Wealthy retirees are willing to give up the hassle of the estate - but not its luxuries

"Older clients "still want a luxurious lifestyle, just not the size," said Joseph Montemarano, previously an associate at Partners Trust and Real Estate in Los Angeles. Big single-family homes are simply too cavernous once the kids move out and "are very expensive and tedious to maintain.""

"The luxury residential building will feature sweeping views, heated stone floors in the master bathroom, controlled-access elevators, 24-hour attended lobby and apartments almost as large as the Tubaos' former house. "We love the idea of being able to walk to so many great places," the couple wrote in an email."

"Irrespective of income, the elderly tend to decamp to homes that are slightly smaller but even more expensive, according to an October report from Zillow Group. The so-called Silent Generation of 65- to 75-year-olds sells homes with a median size of 2,100 square feet for $220,000 - and then turns around to buy 1,800-square-foot properties."

Affluent Southern California retirees are downsizing from large estates to luxury townhouses and condos that remain substantial in size, often exceeding 3,000 square feet and costing millions of dollars. Real estate professionals observe that older clients seek luxurious lifestyles without the burden of maintaining expansive single-family homes with pools, orchards, and gardens. The Tubao family exemplifies this trend, transitioning from a 3,000-square-foot home on 1.5 acres in Bonita to a three-bedroom condo on the 37th floor of a waterfront complex in downtown San Diego. These luxury properties offer amenities like heated stone floors, controlled-access elevators, and 24-hour lobbies, along with walkable urban locations that appeal to retirees who travel frequently. Zillow data indicates that across income levels, elderly homeowners sell larger properties at lower prices and purchase smaller properties at significantly higher prices.

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