Business & Tech
Empty Nesters Changing Real Estate Market in Lakeville
Baby Boomers looking to downsize are increasing demand for townhouses and condos in Lakeville.
After years of large, single family homes driving the homebuilding and real estate markets, townhomes and condominiums are making a comeback. With their children grown and living on their own, Baby Boomers have turned into empty nesters.
"We are going to see in this decade four times the amount of empty nesters than we have in the last 40 years," says real estate agent in Lakeville.
Builders, anticipating the increase, are building more townhouses, detached townhomes and condos. In the first quarter of 2011 there were 23 home starts in Lakeville with two of those being detached townhomes.
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Follese adds that many empty nesters in Lakeville are downsizing to townhomes and using their equity to buy a second home in a warmer climate. She expects townhome and condo sales to be brisk in the years to come.
