Worcester Business Journal

www.wbjournal.com June 22, 2015 • Worcester Business Journal 13 >> WORCESTER A t t o r n e y s & B u s i n e s s A d v i s o r s W W W . D A R R O W E V E R E T T . C O M P R O V I D E N C E | B O S T O N | W O R C E S T E R | S O U T H C O A S T deal·mak·ers ˈdēlˌmākər/ noun 1. (See DarrowEverett L L P) I n the midst of struggling condo sales statewide, Worcester County is buck- ing the trend with empty nesters bolstering the residential segment that has traditionally been known as support- ing first-time home buyers. The Massachusetts Association of Realtors (MAR) reported a 33-percent increase in April condo sales over the previous April. This increase stands in contrast to the state, which saw a drop of 12.6 percent in April, with closed sales down for nine months out of the last 12, according to MAR. Statewide, condo sales in 2014 were flat and have been up only slightly in 2015, said Timothy M. Warren Jr., CEO of The Warren Group. The market has been cooling off after exceeding sales of single-family homes beginning in 2012, when the housing market began a post- recessionary comeback and condos saw renewed popularity, he said. "I think it's just taking a breather. They were popular and remain popular but are just not doing as well as single-family homes," Warren said. The strong condo sales reported by MAR are spread throughout Worcester County, said MAR Central Region Vice President David Stead. He estimates that much of this boom is due to downsizing empty nesters who are entering the condo market now after waiting out the recession to sell their single-family homes, where they had raised their fam- ilies. While condos have traditionally been positioned as entry-level homes, older people looking to rid themselves of the big-house obligations are seeking out condos, Stead said. In the wake of an increasingly competitive housing mar- ket, where bidding wars are reportedly breaking out for prime properties, these empty nesters can now get a strong price, and move out of their large homes and into something that's more appealing for their current lifestyle, he said. Empty nesters also want to transfer the burden of upkeep to the condomini- um associations after having borne that themselves in their single-family homes, Stead said. On the heels of the worst winter in recent memory, people don't want to worry about their roofs, shovel- ing snow or now mowing the lawn. Lifestyle choices "It's really a lifestyle thing," Stead said. "People I talked to (this month) have a house on three acres in one of the sur- rounding towns and the kids are gone and they're like 'What do we need the big yard for?'" Warren agreed that empty nesters seem to be flocking to condos in the last few years. The baby boomers represent a sizeable bump in population, he explained, and are also more open to liv- ing in an urban area as the perception of cities shifts. "They used to think of the city as crowded," Warren said. "Now they think of it as fun, exciting, and walkable." Accessibility is a key part of the condo equation, said David Bauer, the Massachusetts division president for Toll Brothers, which built the 276-home development Westborough Village. Included in the development are condos as well as single-family homes. For condo buyers, it all comes down to con- venience, Bauer said, explaining that there have been a number of baby boom- ers moving into the community as they downsize. "The condominiums are primarily not the typical family with children, they are more so the downsizing empty nester or we see a fair amount of single women. They are looking for the lifestyle and the social and community (scenes)," Bauer said. "If you can be walkable to public transportation and be in a town that has good amenities and shopping and good convenience, I think there is definitely a market there." Cities and towns in Central Massachusetts are increasingly focusing on walkable areas where people don't need cars to shop at several stores, Empty nesters help boost condo sales in and around Worcester 0 50 100 150 200 250 0 300 600 900 1,200 1,500 '09 '10 '11 '12 '13 '14 '09 '10 '11 '12 '13 '14 City of Worcester Worcester County 233 233 1,387 1,090 BY SAM BONACCI Worcester Business Journal Staff Writer Condo sales rising Sales of condominiums rose last year in Worcester. In Worcester County, sales rose steadily from 2011 to 2014. >> Continued on Page 15 Source: Mass. Association of Realtors

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