Currently Reading

Wealthy New Yorkers Flee the City, Snatch Up Previously Unwanted Homes

Advertisement

Wealthy New Yorkers Flee the City, Snatch Up Previously Unwanted Homes


June 5, 2020
Upstate New York
By ujjwal

If your home has sat on the market for hundreds of days, that usually doesn’t bode well for a lucrative future sale. However, some properties owned by Upstate New Yorkers and residents of Connecticut that were previously unsellable are trending like they’re the latest fashion. Before the coronavirus pandemic, millionaire homebuyers wanted perfection, but now “if the toilet flushes and they can move in quickly, they're here,” one real estate agent in New York says. The pandemic is changing what buyers want in a home, and for those fleeing the crowded West Village and Upper East Side of New York, what they desire is a quick sale for a hasty escape. Since the pandemic began, about 420,000 New Yorkers have moved to Upstate New York, Connecticut, or the Hamptons. 

Suburban houses in Connecticut and upstate New York that have lingered on the market for months or even years are being snatched up during the coronavirus pandemic, Michelle Sinclair Colman reported for the New York Post.

Real-estate agents say demand has skyrocketed since March in towns like Darien and Salisbury in Connecticut, and the Hudson Valley and the Catskills in upstate New York.

"Folks are buying sight unseen," Jeff Serouya, a Berkshire Hathaway agent in the Hudson Valley, told the Post. "And at a time when we're not able to meet with clients, with guidelines imposed on us to get properties shown without putting anyone in danger."

Read More
 

Related Stories

Housing Markets

Full-Year Home Sales on Track for Record High After October Increase

With a greater presence of investors and more job additions, realtors anticipate a record year for the 2021 housing market

Housing Markets

Monthly Existing-Home Sales Increased in October

Sales are on the rise, but housing inventory can’t keep up 

 

Financials

Rising Home Prices Outpace National Household Incomes

High home prices and a drop in median household income are creating a less affordable market for buyers

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.