Magazine article Mortgage Banking

Condos Remain 'Lifestyle Choice' for Small, Solid Minority

Magazine article Mortgage Banking

Condos Remain 'Lifestyle Choice' for Small, Solid Minority

Article excerpt

Even as the red-hot condominium market cools down, new marketing opportunities abound for developers that can recognize and effectively exploit a growing demographic trend, condo experts told attendees of the annual Real Share commercial real estate conference in Washington, D.C., in March.

While single-family homes remain the preferred choice of the vast majority of homeowners and would-be homeowners alike, a small but solid minority have been turning to condos as their first choice for homeownership--not as a last resort, noted David Mayhood, president of the Mayhood Company, McLean, Virginia.

"A portion of our society has changed its vision of the American dream. It's no longer a single-family home in the suburbs with a quarter-acre [of land]," said Mayhood. "I think throughout the last five years, condos have grown up from being an affordable alternative to very much a lifestyle choice."

Although the condo lifestyle can appeal to those of all ages, the typical demographic profile is a single person and/or someone without children--either an echo boomer (between the ages of 25 and 35) or a baby boomer (55 or older)--who desires an urban setting with the convenience of multifamily amenities, but the benefits of homeownership. …

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