How Virtual Reality is Changing Real Estate Forever

Imagine walking through a large apartment with floor to ceiling windows in the splendid Gehry building in downtown Manhattan. Now imagine you’re in Paris when this happens. Thanks to advances in virtual reality (VR), this is now possible.

Technology now allows for buyers of luxury new apartments to purchase them without ever stepping into the final product. Online virtual floor plans and layouts provide all of the necessary details needed to imagine the final, exquisite home.

In fact, Samsung, Google, Facebook, Microsoft and other tech companies are all creating VR headsets that are radically altering the way the real estate industry is showing not yet built new developments, according to the New York Times.

“To promote a four-story building in Astoria, Queens, that did not yet exist, Halstead hired a company called Virtual Xperience to create a virtual rendering based on the architectural plans, per the article.” “The idea is to have potential buyers wear an Oculus Rift headset and walk around the building. The more realistic the experience, the more likely a client might be willing to pay the asking price of nearly $1.98 million for the building before construction crews even broke ground — at least that was the hope.”

Could the new technology eliminate the need for open houses? Probably not any time soon. The Virtual Reality technology still has some kinks. But more and more, real estate developers and sales firms are using 3D imaging and hiring digital design firms to show beautiful not yet built development high rises in New York, Miami and around the world.

More on how Virtual Reality will and is transforming the real estate industry in the NYT article

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