MandoMan |
08-02-2020 08:26 AM |
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Quote:
Originally Posted by CoachKandSportsguy
(Post 1811711)
Played golf last Sunday at a medium size course in MA. Starter was a very talkative white haired man. He has sold his house, and all the furniture is in storage in pods. He has a Brownwood villa rented for the month of august, and he and his wife are determined to buy a house in the villages by the end of the month. Asked him a few questions, and he had some quirky answers, though his wife is the major decider. Didn't quite grasp the MLS sales concept as he wanted to buy a pre-owned home, and he has a "TV" sales rep. . .
Friends of ours in MA sold their $650K house this week near us to a young couple from CA. CA couple did the virtual tour and bought the house without leaving CA. The couple was pre-approved for $700 K mortgage.
The current problem in real estate is that there is not enough supply away from the urban centers. Of course the builders did not have time to create rural /suburbia supply for an urban pandemic. There are anecdotal evidence from national home builders' employees that houses are going like wildfire at the moment. People now want open space for their kids and family..
Urban cities will trend towards lower income and will take another several decades to recover, in the northeast, where the cities are the oldest
sportsguy
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Most people who live in cities can’t work from home, of course, but you are right that a lot who can are trying to leave the cities. It’s pretty amazing. My girlfriend lives in beautiful western New Jersey. Hardly any high end housing had sold in the area for two years. Now, suddenly, everything from $500,000 to a million in the area is sold, to people who lived in New York.
A friend of ours who has had a nice rent-controlled apartment in New York for twenty-five years, at $4,000 a month, and a good job at a big investment company, and is 63, has been told she can work from home for the rest of her career, so she gave up her apartment and her five mile walk to work and now lives in her weekend cottage in Millbrook, New York, a two hour train ride from the city.
Last night we had dinner (outside) with a couple who has a big place at Golden Ocala. One of their sons is a real estate agent who is supposed to keep five Manhattan apartment houses full and usually has long waiting lists for each. Now he has over a hundred empty apartments.
So, yes, there is a big demand for suburbia, but also for places farther out. Vacation cottages. The Villages. People tell me Manhattan today isn’t much like it was last year. You can stroll down streets without having to stop and dodge every few feet. The energy has been turned way down.
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