High-End Condominium Demand Booms in Big and Small Cities
According to the New York Times, many wealthy suburbanite Boomers are moving to the city. And not just the usual suspect cities like New York, but smaller ones like Philadelphia and Nashville.
“Things just lined up in the last few years,” Patrick L. Phillips, the global chief executive of the Urban Land Institute, a research organization in Washington, told The New York Times. “The peak of the baby boom is right around 60 and these wealthy folks have a lot of embedded equity in their homes. They have the wherewithal to move into something with space in the city.”
Sales of homes for $1 million or more in downtown sections of cities make up 2.2 percent of all sales since 2013, compared with 1.8 percent in the 2009-12 period, figures from the National Association of Realtors show.
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