In their quest to understand who is opting for condo living in Portland, developer NewHeight Group surveyed the 24 owners of the sold-out Luminato Condos project.
The findings were surprising, and in stark contrast to a general perception that condo buyers fit a stereotypical mold. Here are three myths set straight about condo living in Portland – at least at Luminato.
Condo buyers are an aging and retired population.
Luminato buyers represent a vibrant, working population. In fact, two-thirds of the buyers own or work for Maine companies. In addition:
- Buyers represent a diverse workforce. Six are business owners. There’s also a banker, a scientist, a nurse, an interior designer, a high-tech worker, and an architect.
- Twenty-three of 24 buyers work – only one buyer is retired.
- Buyers’ ages range from 20s to 70s.
- Nine of 24 are under 50.
Buyers are purchasing condos as second homes.
The vast majority of buyers are choosing condos as their primary residence.
- For 19 of the 24 buyers, Luminato will be their main home.
- Five of the 24 buyers are first-time homeowners.
People who buy condos are couples who are downsizing.
People of various lifestyles and at all stages of life are choosing condo living.
- Only two buyers are downsizing from single-family homes.
- Twelve of the 24 buyers are living solo.
- In nine cases, the buyer is a woman.