Empty nesters are downsizing and moving closer in to Arlington, Bethesda and Washington to rid themselves of traffic problems and yard work and bri-ng their families closer together.
Rising gas prices and increasing traffic are even pushing some retirees to ditch their cars along with the lawn mowing and snow shoveling. Boomers with children and grandchildren also are moving to the Washington area to be close to them.
New urban developments provide a New York-style experience with all the basic needs of food, clothing and culture within a few blocks. Theaters, restaurants, museums and an inviting cityscape draw more people in.
“Some of my buyers go as far as to not even own one [vehicle], by choice,” said Suzanne Des Marais, associate broker of Urban Pace Fine Homes. “You can live downtown, take the bus or Metro, or even hop on a bike share.”
Real estate experts report an increase in sales activity for area homes in the $750,000 and greater range, an indication aging boomers are seizing upon a more stable market to downsize.
“They no longer want to maintain a shrine for their children,” said Lise Howe of Chevy Chase Realtors. “They are tired of the traffic.”
Howe said empty nesters and retirees are buying condos in areas such as Capitol Hill, Bethesda, Brookland and Old Town. These urban development communities put homeowners within walking distance of shopping, dining and other conveniences.
“Kenwood Forest in Chevy Chase and any of the [builder] EYA properties have been very popular, such as Capitol Quarter near Nationals Park in Southeast. They lined up to buy those town homes with 9-foot ceilings,” she said.
Old Town Commons, Chancellor’s Row in Brookland and the Arts in Hyattsville have transformed those areas as well.
There are a number of other exciting projects in the works, such as Rhode Island Avenue, across from the Metro and an ABDO Development mixed-use village project with Catholic University called South Campus, which will create a main street experience and expand the Brookland community’s 12th Street retail options.
Real estate agent Kymber Menkiti of the Menkiti Group said Capitol Hill, Woodley Park near the National Zoo and Columbia Heights also are popular for boomers.
“Boomers are selling their homes in the suburbs to be close to the activity,” Menkiti said. “The Harris Teeter or some other grocery store is right there in many cases. They don’t need to get in their car.”
And for many, money is not an issue. “They are paying cash in many cases,” she said.
Menkiti has seen an uptick in parents relocating to the Washington area to be closer to their children and grandchildren. She also has clients who are downsizing from the big house in the suburbs to 1,500 square feet for the opposite reason.
“A one or two bedroom condominium sends a message to their kids that they can’t live with them. There is not enough room,” she said.
There also is a trend for people to stay in the city once they are there. “Now that it is fun and convenient to live downtown, more people are staying downtown,” Des Marais said. “Rather than bolt to the suburbs, folks are more likely to sell a small condo once they’ve outgrown it and buy up to another place in the city.”
Des Marais used to live in the suburbs and commute downtown to work. That same drive now takes longer and involves dodging more traffic. She fell in love with the Victorian-style row homes in the Bloomingdale neighborhood.
“Living in the city, I feel like I get two hours of my day back every day,” she said. “I talk to a lot of people looking to buy who think the same thing.”
