(Newswire.net — November 24, 2013) Birmingham, AL Misty Joseph, a Birmingham realtor who specializes in helping clients downsize, revealed the latest home buying trend. It seems more people are buying condominiums.
So, who are the biggest buyers? Baby boomers.
“There are not enough quality condominiums in communities where baby boomers want to live. I expect to see an uptick in development in the near future after the economy stabilizes.” says Joseph.
But what is a person who is ready to downsize now supposed to do until then?
“Watch for developments that are happening right now and invest before they are gone. Wait too late and you’ll have to wait for the next wave of development.” said the former Hallman Hill realtor.
One example is a new condo in Vestavia that is already being developed. Joseph expects the condominiums to go fast when pre-sales open in December.
The developer, the Dobbins Group, chose Vestavia because it is a desirable place to live in the Birmingham area. In addition, the company will be able to produce quality units at a favorable price compared to other luxury condominium developments.
“This development has a mix of quality, desirable location and affordability.” stated Bill Dobbins.
“I believe quality condominiums in desirable neighborhoods are not only a good value at this time, but can also give you a handsome return on your investment.” Misty stated.
With the large number of baby boomers heading toward retirement and possible downsizing, as well as the large number of single people who are tired of paying rent, this type of real estate may increase in value more than others.
According to Harvard University researchers, demographic forces should boost demand for housing over the next decade.
According to Ms. Joseph who was one of the main forces behind selling out Hallman Hill, a luxury condominium development in Homewood, Alabama, the over-the-mountain real estate market for condominiums is hot because it is close to downtown with restaurants, grocery and all other conveniences nearby.
People are asking if now is the time to invest in real estate and Misty admits that not all real estate is an equal opportunity at this time.
Condominiums seem to be leading the pack as the oldest baby boomers have already turned 65 with over 41 million seniors living in the United States, according to a recent Administration on Aging “Report.
These numbers are expected to continue to increase over the coming decade as more baby boomers reach traditional retirement age.
Several baby boomers, including Richard Batson and his wife, have already bought their condominium in order to get in on the deal before they go up too much in price.
“We bought a few years ago because we wanted to secure a place for our retirement several years from now. We’ve been renting it ever since. I’ve got to admit, it’s been a great investment.” reported Mr. Batson. “It not only held pricing during the economic downturn, but we’ve collected a good monthly income along the way.”
For more information about available Birmingham condominiums contact Misty Joseph at 205-807-2090.
Media Contact:
Big Moose Marketing