The new condominium highrises are available at a variety of price points and in probably more diverse locations than ever before. Building on the success of LR Development's earlier Mayfair project, the Park Tower caters to a small niche. Residents will have access to hotel services ranging from room service to an indoor pool and spa. Product at this price point is in high demand, according to Herb Emmerman, of Equity Marketing Services, the company marketing and developing several prominent new conversions. There is a great deal more demand than supply in the lower price ranges.
Empty nesters remain an important though small segment of the market.
Spurred by low interest rates and good economic times, many empty nesters are no longer waiting for the kids to graduate college or leave the house before they snap up the city condo of their dreams. You have people buying residences in a pre-retirement mode while holding their suburban home until the kids leave college or move out. It's a premature buyer somewhat, and they're technically buying it for investment, but for later use. The disposable income created by strong economic growth also has increased the number of younger second-home purchasers, according to sales directors at several highrises. Paul and Christie Chemello bought a condo at Gallery 400, a project that includes a small loft building and an 18-story highrise, at 400 W. Ontario, for weekends in the city.