Baby-boomer boom - getting set to purchasing their second homes in the Downtown Minneapolis Condo Market

In the 1980s baby boomers didn't save money. Instead, they bought expensive items, such as luxury cars, and took extravagant long-distance vacations. But for the last decade, because of consumer satiation and the responsibilities of raising a family, these couples are starting to play it more carefully. They're investing--rather than just spending--their income. And one logical step, is to invest in a Downtown Minneapolis Condo.

Households that are headed by someone who's between the ages of 45 and 54 own the largest share of second homes (households that are headed by someone between the ages of 55 and 64 years of age own the second-largest share). This suggests that the baby-boom generation is just entering the prime years for ownership.

Nationwide, 22.8 million households that don't own recreational property say that there's some likelihood they'll purchase such property in the next 10 years, and 13.5 million of those households indicate that there's "a 50-50 chance or better" that they'll buy recreational property in the 1990s.

The recession in 1973 and 1974 was a harbinger of the upsurge in the primary house market during the late 1970s. That was the result of baby boomers going from one life stage to another, buying their first home. The recession of 1982 and 1983 preceded the surge in demand for upscale housing in the late 1980s, as baby boomers traded up.

When the boom hits, market within 100 miles or so of a major urban area such as the Downtown Minneapolis Condo area are likely to be the biggest beneficiaries. Middle-aged baby boomers with children aren't interested in long trips anymore, even when the trips are taken in Volvo station wagons and BMWs.

Many of the baby boomers are buying second homes in anticipation of retirement. Some of them are financing their second homes by borrowing against or cashing in securities and taking out five-year balloon mortgages. Such buyers plan to sell their principal homes someday and use the proceeds to pay off the mortgages on their country homes--thus retiring without debt. This type of money management is likely to have a large appeal in these uncertain economic times.

Now is definitely the time to buy. So, you can still beat the crowds into the second-home market--before the baby boomers' boom hits.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

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 Tags: Downtown Minneapolis Condos, Minneapolis condos for sale, minneapolis condo, lofts minneapolis, condos lofts, condos Minneapolis, Mike Weiland, Elke Stephan

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Mike Weiland
The Weiland Group of Keller Williams Realty
Minneapolis, MN

Contact Mike Weiland