flexiblefullpage - default
Currently Reading

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

billboard - default

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

Home Inventory Levels: US Cities With the Most—or Fewest—Homes for Sale

While for-sale inventory is rising slowly but steadily nationwide, many markets remain undersupplied and overpriced on a year-over-year basis

Market Data + Trends

The Biggest Hurdle for Housing Is Seller Hesitation, Experts Say

Elevated borrowing costs are currently affecting both homebuyers and sellers, with buyers hesitant to spend and sellers unwilling to list and sacrifice the lower rates they've locked in on their current homes

Government + Policy

Bipartisan House Bill Aims to Incentivize Home Selling

The More Homes on the Market Act seeks to amend the sales gain tax exclusion to bring more homes into the for-sale market

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

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
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.