In the property business, we know there are amenities that add real value to a home and some that are simply for show. They look good on the property listing and some buyers like them, but they don’t change the bottom line of the property.
Sensational design is different. A home with style and flair, in a building that is unique and special, can maintain its value in ways a less-stylish building cannot. We see it all the time. Design does translate into real dollars.
We are the master broker for the Hyde by Wanders and Yoo, which is bringing an international style level to downtown Panama City. It is a project that will offer a sense of art and uniqueness to every space, creating a one-of-a-kind development.
For evidence of the value of design, we only have to look at the Hyde’s predecessor, Yoo Panama, which was also developed by Durex Property Group, builders of the Hyde. When the market slumped in the wake of the 2008 global crisis, the Yoo kept selling. When rental hit a wall in other buildings, the Yoo was still in demand.
There are several reasons for the intrinsic value found in this level of design. For one, it attracts attention – and it will always attract attention. Ten years from now the Yoo style will still stand out as something unique and different.
The Yoo also represents a different standard of design. There is a big difference between a brand simply furnishing a project or designing the lobby, as opposed to the designer helping to shape a project from the ground up. In some projects, a developer may simply have licensed the brand or purchased a few items from the designer’s company.
It’s the ground-up focus that makes the Hyde special and creates real value around the unique design. It’s maybe hard to put a specific dollar value on “unique,” but it’s there. People want to live in a special place. Millennials are seeking out homes with a difference. Every study shows they want a place that will fit their values and lifestyle. The Hyde combines elements of nature and healthy living with design, which is a proven formula for success in cities around the world.
But design plays to all age groups. Go to any city and ask what projects are worth checking out, and the projects with big-name architects and designers will always lead the list.
A building’s special design gives investors an extra feature to mitigate risk. As competition grows, a one-of-a-kind building is much more likely to draw tenants and maintain rental rates. As one of the largest property managers in Panama City, we can see the difference in occupancy and achieved rates in different buildings.
A carefully designed building also provides another benefit that is not often discussed, Durex Property group president Budy Attie notes. For a designer project like Hyde, the renderings shown to potential buyers will actually reflect what will be in the completed development.
“Most of the time the rendering has no relation with the finished product,” Attie notes. “It’s somebody playing with a computer design to try to make space look nice.”
But the renderings for the Hyde were actually created by Marcel Wanders and the building will follow his designs and input throughout the process. “What the customer will receive is almost exactly what he’s looking at in the picture,” Attie says. “That provides a comfort level for the person buying.”
All buyers understand that comfort level. A designer’s name and a world-renowned brand can be a buffer for an investment. The design also means it will be a fun place to live, something that is hard to quantify, but an important part of buying an apartment. It’s always a little different to wake up in a place with energy and vitality, where there is always something to catch the eye.
That feeling is priceless. It’s the real significance of design. Games like tennis, golf and pickleball may go in and out of style, but the value of cool design never fades.
Want to learn more about our exclusive deals in The Hyde? Contact me now!