New Yorkers Are Fleeing to the Suburbs: 'The Demand Is Insane'

[Dial H For Hero]

https://www.nytimes.com/2020/08/30/nyregion/nyc-suburbs-housing-demand.html#click=https://t.co/5oLLZJ8UO2

Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price.

On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after it was shown on a Facebook Live video. In the Hudson Valley, a nearly three-acre property with a pool listed for $985,000 received four all-cash bids within a day of having 14 showings.

Since the pandemic began, the suburbs around New York City, from New Jersey to Westchester County to Connecticut to Long Island, have been experiencing enormous demand for homes of all prices, a surge that is unlike any in recent memory, according to officials, real estate agents and residents.

In July, there was a 44 percent increase in home sales for the suburban counties surrounding the city when compared with the previous year, according to Miller Samuel Real Estate Appraisers & Consultants. The increase was 112 percent in Westchester, just north of New York City, and 73 percent in Fairfield County, Conn., just over the state border.

At the same time, the number of properties sold in Manhattan plummeted 56 percent, according to Miller Samuel.

(excerpt)

[oldsoftie]

1. This was predicted a long time ago. Not surprising at all.

Come on down to Ga, folks. You can buy a 3000 sq ft home for 250k!

[Lochloosa]

2. With a pond.

[DanieRains]

3. Its Not All Deliveranceville

No really, it isn't. All.

[Lochloosa]

5. I grew up in Tallahassee. I know GA well .

Everyone had a pond back in the day.

[EllieBC]

4. Pandemics make people think twice about high density living.

I know I will never live in a large city again or even entertain using public transit.

[BannonsLiver]

7. I was in London in late January this year

My wife went on a girls trip. I, not wanting to be cooped up in our house by myself for a week, used some points and miles to treat myself to 6 days in London by myself, which was an interesting experience, but not the point of my post.

Anyway, one of my days in London I had been hitting some museums all day which was a blast. I took the tube to get around all day. On my way back to my hotel I had quite a long journey from the Imperial War Museum. It required some bus time too. After I got off the tube at my stop I picked up some takeout to eat in my room. I’m sitting there enjoying my sandwich watching TV when I realized that I had just spent more than an hour on public transport touching hand rails, handles on the tube carriage, ticket machines etc WITHOUT washing my hands before I started eating.

I got up to wash them immediately but even pre Covid I was figuring I was certain to pick up some kind of illness. I later found out there was a good chance the virus was already circulating in the UK when I was there.

I’m not sure I’ll rule out public transport in the future as you have done, but it shows how much our world has changed. I’m washing and sanitizing my hands multiple times every day (in addition to after bathroom usage) even on days I don’t leave my house.

[appalachiablue]

6. 'Rise of the Suburbs, July Homes Sales Shoot to 14 Yr High: US Cities Seeing Fortunes Change'

This trend is happening because of several factors; Covid, pent up demand since spring, very low interest rates now, desire for larger spaces to work remotely from home and kids to learn at home, and recent foreclosures.
In NY, San Fran, LA & other areas urbanites are moving to the burbs according to a few articles I added to this post.

-> I hope *Dems who've moved, remember to update their VOTING STATUS soon and well before the Nov. 3 election.

- Rise of Suburbs, July Home Sales Shoot to 14 Yr High, Cities Seeing Change, Aug. 21, 2020,
https://democraticunderground.com/1016266623
________

- Pandemic Fuels Housing Boom, Bloomberg Bus. News, Aug, 20, 2020,
https://www.bloomberg.com/news/articles/2020-08-20/covid-pandemic-fuels-u-s-housing-boom-as-urbanites-swarm-suburbs

..The exodus to sparser landscapes is happening across the U.S., but it’s most dramatic outside pricey, crowded New York, Los Angeles, and San Francisco. In Manhattan, signed sales contracts for condos and co-ops fell 60% in July, from a year earlier. Meanwhile, in the northern bedroom communities of Westchester County and Fairfield County, Conn., deals for single-family homes doubled, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

Price growth slowed from pre-lockdown levels in urban sections of Boston, Detroit, and Washington, D.C.; but they accelerated in their suburbs, according to an analysis by Zillow. Home prices in Boston, for example, rose 2.1% in July while they climbed 5% in the suburbs. In Washington, they rose 3.6% and increased 4.4% further out...

[Midnight Writer]

8. I wonder if internet services are not a factor as well.

I used to make regular trips to Chicago for shopping. Especially books and music that were not available in my rural area.

Now I can find everything I want online. I haven't made a trip into the city in years.

Same for cultural events. I used to go to town specifically to see concerts and live music. Now I can see any band or performer I want in the comfort of my living room, usually for free.

Add in the "work at home" movement made possible by the internet.

It is no longer necessary to be in a city to be at the center of things.

[Buckeyeblue]

10. In my area in SW Michigan houses are selling quick

We are relatively rural. I didn't consider that it could be Chicago people looking to relocate. A lot of the area lake homes are owned by Chicago people. But relocation would make sense.