Diablo Magazine Looks at Duffield Estate
August 31, 2016
Imagine 400 people on a waiting list to visit 16 condominiums; imagine those condos selling out within months at roughly $1,000 per square foot, or more than $1 million for a 1,000-square-foot condo. That was the scene at the launch of Danville Hotel Town Center, a downtown condo development that took eight years from concept to completion. Built around the historic Danville Hotel, the complex features three, two-story buildings, with retail at street level and condos above.
The buyers? Local empty nesters. With a taste for high-end amenities and a desire for one-story, lock-and-leave convenience, these baby boomers are stirring up a frenzy for luxury condos, according to local realtors and builders.
“[The buyers are] people who bought homes in the 1990s, and now their kids are grown. They want to stay in the area, but they don’t want a large home anymore,” says Diane Peters of Pacific Union, realtor for the project. “There’s a huge need among that type of buyer.”
It’s the same story over at Woodbury in Lafayette, 1756 Cole in Walnut Creek, and Sage townhomes in Livermore. These buildings are top-notch construction compared to condos of old: You won’t hear your neighbors; parking is plentiful; and there’s no expense spared in the luxury finishes and styling. There just aren’t enough of them to go around.