While some retirees might seek active adult communities, others are headed to Coral Gables. That’s the takeaway from a recent article in The Miami Herald, which illustrates how baby boomers are redefining the real estate landscape in Coral Gables, shifting the area from an artsy, funky, night-out standby for the younger set to an upscale retirement destination for boomers seeking convenience and brand-new luxury condo towers. 

The trend is more than just anecdotal. According to the Herald, a “house to condo” movement is evident in data collected nationwide from Freddie Mac, CoreLogic, and the U.S. Bureau of Labor Statistics. Combined, data showed that the increase in baby boomers moving into condominiums and apartments has allowed nearly 100,000 more single-family homes to come up for sale—good news for homebuyers looking to purchase a place quickly amid rising interest rates.

Coral Gables: Ideal for Boomers

Rendering courtesy of Merrick Manor

Coral Gables has become ideal for Miami-area boomers because of the lifestyle it affords: no longer do empty nesters have to choose between traffic-laden Downtown or tourist hotspot Miami Beach. Developers have been more than happy to accommodate, especially in light of relaxed zoning requirements that have taken effect in recent years as a way to bring more condos, retail, and hotels into the neighborhood.

Premier new development Merrick Manor, a 10-story building with 227 luxury units, is in the works in Merrick Park. So is a 10-story hotel and a residential tower with ground-floor retail space. Just a few blocks away from Merrick Manor, fellow luxury condo tower Gables Station will feature 554 units and mixed-use space devoted to a hotel and retail. The facelift currently in the works for CocoWalk—bringing in boutiques and restaurants that specifically target a more Boomer population—is another example of the palpable shift in vibe (and residents).

Merrick Park in particular may show just how much an influx of boomers might shake things up. According to the Real Deal, the current median age is just 23 years old. That’s surprising considering recent sales: the least expensive property on the market recently, per the Real Deal, was $470,000 for a two-bedroom, two-bath condo. With prices like that, the odds are that many of the younger residents in Coral Gables are renting rather than buying—and doing so in a place where, according to a recent study, it’s actually more affordable (and certainly a wiser investment) to buy than rent. While the new luxury condos of Coral Gables might be perfect for boomers looking to downsize, millennials may be better off expanding their home search to areas like Miami Lakes or leaving Miami-Dade altogether for Broward. Nearby Fort Lauderdale is listed among ULI’s markets to watch.