Steam is invisible, water vapour (condensed steam) is not.
http://www.weatherquestions.com/What_is_water_vapor.htm
Water vapor is water in its gaseous state-instead of liquid or solid (ice). Water vapor is totally invisible. If you see a cloud, fog, or mist, these are all liquid water, not water vapor.
The plumes on my boiler and my neighbour's boiler become visible an inch or so from the terminal. This suggests that invisible water vapour is condensing into water droplets at it meets cooler air.
If the concentric flue was made of heat conducting metal instead of plastic then possibly some of the heat in the flue gases could be transfered to warm the incoming air. The water vapour could also condense on the metal transfering the latent heat of condensation into the incoming air.
With a conventional boiler ( non condensing ) the temperature of the flue gases and the water vapour is high and the vapour travels further away from the terminal before it has been cooled enough to form water droplets. The droplets form and are dispersed over a large area and thus do not appear as mist or steam or a plume.
A condensing boiler produces a steam from it's flue. Call it steam in the marketing literature and people will think "wasted heat" but call it a plume and the obvious connection with wasted heat is no longer there.