As I’ve said before, there will always be a need for real estate. As long as people remain on this earth, property is essential. The real estate landscape in New York City is bleak. People do not want to be in the crowded, congested city. So where do people want to be? Where do people want to migrate to?
The answer: Connecticut.
According to the New York Post, the state is seeing an increase of home buyers who are fleeing the city for a safe space. Areas like Westport, Greenwich, Litchfield County, and east of New Haven are seeing an unexpected uptick in sales of single-family homes.
“There was such an initial rush on all the rentals, that there’s hardly any left. … We’ve always benefited from the New York City market, but it’s just been a tidal wave,” said Holly Giordano, an agent for William Pitt Sotheby’s International Realty.
As of Wednesday, there were more than 38,000 confirmed cases of the coronavirus in Connecticut. Although a scary number, it does not compare to the 353,000 confirmed cases of the virus in New York. New Yorkers are starting to think that Connecticut is a safe haven.
Many restrictions are being lifted this week, such as:
- Restaurants (outdoor dining only)
- Outdoor recreation activities
- Zoos and aquariums
- Malls and other nonessential retail businesses
However, gyms, movie theaters, and indoor dining will remain closed.
In a rare change of events, Connecticut agents are actually getting their asking price. If they don’t get the original asking price, it is because eager buyers are bidding higher numbers for the property. There was a report that one buyer purchased a home for $1.9 minion — all cash.
It’s refreshing to see residential real estate markets thriving. Hopefully soon, we can see an uptick in commercial real estate.
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