Baby boomers have been the category of US citizens that have always been investment savvy. Of course they had the best of financial support from their parents in the early days. However, they knew the value of money and therefore spent money in such a way that provided them good returns on investment.
When condos became a fad in the US, it was the baby boomers who clearly saw it as an opportunity to earn substantial rates of interest by investing in condo hotels. This segment of the US population has been amongst the high income earners. Add to it the fact that they have been conservative in spending and you can easily gauge how important for them money has been..
Plus their intelligence level has been quite high. While they already had a house of their own, they wanted to invest in condos simply because it was a heaven sent opportunity for them to make money. At the same time, they had in mind that condos would form a luxury vacation home to stay during their annual jaunts while also fetching them rental income during the rest of the year.
The other important aspect that greatly appealed to baby boomers was that the maintenance of the condos would be the responsibility of the condo hotel management. So, the boomers as owners of condominiums did not need to bother about the cleaning and maintenance work of their vacation homes throughout the year.
In the mid nineties, baby boomers earned a lot of money. With their children's education already completed, they started thinking of condos as a retirement option rather than solely as a good money making opportunity. Baby boomers thought of condos as the ideal post-retirement abode. For by living in it they could maintain their high standard of living.
Moreover, condos had already become verily a second home for these rich people, without the hassle of having to clean and maintain it themselves. All they needed to undertake for the upkeep of their condo apartments was to pay service charges towards maintenance and housecleaning to the condo hotel management.
The location of condo hotels is almost always in a happening place. This suits baby boomers well. The reason is after having spent their entire career in earning handsome salaries, they want to enjoy their retirement years in comparative enjoyment, socializing, and luxury.
Although the current recession in the US economy has brought down the entire housing industry and even the condos market, the latter is still not so much affected because of the tremendous fiscal shock absorbing capacity of the baby boomers. Maybe other classes of US citizens are affected by this current downturn, but baby boomers are still booming. There is just no other word for it.