Industry News

Nuclear Family implodes as condo crowd grows

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SAN FRANCISCO -- The Nuclear Family is so 1950s. Jetsons-style high-rise condo buildings are now rising in and around major metro areas, and the buyers of these modern abodes are not the Bradys and the Cleavers. The number of non-family households has risen steadily since the 1940s, and condo developers seek to capitalize on the new demographic of buyers -- which includes singles, single parents, young professional couples, baby boomers, empty nesters -- by stacking lots of units in once-forbidding urban areas that are reviving with an influx of new residents, entertainment venues and eateries. "Be prepared to market to a large variety of buyer segments," said Patrick Duffy, managing director of Hanley Wood Market Intelligence in Costa Mesa, Calif. Duffy, who spoke Thursday during a presentation titled "Who's Buying High-Rise Condos?" at PCBC, a builder's conference held at San Francisco's Moscone Center, also noted that high-rise condo developers must pay close attention to design, ...