The boomer boom: is the market slowdown making a dent?

A recurring theme pops up in our discussions with sales agents and developers of new downtown condos: affluent baby boomers are increasingly the target market, especially at luxury or ultra-luxury buildings. As we’ve reported, many of them are seeking second homes or pieds-a-terre.

Some developers have said that these wealthy buyers, already past their working and earning years, are less affected by the current slowdown in the housing market. But not all boomers are immune, according to housing analyst Gail Lissner, of Appraisal Research Counselors. Downtown, 1,500 new condos are being marketed to wealthy boomers, and about 55 percent are under contract, she says. “We are seeing absorption,” she says. “Like every other development, we’re certainly seeing slower sales.”

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