Baby boomers, downsizing for retirement, create niche real estate market

Developers aim to cut the average baby boomer home size in half

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downsizing real estateEver since builder Del Webb opened Sun City Arizona’s first five model homes in 1960, retirement has been a big business for real estate developers.

For decades, the number of retirees living in multi-unit housing has been shrinking, according to Trulia. But condo developers haven’t given up. In Florida, they are targeting buyers who can afford large homes—but who are willing to accept much smaller spaces in retirement, provided the location is cool. It’s part of a Baby Boomer downsizing that is becoming a niche industry.

Take the Kolter Group. The Florida developer has been luring boomers to condo units that are considerably smaller than their former homes, in tall towers in Sarasota, St. Petersburg, and north Palm Beach.

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