The kids are grown and living on their own. Empty nester parents are rambling around their large homes or apartments with space they no longer need and starting to think about their next phase in life. More and more are thinking of spending that next phase by unloading their large family homes in favor of spending their ‘empty nest’ years enjoying their newfound freedom.
According to AARP, for the next 18 years, baby boomers will be turning 65 at a rate of about 8,000 a day.
The Baby Boomer Generation is the largest age group of our population. They are either retired or about to retire, which means they are downsizing and looking to purchase new homes that meet the needs in their new lifestyles.
They are a wealthy generation who worked hard and saved well. Their retirement funds are strong and they have money to spend on downsizing into these new homes.
Location is an important factor. Many are making that move into Manhattan where they are in the middle of everything and have easy access to restaurants, culture, shopping and everything else New York City has to offer within walking distance.
This generation wants their space to feel contained, but manageable. While some Boomers find older buildings offering more space appeal, others are attracted to new developments.
Many Boomers want to sell their homes and consider making a move now.
And for the single empty nesters, Manhattan offers so much. The convenience of living in the city has a huge appeal for older buyers.
And there are many advantages to downsizing. Smaller homes translate into less monthly expenses and a lifestyle upgrade.
An added bonus is less stuff. Manhattan professional organizing company Donna David & Co works with many empty nesters in downsizing and says “save the best and toss the rest” allowing Boomers to keep the sentiment and let go of things they no longer need.
For some empty nesters already living in Manhattan, they’re supersizing the empty nest. Some upsize and upgrade while some opt for less space in the city.
An Upper West Side couple gained 600 square feet when they moved into a 2,100 square foot apartment when they bought the apartment next door to them and combined units when their daughter left for college. After a complete gut renovation they have a family room and an extra bedroom and bath.
Those looking for larger living spaces are thinking about a future that includes living space to accommodate grandchildren.
Some buyers may want an apartment with amenities that they dreamt of but didn’t find practical when raising their families.
As a real estate agent in Manhattan, the best advice: visit the various neighborhoods in Manhattan. See what works for you and your lifestyle. Hire an agent whom you trust – someone who knows the market.
The next phase of your life could be an amazing one in Manhattan!
For a no-charge consultation feel free to contact Ross Ellis, at Halstead Property.