The Most Expensive Condos In
Wealthy baby boomers
looking to downsize, relocate to cultural centers, or acquire
low-maintenance second homes are snapping up high-priced condos
in cities and resorts. Many young couples are making condos,
rather than single-family homes, their first real estate
purchases. And low interest rates have pushed young singles to
buy apartments instead of rent them.
Going Mondo Condo
More than 47,000 new condominiums, in 322
separate projects, are coming onto the market in the next three
years, according to real estate information firm Delta
Associates. Many of those buildings promise to create new kinds
of neighborhoods in areas that were not previously known as
residential communities. At the end of September, there were
18,872 new condominium units for sale in the region, many that
introduce new choices to long-established places, up from only
3,083 in the same month two years earlier.
Fueling High Condo Prices?
As condominium prices reach never-before-seen
heights, a debate is brewing over whether a fundamental
demographic shift is driving the trend or whether this is simply
the latest speculative bubble in a corner of the real-estate
market that has seen plenty of them.