Why Are Tiny Homes and Micro-Condos Gaining Popularity?
“Tiny” and “micro” homes have garnered a lot of media attention, but “micro condos” are becoming a hot new trend as well. Our McCullough Team is marketing a new commercial and residential mix complex on Dufferin Road that offers a wide range of options for home owners and investors. The condos vary in size from a micro unit, 1 bedroom units and a 2 bedroom unit. Many buyers are a bit taken back when introduced to the notion of a 410 square foot condo that offers all of the amenities such as stainless steel appliances and stacking washer/dryer, with less space than a traditional condo.
Micro condos are often referred to as “micro apartments”, bachelor condos. For big-city dwellers, smaller living spaces are very common. In San Francisco you can live in a condo as small as 220 square feet. In Vancouver, one developer is marketing a development of “nano-lofts” which will be between 175 and 275 square feet. To those homeowners, 410 square feet would seem extremely spacious!
Why a micro-condo? Tiny homes and smaller living spaces seem to be a social movement in which people choose to downsize for a variety of reasons. Some believe that these types of homes create a smaller carbon footprint, while others want the financial freedom of owning a home, but not having a large mortgage to pay each month.
Other tiny home and micro condo lovers want to simplify their lives and pursue other interests such as traveling. It is estimated that the average home in North America is 2,400 square feet, so a tiny home could be comparable in size to a master bedroom in one of these homes. What is the difference between a tiny home and a micro-home? Typically, a tiny home is between 100-300 square feet in size and homes between 400-700 square feet are considered micro-homes.
Our McCullough Team’s micro-condo would be comparable in size to a micro-home given its size. Listed at less than $200,000, this brand new micro-condo boasts a complex that is pet-friendly (no size restriction for your “fur baby”), rental friendly (in case you want to be an investor or try your hand at Airbnb), and a location close to the hub of central Nanaimo with all of the amenities you could ask for to be connected to the city.
It all comes down to design. Will buyers in Nanaimo support the “less can be more” approach to real estate? With the average price of a single family home exceeding $450,000, buyers may want to consider a smaller space that offers affordability, modern finishings and a great neighborhood for a fraction of the cost.
Micro-condos allow new home buyers to enter the market and live close to where they work while enjoying the convenience of shopping (Country Grocer is literally across the street). There is a yoga studio and 2 private gyms only minutes away so an active lifestyle is easy to maintain here. Meet a friend for coffee at the numerous restaurants and coffee shops, or hop on a bus for an easy commute to Vancouver Island University. As well, negotiations seem to be moving in a positive direction for the passenger-only ferry to Vancouver, so someone who commutes to or from the Mainland may find owning a smaller condo cheaper and more enjoyable than staying in a hotel room.
If you are interested in taking a look at this brand new micro-condo located at 1847 Dufferin Road (even if you aren’t considering buying but are just curious as to new and unique real estate developments), please contact our McCullough Team at 250-751-1223 and we would be happy to give you a personal tour. You can also visit this development’s website at www.1847dufferin.com to see the progress of this exciting project.
We look forward to hearing from you.
Brian & Myles McCullough
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