Empty Nesters Fuel Boom in One Segment of Kentucky Real Estate Market

Kentucky business news source, The Lane Report, claims in a recent article that one sector of Kentucky’s housing market is going strong while other segments flag in the economic downturn. Baby boomers nearing retirement age are driving sales in condominium-style housing, which allows owners to experience a lifestyle with much less property maintenance than a stand-alone home. During a period where Kentucky home sales are down around 40 percent, condo sales represent the lone bright spot in a sluggish housing market. Louisville realtor Mira Farmer said, “This type of buyer is looking for maintenance-free living, yet is not ready to go into assisted living or ‘retirement’ communities. Most of these buyers want smaller house payments as the majority of them are either on fixed incomes, or have lost a significant amount of their retirement in the past few months due to the downturn in the economy.” Many empty nesters are weary of mowing lawns, shoveling snow, painting, tree trimming and all the other maintenance that goes with owning a home and Kentucky condo developers are responding to the demand for a more leisurely lifestyle. Also called “garden” or “patio” homes, newer ranch-style condo designs are growing increasingly popular with buyers as they allow owners less stress and more time to travel and explore other leisure pursuits. Condo developers say that this emerging demographic favors upscale features such as glassed-in sunrooms, screened porches, brick patios, first-floor master bedrooms, granite countertops and other amenities. In spite of the current performance of the economy in Kentucky and the country as a whole, builders claim that the economic downturn presents unique opportunities for Kentucky home buyers and are hoping that the current uptick in condo sales will continue. Despite the state of the economy, there perhaps has never been a better time to buy in Kentucky. Builders hope buyers will take advantage of the vast number of properties on the market, low interest rates, competitive options and incentives available to help empty nesters improve the quality of their lives. Contact Louisville Properties today if you would like to buy or sell a condo in Louisville.  Call 502.744.9504 or fill out a contact form for a fast reply.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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louisvilleproperties

Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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