Who's Buying Highrise Condos? Affluent Baby Boomers, That's Who!

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You know, I was wondering about condo buying demographics last week as I was walking around downtown and the Arts District. I had this little conversation with myself:

“There are lots of great condos in and around downtown. I wonder who’s buying them? They’re outside of a first-time homebuyer’s price range, and not many families buy condos in urban areas … so what demographic are developers targeting?”

Then it hit me — empty nesters are going to look for a luxury property close to culture and amenities. It makes perfect sense. Of course, a lot of homebuyers are going to be Baby Boomers who are downsizing, looking for a home that is close to the things they love.

And then I saw this article in Inman News that affirmed my deduction:

The vast majority of luxury homebuyers used an agent, are willing to give up square footage for an amenity they want and wouldn’t live in a home that isn’t tech-friendly, according to a survey commissioned by Better Homes and Gardens Real Estate.

The online survey of 500 affluent homebuyers, conducted by Wakefield Research between May 20 and June 4, also showed that most luxury homebuyers believe homeownership is a more sound investment than the stock market, would rather live in a “smart” home than a “green” home, and would rather have an upgraded home than more square footage.

I’m thinking homebuyers in the 45-plus age range will definitely fall into this set of homebuyers. Are there any other demographics you think are a natural fit for luxury condominiums?

 

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Joanna England

If Executive Editor Joanna England could house hunt forever, she absolutely would. Instead she covers the North Texas housing market and the economy for CandysDirt.com. While she started out with the Real Estate Center at Texas A&M University, Joanna's work has appeared in The Dallas Morning News as well as several local media outlets. When she's not knitting or hooping, or enjoying White Rock Lake, she's behind the lens of her camera. She lives in East Dallas with her husband, son, and their furry and feathered menagerie.

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