why is this interesting? Fifteen people toured the condo during the open house, and everyone who walked through was over 45 years old. Three years ago, the majority touring the same open house would have all been well under the age of 40.
Why should this be interesting to condo communities and municipalities? Pets. Many empty nesters interested in moving back to our urban areas have pets. They are not going to part with their pet to move into a condo association that does not allow pets. They will move on to a pet-friendly building. Common questions are around green space, dog parks, and people parks with new urban dwellers, much more so than a few years ago.
I have been asked to talk to numerous condo associations and community groups throughout downtown Milwaukee over the past few months to discuss how they can increase sale prices and recoup the equity on their condo investments. How can they make their associations and buildings more competitive in this fast-paced sales market? An important consideration they often have not considered is becoming not just pet-friendly, but providing accommodations for pets. Simple examples are dog waste bags and wet wipes for dirty paws.
Data from The Trust for Public Land (TPL), shows that dog parks have grown 4% since 2015 and 89% since 2007. On a recent trip to Madison, I was talking to some of the locals. A number of them were excited to talk about real estate in Madison and the topic that was repeated numerous times was about the new grocery store that recently opened in the neighborhood. The grocery store has kennels outside for shoppers to keep patrons’ dogs while they shop. You put your puppy in the kennel, and for a quarter it will keep your beloved pet safe while you shop inside. The kennel has a tight metal weave so well-meaning dog lovers can’t stick their fingers in the kennel while saying hello to your furry companion. When you are finished shopping you take your key, open the kennel, and your quarter is returned to you.
If grocery stores understand the importance of being pet friendly, shouldn’t your condo association?
Chris Muellenbach is a real estate broker with:
Muellenbach Real Estate – First Weber