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Empty Nesters Changing Real Estate Market in Lakeville

Baby Boomers looking to downsize are increasing demand for townhouses and condos in Lakeville.

After years of large, single family homes driving the homebuilding and real estate markets, townhomes and condominiums are making a comeback.  With their children grown and living on their own, Baby Boomers have turned into empty nesters.

"We are going to see in this decade four times the amount of empty nesters than we have in the last 40 years," says real estate agent in Lakeville.

Builders, anticipating the increase, are building more townhouses, detached townhomes and condos.  In the first quarter of 2011 there were 23 home starts in Lakeville with two of those being detached townhomes.

Follese adds that many empty nesters in Lakeville are downsizing to townhomes and using their equity to buy a second home in a warmer climate.  She expects townhome and condo sales to be brisk in the years to come. 

Terry Elliott April 25, 2011 at 01:04 PM
In many cases it isn't just trading down to a smaller house, but it's trading down for a smaller house here while buying another property in a desired retirement area (such as Florida or Arizona). (Buying smaller here so you can afford to rent in the south for 3-4 months during winter is also common.) Then in a few years you start living down there more and more and change your residency in order to avoid Minnesota's estate tax (one of only 17 states that have one). For many people, changing residency can save the price of the house in taxes!

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