In our first conversation, Desi and Galya from the River Park Sales Team shared details about the concept of the residential complex and what type of buyers would appreciate it. Today they tell us more about the progress in construction, property maintenance and which types of houses are the most sought-after.
1. Do you have established rules of conduct within the complex? How will the communication between the residents happen?
Galya: The rules are fundamental for gated communities, as they outline the extent of what we can do without disturbing others on one hand, and provide comfort and peace to residents on the other. The Internal Code of Conduct and the Contract for Management and Maintenance are at the core of the complex. We chose a company with an excellent reputation and sustainable experience in this field to take care of that. We believe that they are an extremely reliable partner in terms of imposing good practices, but also one of the few professionals who can handle a project of this scale.
2. What services are included in the monthly maintenance of the common areas?
Galya: Maintenance is another advantage of gated communities. Anyone can buy a plot of land and build a house, but then all the additional tasks - technical maintenance, security, snow removal, mowing, etc. are their responsibility. In a gated complex, these commitments, which sometimes turn out to be a real headache, are entrusted to the management and maintenance company. All these amenities are extremely valuable for people with busy schedules, because they save the most valuable resource nowadays - time. The clients, who have not yet lived in a gated complex, are not familiar with this kind of added value, but when they come to us, they are surprised that we have thought of everything, down to the smallest detail.
3. Can maintenance of individual yards be added to the monthly maintenance?
Galya: The residents don't have to take care of the maintenance of the individual yards. This is included in the services for maintenance of green areas in the complex - common and individual, playgrounds, flooring, etc. The truth is that our residents don’t need to think about any outdoor maintenance, we’ve taken care of everything.
4. How is the construction going?
Desi: The pace of construction is impressive. We entrusted the construction and project management to companies with an excellent reputation and a large number of experts and we are glad that only 9 months after the start, they built an entire neighborhood of 110 houses. The windows have been installed, the facades are being installed and work is being done on the partition walls and installations in the houses. The construction companies are doing great and the buyers are very impressed with the speed and quality of construction.
Galya: It is interesting that many people are returning to us at the moment. We met them once a few months ago, they decided to check other opportunities on the market, and now they are coming back to us. Traditionally, Bulgarians are distrustful toward projects in the initial stage of construction, due to the numerous uncertainties and risks associated with construction delays and discrepancies between the concept and the completed building. Here, buyers see that the complex is taking shape exactly as we promised in previous discussions, and have much more confidence than before construction began. Working with them is much easier.
5. Which are the most sought-after houses?
Desi: The row houses sold out pretty quickly in the beginning, but because of the challenging combination of working and studying from home over the past year, people are thinking more about the need for space and turn to the more spacious twin houses. They have more rooms, more storage space and the capacity to park up to 4 cars. We have a significant number of buyers who decided to replace the row houses they already purchased with twin houses.
6. Are there any purchases for investment purposes?
Galya: It is normal for a project like River Park to be of interest to buyers for investment purposes. They contact us because they realize that the value of their property can only increase over time. We strive to maintain a healthy balance, because we don’t want to focus on quick sales, but the creation of a good environment for the whole family and what kind of people will live in the complex.
7. What are the trends in the residential real estate market?
Desi: Several projects are being planned in different configurations and sizes, and they compete over a limited number of buyers. All the prerequisites are in place for there to be an oversupply if the market continues moving at this pace. Only the top quality and best-planned projects will be implemented in an optimal ratio between speed and sales price.
8. What demand is there for gated complexes? What has changed over the past year?
Galya: In terms of gated complexes, we see that more and more of them are being built in different sizes and configurations between houses and apartments, with additional areas for recreation and sports. We are glad that investors are aware of the buyers’ need for an environment, not just a place for them to live and go home to sleep. There are interesting projects. Buyers on the other hand are increasingly choosing to houses rather than apartments and moving to the outskirts of the city.
9. Is this a consequence of the pandemic?
Desi: Certainly, there is a connection, but if we look beyond the pandemic, there are objective facts that affect the market. The supply of houses in large gated communities in the city is very limited. For most buyers, living in a house with a yard is a dream come true, which provides comfort and a higher social status. It also raises people's standard of living, which affects purchasing power and leads to the evolution of buyers themselves. It is in our nature to strive for newer, better possessions and property.