The Scottsdale Independent recently reported on the mutual affection for condominiums that Scottsdale’s baby boomers and millennials share. That affection may eventually lead to a lack of inventory if the city doesn’t plan properly.

Per the report, baby boomers no longer want to deal with the time-consuming requirements that come with maintaining a house. They want to downsize their family home for a “lock-and-leave” dwelling to focus on other interests. On the other end of the spectrum are millennials looking to simplify their lives while their demanding careers eat up most of their free time. Both want low-maintenance, technology-driven housing, with all the modern bells and whistles.

Data experts at the Cromford Report say Tempe, Downtown Phoenix, and Scottsdale have experienced a surge of luxury multi-family construction, up 77 percent year-to-date in Pinal and Maricopa counties. That’s thanks in large part to baby boomer and millennial buyers; both know what they want, and are willing to pay top dollar and to be patient.

Within the last three years, both groups have helped surge sales of condos and townhomes from the previous timeframe. Furthermore, 936 of those units have sold to date this year, almost double what they were last year (528).

Resales are also in high demand for those who don’t want to pay for new residences. In the first half of 2017, new multi-family housing demanded $329 per-square-foot while previously owned units only averaged $201.

One builder taking advantage of the growing trend seems to be Catclar Investments. They have seven new developments that will bring hundreds of mid- to top-tier multifamily housing to the market in the coming months. Several of their projects include Clarendon Estates in Carefree, Residences on Main, SOHO Scottsdale, Main Street Mews in Scottsdale, and 4TwentyOne West in Tempe.