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March 29, 2016 / Johanna Bassols / 0 Comments / Investing in Luxury Homes

The Virtual Future of Real Estate

If you’re going to spend millions on a new home, chances are you’d like to check it out before signing on the dotted line. This understandable fact can make it difficult for real estate developers to convince buyers to invest in their projects that haven’t even broke ground yet. Traditionally, millions of dollars are spent on creating a sample unit for potential investors to tour before making a decision. But in markets like Miami, where buyers hail from all over the world, this can be fairly difficult. But thanks to new, state-of-the-art technology, buyers can now see these projects from the comfort of their own space.

Virtual reality devices, like the Samsung Gear VR and Oculus Rift, are changing how luxury real estate is being bought and sold.  According to a recent Miami Herald article, when you hold the goggles up to your eyes, you are immediately transported to the condo of the future. You can virtually stroll around the space and really get a feel for the space. Developers like Fortune International Group, developers of the luxury tower, Jade Signature, are planning to ship the hardware to vetted prospective buyers, making the process of checking out the upcoming project that much easier, and even more importantly, unforgettable.

According to Dan Riordan, head of residential development for Turnberry Associates, water color rendering are “quaint relics of the past.”

“I can’t tell you how many sales I’ve had solely because of that, but it’s pretty amazing,” Riordan said. “Technology’s come such a long way from where it used to be.”

Virtual reality technology starts around $40,000, claims Gonzalo Navarro of ArX Solutions, an architectural visualization firm in Coral Gables. And the price only goes up as the imaging improves.

“It’s like a car,” said Navarro. “You can have a Kia that costs $18,000 or a Maserati that costs $200,000. They both have four wheels, an engine and four seats. But there’s a big difference.”

When compared with the cost of the traditional sample unit, the price tag for the virtual experience seems reasonable. And when you factor in the unique and memorable experience, it isn’t hard to understand why virtual reality has a place in the future of real estate.

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