Shalom Lamm and other real estate investors have spent inordinate amounts of time calculating the views and perspectives of consumers when it comes to their definition of luxury. Indeed, real estate developers have to do so in anticipation of constructing any developments. It’s a way for them to gauge the respective community’s sentiments toward the project, and to therefore forecast the type of interest that they’ll be able to garner among members of the community.
But luxury in the real estate market means something else to each person. Indeed, it’s this level of subjectivity that makes developers’ roles somewhat complicated when it comes to construction. Some visionaries have invested in amenities for their residential towers, that some residents especially appreciate. But there are other tenants who don’t necessarily have a desire nor an interest in amenities. Instead, they’re more interested in location.
After all, as is often said about real estate; it’s about “location, location, location.” Indeed, the price values in areas that are superior locations whether in the cities or suburbs, are incredibly higher than those that are less desirable. In fact, it proves far more expensive to build in such an area as opposed to one that’s less desirable where amenities are stacked up to the nines. For real estate analysts like Shalom Lamm, this is an ongoing challenge but one that he embraces with pride.