Condos are no longer mere starter homes. Once the domain of twentysomething professionals on the first rung of the real estate ladder, baby boomers are now scooping up them up for their golden years — driving demand for luxury, turnkey developments.
Although some units are certainly expansive the decades-old notion that luxury is directly proportional to square footage is beginning to change. Instead, buyers in the $1.2-million and up range, see value and prestige in built-in amenities, walkability and hotel-like service. 50 Scollard, for example, bills itself as a “seven-star” condominium. The property from Lanterra Developments will consist of only 77 units starting at $2.5 million and ranging from 1,293 to 4,209 square feet. Features include heated bathroom floors, gas fireplaces, wine fridges and lavish free-standing tubs.
That all of these properties allow for maximum mobility, with or without a car, is part of their appeal. The Winslow, The Davies and the 50 Scollard are also situated in lively neighbourhoods, catering to a new generation of seniors who are more active than ever and who have no interest in either the isolation of traditional retirement communities or empty-nest life in the suburbs.
Turns out boomers carry a materialistic hubris wherever they go. Some say it's indicative of the whole generation.
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