DARLENE CHERRY

The last three years in the real estate industry have proven to be among the busiest ever in real estate history, even in light of the more recent slowdown. Consumers are not just buying homes to live in; they are also buying homes for a host of other reasons. At the top of the list of reasons is that they want to buy real estate that they can enjoy on a part time basis. Baby Boomers are leading the way and have found their real estate portfolios getting a little bulky.

Baby Boomers are those people born after World War II between the years of 1946 and 1964. These are people who have witnessed life with more stability, at least financially, than their parents. They didn’t go through the Great Depression although they certainly have lived with the scare of communism, friends or family who have served in Vietnam or Iraq. Baby Boomers have led the market with their veracious appetite for anything real estate. So what exactly are Baby Boomers buying and what are they looking for when they make the decision to add to their real estate portfolio?

Baby Boomers were responsible for and involved in almost 40% of all real estate transactions that occurred in 2005 and 2006. Almost 40% of EVERY home bought or sold in 2005 and 2006 was done so by a Baby Boomer. This is a very impressive number and one that can not be overlooked. Baby Boomers know what they want and they are prepared to look for it and to pay for it once they find it. Baby Boomers are dominating the market

Baby Boomers are primarily attracted to two locations. They either want to be near water and recreation or they want to downsize and move into the city where they can be part of the busy bustle of a thriving city environment. They also want low maintenance. Anything waterfront, water view or lakeside is highly sought after by Baby Boomers. Downtown luxury condos are especially popular, but they better be “decked” out with all the finest finishes and amenities. Baby Boomers don’t mind paying for these amenities and they expect the best.

Baby Boomers are using real estate for recreation, wealth building, tax and estate planning. Never before has there been such a high demand and interest for real estate for the Baby Boomer.

Many consumers are extremely nervous about all the BAD PRESS the real estate market has received lately. But the savvy Baby Boomers are wiser than falling prey to media hype about the real estate markets impending doom and gloom. They know that the fundamentals of investing in real estate are sound ones and they know that their long term investment strategy is still best served with real estate investments. Baby Boomers have been around the block financially and they know a good long term safe investment when they see one. While they are watching the news and reading media publications they are paying particularly special attention not because they are worried about the market but because they are excited about the opportunities that the market will bring.

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