Empty nesters keep condo market steady in weak selling environment - Business First of Columbus:

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Gutches, who lives in has decided to puther 3,588-square-foot home on the marker so she can move into something smaller. "uI don't believe in an emptyy nester syndrome," said Gutches. "I just thinok it's natural that once you'vre had your family, you want to move to a smallere house." At this time in her life, the 58-year-olde Gutches is looking forward to living in a condominium whicn will mean less home maintenance andmore travel. Gutches knows the real estatr market is weak for but she is determinerd toforge ahead. She isn't alone.
Despitwe the housing slump, enthusiasm for downsizing among Centralo Ohio emptynesters continues, say real estate industryu experts. While home sales in the regionm have been declining dramatically sincee2005 - by 4.5 percent in 6.9 percent in 2007 and 12.3 percent througuh April 2008, according to the - cond sales in the region have remained steady. More than 3,20 condominiums sold annually from 2004 to 2007 in Central Sales of condominiums in 2008 are off pace fromlast year'sx levels, but still above pre-housing boom said Marqué Bressler, spokeswoman for the Columbus Boards of Realtors.
Condo sales in the firsty five months of 2008reached 1,074, compared to 1,407 condos sold during the same period in 2007. By comparison, 1,00 condos sold in the first five monthsof 2003. "It'ws surprising, because you've always hearf that the first thing that turns is condos," said Neil J. Rogers, vice president of , a Lewisx Center-based home and condominium builder. "But for the peoplee that are buying our patio homezand condominiums, selling their housezs to make it work isn'y always a requirement." A patio home is a stand-aloner condominium unit. Most of Bob Webb'sz condo clients are empty nesters, Rogerzs said.
They often will have enough income and savingds that they can move forward on the construction of a condominium or patilo home before they sell theidrprimary residence. The average sale price of a home in Centrak Ohiodropped 1.8 percent from 2005 to 2006 and dropped 1.2 percent from 2006 to 2007. Even experienciny those declines, empty nesters have not altered their expectationes for thecondominiums they're buying, said Sue treasurer of the Columbus Board of Realtors. "Prices have settlefd down, but they haven't droppesd locally like they have elsewhere acroszsthe country," said Lusk-Gleich, a real estate agengt with .
"And, empty nesters are in a differen t financial situation than a young professional who is starting Terry Bryant, a real estate agent with , tella his empty nester clientx that if their home does sell for less than they thought it they were probably overvaluinh it. "And they're making a savings on the condok they're going to buy," Bryan said.