The new face of downtown Boston’s sizzling luxury condo market isn’t necessarily a Beijing businessman or a Saudi prince. It could be empty nesters like Iris and Ken Sokol. With their twin sons, now 23, out of college, the Sokols are moving into a $1.4 million condo at the highdesign Piedmont Park Square building in Bay Village after years in relatively rural Sherborn.
“I think women hit a wall in their mid- 50s when their kids are gone,” says Iris. “You just look at your life and you say, Okay, we have to shake it up.” She adds, “Being in the city, to be with young people, keeps you young.”
Empty nesters are cashing in on an epic rise in home prices in some of Boston’s most expensive suburbs, then launching new lives at the many posh new residential addresses that are remaking Boston. Roughly 17 percent of all the units at the W Boston have been sold to empty nesters, while at the new Millennium Tower, that number is closer to a quarter—which is not atypical for downtown Boston luxury condo towers, according to brokers.
Here is a look at three top condo buildings in Boston, one established and two under construction, that are attracting empty nesters….
In the heart of the city
The W Boston offers sweeping views of the Charles River and the South End.
Cindy and Paul Kraemer were looking for the full city experience after selling their home in Sudbury in 2013. It was a big change. Cindy, who runs an event-planning business, and Paul, a consultant, had spent decades living in Sudbury and raising two children there. But they found their dream condo in a two-bedroom unit on the 17th f loor of the W Boston, with views of the Charles River, the State House, and the South End.
The W’s location, in the heart of Boston’s Theater District, can’t be beat, Cindy says. The development boom that is transforming Boston keeps adding new amenities and attractions to the area, with a Roche Bros. and a Whole Foods Market having recently opened nearby. “We wanted to be in the city and take advantage of all the things taking place in the city,” she explains. “We overlook the Wang Theatre and the Wilbur. You can call over to see if you can get some lastminute tickets, and you’re in.”
The high-rise has attracted many empty nesters since it opened in 2010, with 15 to 17 percent of the units occupied by older couples with college-age or adult children, notes Dinny Herron, senior vice president of Otis & Ahearn, a sales, marketing, and research firm.
Maybe the biggest challenge so far for the Kraemers has been adjusting to considerably less living space. The couple went from 5,600 square feet and five bedrooms in Sudbury to less than 2,000 square feet at the W Boston. The space can get tight at times—especially when they’re both working from home. Fortunately, the W has a number of common areas that provide a comfortable space where residents can work and make phone calls.
Boston Luxury Condos For Sale
All Boston Luxury Condos for Sale $500,000 – $15,000,000
Back Bay Boston Luxury Condos for Sale $900,000 – $10,000,000
Beacon Hill Boston Luxury Condos for Sale $550,000 – $3,000,000
Charlestown Luxury Condos for Sale $350,000 – $3,000,000
Fenway Luxury Condos for Sale $450,000 – $2,500,000
Financial District Luxury Condos for Sale $850,000 – $12,000,000
Midtown-Downtown High Rise Luxury Condos for Sale $900,000 – $20,000,000
Seaport District High Rise Condos for Sale $1,000,000 and up
South Boston Luxury Condos for Sale $650,000 and up
South End Luxury Condos for Sale $650k and up
West End High Rise Luxury Condos for Sale $650,000 and up
View Boston condos for sale, Boston condo listings updated every 8 minute