Second Home Buyers Look for More Urban Environments

Posted by: Chris Palmeri on October 15, 2009

walnut front.JPG

When Andy Bush went to market with the Walnut, a condo complex in Boulder, Colorado, he figured the buyers would be young single professionals and empty nesters. Instead many of the development’s first takers fit a different demo—the second home buyer eyeing retirement.

They come from New York, Kansas City, the San Francisco Bay area. They like the laid back, college town, mountain vibe of Boulder, but also its proximity to Denver, the sports and cultural institutions, the international airport.

Boulder ain’t cheap: One bedrooms at the Walnut start at $500,000. Larger units go up to $5 million. But the idea is that in these leaner, less frivolous times when people are working longer and part time into their golden years, they are less likely to choose more remote second home markets such as Vail or Big Sky, Montana.

Bush hopes to do more of such projects in creative class cities such as Austin and Charleston, which he calls the “new retirement communities.”

Reader Comments

Ballbuster

October 20, 2009 4:26 AM

Palmeri would have you believe that condo living in Walnut, Boulder, CO, is thriving. In fact, condo complex around the country are in deep trouble after years of over building and speculative buying. Many are vacant, half finish, or abandoned. Las Vegas, NV and several major Florida cities fit that description well. The exception is San Diego where condo builders and buyer all got killed as the condo market collapse waiting for "single professional and empty nester," and future retiree "eyeing retirement" as Palmeri would have BW readers believing in his never ending nonsense.

ryena

January 11, 2010 4:23 AM

when "snapshots" of such real estate "trends" are so short and sweet- show the numbers- short,sweet and statistically accurate. when the developer, mr. bush can provide a demographic based on statistics particularly pertaining to sales volume-time on market for this and his other "projects"-beyond the fluff - then we can obtain an accurate picture of these "packaged-marketing" efforts by these developers -and avoid the pitfalls of the past into which they led us.

ryena

January 11, 2010 4:23 AM

when "snapshots" of such real estate "trends" are so short and sweet- show the numbers- short,sweet and statistically accurate. when the developer, mr. bush can provide a demographic based on statistics particularly pertaining to sales volume-time on market for this and his other "projects"-beyond the fluff - then we can obtain an accurate picture of these "packaged-marketing" efforts by these developers -and avoid the pitfalls of the past into which they led us.

ryina

January 11, 2010 4:24 AM

when "snapshots" of such real estate "trends" are so short and sweet- show the numbers- short,sweet and statistically accurate. when the developer, mr. bush can provide a demographic based on statistics particularly pertaining to sales volume-time on market for this and his other "projects"-beyond the fluff - then we can obtain an accurate picture of these "packaged-marketing" efforts by these developers -and avoid the pitfalls of the past into which they led us.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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