Four years of rising home prices are creating new opportunities for a lot of baby boomers and entrepreneurs as and empty nesters nearing retirement. For estate homeowners who have been waiting out the downturn, liquidity has returned to the market and rising prices bring a wealth of options.
For many, the decision about choosing their next home is all about TIME—spending less time on home maintenance, and more time enjoying life. For many who live in the San Antonio suburbs, the downtown renaissance has created endless possibilities for a more exciting and active lifestyle.
“They realize at this point there’s more to life than a five-bedroom house with a backyard and a pool they don’t use any more. … Now that prices are back up, people are taking advantage.”
Says Dustin David, sales manager at The Alteza ResIdences above the Grand Hyatt. “We see people moving to San Antonio from California, Colorado, and the Northeast. Their homes are selling at higher prices and they take advantage of tremendous value here in San Antonio.”
A Freddie Mac survey published last month indicates about a third of U.S. homeowners 55 or older plan to sell their homes in the next few years. The survey projected about 18 million older homeowners will buy another home and about 6 million will become renters.
U.S. Census figures also show the number of older renters is increasing faster than younger renters.
“A lot of these boomers are moving for an exciting urban downtown,” David said. “They’re really looking for an environment where they can walk out of their front door, go to a restaurant, go to the theater, watch a Spurs game, take a run along the River Walk and do all their errands on foot.”
Alteza is also reaping the benefits of the strong residential rental market. “We are several homeowners who have purchased multiple residences at Alteza,” adds David. “They are living here, and renting out the other residence as an investment. They see the growth in downtown and are taking advantage of the strong value in our pricing as we continue to grow closer to sellout.”
Residents at Alteza enjoy the unique combination of 24/7 concierge services, hotel services and the privacy of the top floors of the Grand Hyatt. To preview the available residences, click here.