There are about 15 single-family dwellings to every condo, but buyers are pouring into condominiums, presumably for the lock-and-go, low-maintenance lifestyle they promote.
In some areas, condominium prices have now shot above those of single-family homes. Clearly, people aren't buying them because they are cheaper. It's a lifestyle choice, and pundits believe that they'll only become more popular.
By 2015, American Demographics projects that all owner-occupied households of ages 55 to 74 will rise 36 percent, an increase of over 8 million older homeowners. The number one reason they cite for moving is that they "want a home with less maintenance."
The nation's largest builders are changing their business models to build more multi-family housing for purchase. D R Horton built only single-family detached homes until 1996. Today, condos and townhomes are over 17 percent of the company's business, and it expects to build more in the future.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown, NJ office. You can reach Smitha online at: http://www.Morris-homes.com/ & http://www.thetownhouseexpert.com/
