Ward Capital Management is a developer that created the Condominium Haus, or CoHaus, as a new housing concept that addresses the fact that Baby Boomers are looking to downsize, while Millennials hope to do just the opposite. The single-family residence offers a low-maintenance approach to living, which has the potential to appeal to both demographics for different reasons.
The Maple Avenue Residences in the downtown of New Rochelle in Westchester County, New York are set in a park and offer about 3,000 square feet of in-house living space and individual balconies, private garages and storage rooms. Each of the six condo residences has its own private driveway and a rear yard that is conveniently maintained on behalf of the condo association.
Maintenance-Free Housing Concepts
The 'CoHaus' Anticipates the Needs of Baby Boomers & Millennials
Trend Themes
1. Maintenance-free Living - The CoHaus concept offers a low-maintenance approach to living, appealing to both Baby Boomers and Millennials who value convenience and ease.
2. Downsizing and Upsizing - The CoHaus concept addresses the needs of Baby Boomers looking to downsize and Millennials looking to upsize, providing housing options for different demographics.
3. Shared Amenities - The CoHaus concept emphasizes shared amenities like individual balconies, private garages, and storage rooms, catering to the desire for community and convenience.
Industry Implications
1. Real Estate Development - The CoHaus concept presents an opportunity for developers to create innovative housing options that cater to the changing needs of different generations.
2. Residential Construction - The CoHaus concept requires innovative construction techniques to build low-maintenance, multi-unit residences with shared amenities.
3. Condo Association Management - The CoHaus concept creates a demand for efficient and well-managed condo associations that can handle the maintenance of shared amenities and common areas.