July 2014
Suburban life usually means owning a home of 3,000 square feet or more. After the kids have finished school and moved out, however, that large and costly to maintain home may be less appealing.
Empty nesters may decide to abandon quiet and costlier suburban life for the excitement and ease of condominium living in the city. It doesn’t take long to realize that most condominiums are not being built to meet the needs of these empty nesters.
At 800 square feet and smaller, most units are much too small for a mature couple who want space for the kids when they visit, possibly an office and some private space. The smaller units that are most common today are more suitable for single individuals and recently married couples.
What baby boomers desire is something larger, possibly in the range of 1,200 square feet or more. Units of this size are primarily limited to older condominium buildings in higher demand areas. These units sell for a higher price, leaving less remaining from the sale of a house to pay for retirement.
