The Gray Zone……. Urban, With-It and Middle-Aged!

Are you aware that a growing chunk of adults in their 50s and 60s and older are giving up their longtime homes and heading for trendy condos?  The invasion of older, moneyed buyers has created a “gold rush” for condos and luxury townhomes.

According to the American Housing Survey 9.6% of households 55 and older in central cities lived in condos in 2011, the last year for which figures are available, up from 7.3% in 2005. That’s despite the negligible growth in the supply of condos over that same period. “Baby boomers are tired of mowing the lawn. They’re looking for a more diverse environment,” says Chris Leinberger, chairman of the Center for Real Estate and Urban Analysis at George Washington University School of Business.

Fueling the shift is a change in the way cities themselves are perceived. In a 2011 National Association of Realtors poll, 19% of Americans said they wanted to live in a city, up from 13% in 2004. Many cities have become safer and cleaner, and as baby boomers retire later, they want to be downtown where they can often walk to work. With their children gone, they don’t need to worry about the quality of schools, and they don’t want large houses.  Developers are taking note of this.  Ten years ago, Toll Brothers, home builders known for their sprawling, suburban communities, created a city living division, which chooses neighborhoods for projects by looking at where “young people with money” are going, The company didn’t expect to be selling such a large percentage of those projects to baby boomers who want bigger, more luxurious fitness centers, higher-end finishes, clubhouse-type common rooms and wine storage rooms.

So what are some people who have moved to downtown condos saying? 

• We feel like we’ve started a new book. Every day we say ‘Can you believe this? This is so fun’.
• We find people here are much more engaged in the world.
• We want to be around people who are younger because that gives us more energy.
• We don’t want to go to a retirement home.

It’s apparent that Downtown St. Petersburg is growing rapidly with new luxury condominium buildings lining the shores of Tampa Bay.  These condos offer expansive views and metropolitan amenities.  Listed below are a few of the projects that are available.  Contact the Mesimer Team for a personal tour at 727-686-2859 or visit our website at estelia@estelia.com

• 6th Avenue Townhomes
• 400 Beach Drive
• 475 Condos
• 1010 Central
• Bayfront Towers
• Beacon on Third
• Casablanca Towers
• The Cloisters
• Townhomes
• Florencia Condos
• Flori De Leon
• Huntington Townhomes
• The Madison
• McNulty Lofts
• Old Northeast Townhomes
• Ovation
• Parkshore Plaza
• The Sage
• Signature Place Tower & Lofts
• Spanish Palms
• Vinoy Place
• Walker-Whitney Plaza