The Wall Street Journal reports on how retiring boomers are choosing to relocate among the young and hip:
Hip urban neighborhoods are aging, as a growing chunk of adults in their 50s and 60s and older give up their longtime homes and head for trendy condos. The invasion of older, moneyed buyers has “created a gold rush” in some of these areas, says Dean Jones of Realogics Sotheby’s International Realty in Seattle. Mr. Jones’s firm sold 34 condominium penthouses and luxury town homes for more than $1 million in downtown Seattle neighborhoods between March and October of 2012—a large percentage to baby boomers. It was a 40% increase over the same period a year earlier.
And then the irony:
In some cases, as the older, more affluent baby boomers—typically defined as
born between 1946 and 1964—move to these neighborhoods, younger residents are
starting to move out to avoid rising prices and the growing number of older
folks. Mr. Jones in Seattle says it used to take about 10 years for the hipsters
to get priced out of a neighborhood they pioneered—now they are moving out after five.
Full article here.
And then there’s this: How many critics of gentrification are actually gentrifiers themselves?