Are "boomers" looking to retire out of NYC?

I agree, most people are looking to slow down in their later years and that most likely means leaving the city. The Carolinas seem nice.

where can I find good stats on marketing to the baby boomer generation? I think many will stay in the city.

I can't wait to get out of this place!

We are boomers and just bought a studio in the city. Want to experience
the city life along with the tropics.

oh please broker above - yes boomers are going to retire out of the city and be ready to watch the prices plunge as their children cannot afford to enter this market at these prices. 80% of boomers are counting on the equity in their homes to retire and NYC is no different in that respect.

We are not brokers.

We bought a studio, could have paid 10% down, but paid 33%.
Will have it paid in full, next 2 years. We lived on a sailboat
for 4 years, so a studio is very comfortable for us.

how much did you pay for the studio?

We are also boomers and bought a studio to use as a pied a terre. I can't imagine us ever wanting to live in the south unless the political, social, and cultural climates there change considerably.

Wow, can't agree more. The South is tough...

The south is tough but its becoming more like the northeast every year we go down. More traffic (bad drivers), restaurants are getting better, but the beaches are great. Perhaps a 2nd home investment while the prices are tame.

My wife and I live in a "McMansion"in the burbbs of northen Long Island.We just went to conract on a one bedroom on Sutton Place. Our intention ,as is many of our friends, is to sell the big house once the last of the kids leave,and split our time between the city ,a small town house on Long Island, and a condo in the south.

We bought now because it is the first time in many year that we had the large inveitory of appartments,and could actually negioate the price( 20% below asking).If this is not the bottom of the market,and prices keep falling, it will not affect us and many like us, because we expect to keep it for many years.

The city is the new "Miami" for many boomers.(If they can afford it )

I think many boomers will leave their apt for their children or sell it to them
at below market value.

Most boomer NEED the equity in their homes to retire - there will be a ton of people leaving the city who simply cannot afford to stay, and certainly cannot afford to sell to their children at below market rates - you forget that most people who live here did not pay 1MM for their apartment, but now that they've made a ton of money they will cash out at retirement and move to Florida.

Or, like my friend's parents will keep their 4 bedroom penthouse rent controlled apartment and live there sometimes and other times live in their FL mansion (RENT CONTROL SUCKS AND SHOULD BE ABOLISHED B/C WE ALL PAY TO SUBSIDIZE IT AND SOME VERY WEALTHY PEOPLE HAVE IT)

good point about rent control. however Fl sucks- too crowded.

Once you leave Manhattan, most can't afford to return.

shnowzers!!!!!

RENT CONTROL SUCKS AND SHOULD BE ABOLISHED B /C WE ALL PAY TO SUBSIDIZE IT AND SOME VERY WEALTHY PEOPLE HAVE IT )

hmmm......

maybe to qualify for rent control people should be audited every few years or so to keep those that dont need it from having it...

over than you sound like a capitalist sleeze, i mean c'mon you most likely just moved to NYC

I think nyc is a great place to retire....you walk everywhere, there's tons to do....keeps the mind and body active. Kudos to the couple who lived on a sailboat. I'm thinking of leaving my 1 bdrm loft in Manhattan for more space in Brooklyn, but I intend to keep it and rent it as I agree I might not be able to get back in years from now. It's also bloody expensive jsut to go through the buying process in this city.

I'm heading south- at least most of the year. 500k can buy a beautiful townhome or 1800sqft vacaiton home. I plan on golfing a lot more, walking the beaches.
I agree if I sell in NYC I probably wont be able to afford to come back if things change. Prices wont drop in the long run.

I moved from NY to Oregon in '99 and am now in shock at the prices...it's almost impossible to move back.

Livesouth is doing a real estate show down in Parsippany this coming weekend. Could be a good opportunity to leverage my NYC equity into a vacation home.

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