In addition to stand alone, single family residences, the market involving apartments, condominiums and townhouses in many communities has become more active in the past five years. This has particularly been the case as the so-called “Baby Boom” generation begins to move towards the empty nest phase of their lives (their children have left home) and even towards retirement. As a consequence, these men and women are moving towards purchasing apartments, condominiums and townhouses because they are more convenient and generally less difficult and time consuming to maintain. In many instances, these properties are also smaller in size than the typical single family residence.
People abroad from the United States are also seen buying these types of property with greater frequency in recent years. In some instances, citizens of other nations are taking to the purchase of these types of properties in order to allow them the opportunity to have a second home in the United States.
In addition, at times people abroad are buying these properties both for their own residential purposes as well as using them, in part, for investment purposes. During those months when they are not utilizing these properties for their personal purposes, they let or sublet these premises to other people for their own usage.