Traditional Costa Mesa Residential Model vs. “Co-living”
It’s a living arrangement that’s familiar to many in Costa Mesa who attended a boarding school or college away from their hometown—who left the comfortable family nest to experience “dorm life.” That sometimes wrenching living arrangement offers the economic advantage of dividing expenses that would be difficult for a single student to bear. In addition to the savings that result from sharing space and utilities, dormitory living (or sorority, fraternity, or other similar arrangements) can offer youngsters their first brush with how to share living facilities with others who aren’t members of their immediate family. The advantages that go with learning to respect lifestyles and customs that initially may seem puzzling (“take my shoes off every time I come through the front door? Why?”) or weird (“Peanut butter and what, sandwich?”) are many. Teaching tolerance that can grow into acceptance—and even admiration—is just one. Now the traditional American Dream of owning your own home may be competing with a strikingly different model: “co-living.”
Co-living buildings feature large apartments that allow renters to have their own bedrooms while sharing access to living rooms, kitchens, and other common spaces. They may also share “amenities like cleaning services and dog walking.” Last week, the Wall Street Journal detailed mergers being undertaken by major operators of co-living buildings. They are actively consolidating their positions as smaller companies, hit hard by pandemic sanctions, are leaving the arena. That is enabling firms like Common, Inc. and German-based Habyt to acquire their smaller rivals.
Some sociologists see the co-living phenomenon as a solution for people seeking to avoid the loneliness spawned during the pandemic’s enforced isolation—still a widespread concern. That may be a factor, but it is today’s economic conditions—including the global housing shortage and inflation—that are clear reasons why more young professionals are seeking roommates to share expenses. The result is to make the industry’s future increasingly attractive. One unmistakable signal was sent by giant apartment entity Greystar Real Estate Partners LLC when it launched its own co-living brand last year.
The effect on local Costa Mesa residential real estate may ultimately be to relieve some pressure on single-family housing—but that’s not the whole story. It seems likely that the American dream of owning your own home will remain unthreatened. For help with that model—call anytime!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
