BABY BOOMERS SEEKING CITY LIFESTYLE
ENGEL & VÖLKERS ENCINO / SHERMAN OAKS: TUESDAY JUNE 7, 2016
As time changes so do the people. Previously, it was custom for baby boomers to move toward the suburbs as they have families and grow old and in to retirement. Baby Boomers have now changed the norm and are retreating to the city lifestyle. What is it that is making these baby boomers join the city life seekers?
SICK OF THE SUBURBS:
When asking real estate agents in New York City why this is a trend among the baby boomer generation, clients expressed that:
“It’s a lot of work to live in the suburbs,” says Parry, a Manhattan agent. They’re “looking to shed themselves from the suburban entanglements of having to care for the pool or the lawn or getting strangled by the ivy.”
Most of these clients are well off and are buying condos and co-ops starting at $1 million. With this in mind, broker Sheldon Salnick explains that rich suburbanites aged 50 to 70 only made up 5% of his clientele. Now it is around 10% to 15%.
WHAT THEY WANT:
Isabell Kerins, a director of product and business development at Irvine, CA says that, “To cater to these “booming” buyers, urban builders are now putting up more two-bedroom residences with dens and expanded “laundry rooms,” which are generally repurposed into hobby or craft centers or miniature home offices”.
Salnick explains that new buildings now offer amenities tailored to the demographic of the baby boomers. With a concierge service similar to those offered at hotels, they are looking for dog walkers, party planners, or bring in masseuse after a stressful day of golf. They want office space, as well as room for visiting family.
Are you ready to live that city lifestyle? Come see us at our shop and let us find you a dream home that caters to your specific lifestyle needs. Engel & Völkers Sherman Oaks