Mirco Units Provide a Small, but Affordable, Option

In major urban U.S. cities such as Seattle, New York City, Boston, San Francisco, and Washington, D.C., apartment unit sizes have been decreasing as developers seek higher density and revenue per square foot to compensate for increased land value and construction expenses. These "micro-units" are typically studios or one bedroom apartments with full kitchens and bathrooms and lease for 20 to 30 percent lower per month than conventional units yet have high value ratios (rent-per-square-foot). The size of such units varies according to city-specific size requirements for new dwelling units, but typically ranges from 280 square feet to 450 square feet, often falling between the sizes of a one and two car garage. 

The first prefabricated micro housing project in the U.S., SmartSpace SoMA (shown below), was built in San Francisco in 2013. Its 23 units are just smaller than 300 square feet each and feature dining tables that convert into beds. 

Micro units have preformed well when compared to conventional units, achieving higher occupancy rates and rent-per-square-foot. According to 2014 consumer research conducted by the Urban Land Institute, nearly a quarter of renters in traditional apartments would be interested or very interested in renting a micro unit.  However, real estate analysts have yet to determine if micro units characterize a large, relatively untapped market or is simply a niche market. The popularity of these units could be attributed to their relative scarcity as opposed to unmet demand - only time will tell. 

Parking Spots in Hong Kong Selling for $500,000+

Those who live in big cities can attest to fact that it is not only difficult to find a parking spot, but it is also expensive. Midtown Manhattan and Downtown  Manhattan boast the most expensive monthly fees that residents pay for a parking space, at $541 and $533, respectively. Other cities with steep monthly parking rates include Boston ($438) and San Francisco ($375). In large cities like these, apps such as Parker and BestParking can help drivers find parking spaces based on price and location.

But these prices are nothing compared to Honk Kong, where parking spots are bought and sold like investment property. CNN Money reports that, In May, a single parking spot in a residential neighborhood of Hong Kong Island sold for 4.24 million Hong Kong dollars, which translates into a shocking $547,000. This lofty price reflects the classic principles of supply and demand: the city has only 683,000 parking spots for a population of 7 million+. Although the 6.2% car ownership rate in Hong Kong is among the lowest in the world, most homes do not come with a garage or driveway, driving demand for parking places. The city government has extended a tax intended to cool the residential property market to parking spaces, but demand is still high along an increase in investment dollars. The number of registered parking spots sold in August increased by 29% to 956 since July, reaching the highest level in 20 months.

Factory Buildings Converted Into Residential Lofts

It's not uncommon to repurpose old factory buildings. In 2010, developer Kevin Lykens purchased the Wonder Bread Factory in Italian Village with the intention of converting the building into an arts center. When that did not materialize, Lykens decided to instead transcend the space into modern residential lofts. The building now contains 48 different layouts, thanks to the fact that the factory was constructed at different times (part in 1916 and part in 1952). To maintain the building’s historic charm, some of the elements were repurposed. For example, dough troughs are used for planters in the courtyard. Other elements were left in place, including brick floors and ceiling pulleys. Some features are new, including the security system and the restaurant Cray, which opened on site this year.  Residents enjoy spacious apartments—some of which are two stories.

The Columbus Buggy Co. has also been renovated into residential apartments. The company was the largest manufacturer of buggies in the word when the factory was constructed in 1902. Kyle Katz, the developer, worked to keep much of the building’s original features, such as large, industrial windows, exposed wood and support beams, and open floor plans. Now called The Buggy Works, these Nationwide Boulevard lofts blend old and new to provide residents with a truly unique home.


In San Francisco, Ghirardelli's chocolate factory has been transformed into Fairmont Heritage Place, Ghirardelli Square-a luxury hotel with ownership options. Domingo Ghirardelli's sons bought the property in 1893 and used it to produce chocolate until the factory was relocated in the 1960s. Now, guests and residents alike can take in the city's history from the building's rooftop terraces or the comfort of their spacious rooms.