The Graph at the beginning of the article is visually devastating.
Couldnt see the graph
Places like Austin, Aspen, Scottsdale, Santa Fe, Vail booming now. Cityfolk with money are scrambling for luxury digs, but inventory is nil.
Forced shutdown coupled with riots tend to do that. Who would have guessed.
Escape from New York.
would you buy any property in nyc???
Here in the Vancouver area close to Portland, my neighbor’s house went pending in less than 30 days.
Perhaps the fact that Rat Party (and RINO) Governors have destroyed the nation’s economy and that Rat Party mayors are allowing Molotov Cocktails to fly at will might have an effect on real estate in certain areas.
Can we send them back?
They’re building and selling ones that cost that much here north of Indy, in what was a cornfield 2-3 years ago
My neighborhood is doing awesome. 4 homes out of 77 have been put up for sale and 3 already sold. These are homes in the 250-289K range.
The safe suburbs of New Jersey and the rural areas are selling like hotcakes, homes are on the market for less then three days before multiple offers come flying in from desperate New Yorkers trying to escape the shiathole
Hey if they are working from home and just saw their neighborhood get torched by uncontrolled mobs of leftist scum, you will run away quick as well.
My parents own a home in PA and in their area they usually have an inventory of 300 homes on average, now it is around 30 and anything with a lakeview or frontage sells in three hours on average, and it is in a gated community. The New Yorkers are realizing the police are not going to protect them anymore.
NY is being destroyed by its commie politicians, no sane person wants to move there!
Riots will have a bigger impact than corona
Cities need to die.
Where I live, the market in the outer suburbs and rural areas is doing great.
City? Not as much.
The double-whammy of the china plague and the urban riots seems to be reversing a trend of the last decade or so of moving to cities.
“In nine weeks, the borough has seen just 25 luxury homes enter into contract....”
I’m reminded of the Jack in the Box commercial where Jack is standing outside a corded off area where a guy is sitting inside with a sign that says answers, $1 Million dollars. Jack asked him if he had any takers. The guy said no, but it only takes one.
The typical real estate commission in NYC is 5% to 6% of the sale price. If that three-bedroom condo on the far West Side has an asking price of $5.15 million, that’s a medium commission of $283,250 for that one sale for the realtor. The average salary in New York, NY is $77k with a wages increase of 1.9 percent in Q2 2020. If you do the math, the sale commission for that one sale is around 73% more than the average yearly wage in New York. I somehow don’t think there is a problem there. You know they can sell housing for half what that condo is asking and still make make more than double what the average New Yorker makes in an entire year. In prospective, it’s a whining shame.
rwood
Long Island has been exploding - houses up 20% and going well over asking, selling in 2-3 days
We've seen many New Yorkers in Rhode Island and parts of Massachusetts as well. Just heard today on Howie Carr's radio show that New Yorkers have been *all over* Cape Cod, MA for months.
Most of us have heard that Florida has been invaded by New Yorkers since mid-March (and tens of thousands of 'em brought COVID-19 with them).
Of course that's all anecdotal, but I highly doubt that a LOT of people who formerly lived in de Blasio's NYC will be going back.