Text Box: CONDO Lifestyles Newsletter
Text Box: A condo is still a condo by any other name:    By Jeff Tallman, Designated Broker
Text Box: As you drive across Scottsdale, you can see condo-like buildings or attached homes in neighborhoods everywhere.  Who is the target market for these structures?  Primarily, itís the ďBaby BoomersĒ and beyond; however, active young professionals with little time for home maintenance are also finding them appealing.  Letís take a look at the target demographic for these new homes.
BABY BOOMERS
The Baby Boomer generation, those born between 1947-1964, is the largest demographic group now contemplating itís senior years.  Those born in 1949 will be 65 this year, while the number of Boomers and seniors will increase by 87% over the next 15 years.  Last year, nearly half of all home sellers were 55 years of age or older.  As homeowners age, working around the house can get to be a burden.  At some point many homeowners donít want to spend their leisure time moving the lawn, trimming the shrubs or touching up the peeling paint.  In the past, extended family often lived close enough to help parents and grandparents with maintenance of the property as well as  daily chores.  Today, maintaining a home and yard loses itís appeal when families are spread across the continent and aging homeowners must find reliable and inexpensive help.  
One solution to owning a home with fewer maintenance issues is, of course, to buy a condominium.  And that is exactly what approximately one million homeowners did last year.  
Text Box:  Demand for condominiums has been so high that prices rival single-family homes in some markets. 
The drive behind the demand is, you guessed it, aging Baby Boomers.  In the past 5 years, the number of home owners ages 55 to 74 has risen by at about 3 million.  Thatís a 15% increase, just slightly above the estimated 13% increase for all homeowners.  In 2001, the oldest baby boomer turned 55 years old.  An even bigger jump is expected in the next 10 years.  From 2005 to 2015, itís projected that owner-occupied households ages 55 to 74 will rise at lease 36%.  
Lets take a closer look at some of these lifestyle options:  We refer to most of the low maintenance housing as condominiums, when some are actually not.  A condominium is actually a legal definition that refers to the method of ownership, not the type of building.  Any type of home might be a condominium.  Condominium ownership is created when a buyer receives legal title to certain property, as well as an undivided share or interest in common areas and facilities (pool) of a building or project.  This usually involves exclusive ownership of a dwelling unit and common ownership of such facilities as the land, exterior walls, roofs, elevators, halls, lobbies and other items as defined in the master deed & CC&Rís. 
Another advantage to these homes is they are often built in traditional neighborhood settings.  Contrary to the conventional formula, Boomers
Text Box: ďTime to toss the old lawnmower and hit the road?Ē
Text Box: donít want to find themselves surrounded by retirees, but instead want to live in a community of mixed generations.  Unlike previous generations, many Boomers donít want to uproot and start a new life.  They want to stay near family, friends and community resources and be close to shopping, entertainment and universities.  
As with any home ownership, you should do your homework about the neighborhood or development before you buy.  The best process is to enlist the services of a real estate agent who specializes in the type of housing you are seeking, such as Condo Living Real Estate.  A knowledgeable agent will help you do the research.  They will assist you in getting a copy of the CC&Rís and rules & bylaws.  It is important that you understand the scope of your ownership and your responsibilities as a community member of an association.  Make sure the monthly fees are within your budget and are worth the services and additional amenities you are receiving.  Think about your tolerance level for noise and neighbors in close proximity.  For those who want more freedom and less maintenance, condos and town-homes offer a wide range of choices.  Baby boomers,older adults and active professionals now have the chance to live in a low maintenance dwelling without having to sacrifice the charm and convenience of a traditional neighborhood.
Text Box: Special points of interest:
What is a condominium?
What about BABY BOOMERS?

Scottsdale Condos, Townhomes, Vacation Homes, Second Homes, Single Family Homes,

Out Of State Homeowners, Real Estate Asset Planning.

Contact Us In Scottsdale:†† Office:† 602-315-6333

 

email:† JeffTallman@cox.net