With their laser focus on the 55-and-older market, I wonder if home builders and developers might be overlooking an emerging niche: singles.
2008 Nationals: Veer Off the Path to Success
Vulcan Real Estate's Veer in Seattle, Wash. won a gold award at the 2008 National Sales and Marketing Awards.
The builder and architect took the road less traveled with Veer — a loft building located in the South Lake Union neighborhood of Seattle — and that seems to have made the difference.
South Lake Union is an up and coming "funky" area, according to Vulcan Real Estate Marketing Director Megan Murphy. In addition to several creative, established business enterprises, Amazon.com recently announced it's coming to the neighborhood.
"There are several businesses in the area that are independently owned, interesting and really creative and unique," says Murphy. "With Veers Lofts, we wanted to blend in with that atmosphere."
They came up with the name Veer because it characterized the target market, the non-traditionalist: the graphic designer, professional skateboarder or even an accountant who plays with a rockabilly band on the weekend. At some point they had a choice of going the traditional route or veering off the beaten path.
"An unconventional person is going to move into a place that's a bit more interesting, not a traditional two-bedroom, one-bath floor plan," says Murphy. "It's a big open space that you can create and personalize for yourself."
Murphy says the graphic design team that designed the logo — DEI Creative — was their target market, so they really understood this project. The second "e" in the logo, which also won gold, changes to adapt to the background or materials surrounding it. Like Veer's target market, it does the unexpected.
Project: Veer, Seattle
Builder: Vulcan Real Estate, Seattle
Architect: Johnson Architects, Seattle
Ad Agency: DEI Creative, Seattle
Number of units: 99
Price range of units: Mid $200,000s to high $600,000s
Square footage of units: 565 to 1,060 square feet
Rendering: Vulcan Real Estate, Seattle