Did you read that in a newspaper or tiktac
Well, sales are down 58% - not price. Manhattan prices are down, but predictably the surrounding area is soaringā¦ both sales and price. Weāre seeing the same thing in the Greater Toronto Area, the city is seeing a modest decline in activity and the suburbs are on fire. Better make a move Nerdy or youāll miss the suburb investment explosion the same way you missed the stock market rally 
is that true? just saw these stats from a youtube video quoting zillow.
i am totally ok with missing out my friend. if i get the right price, i stay, but im totally ok with moving somehwere with better tax rates and lcol. low rates can make payments lower. but loss of income coupled with loss of credit, will at some point overwhelm these subsidies and stimulus and force a sale. 30 to 50 percent of americans are not paying their mortgages or rent. somethingās going to bend.
On Wednesday, the Getty Residences ā a glamorous new condo building in downtown Manhattan designed by Peter Marino ā announced price cuts of more than 50% on some units. One full-floor unit, with more than 3,800 square feet, had once been offered for over $20 million and is now listed for $10.5 million. The penthouse of the building was sold in 2018 for $59 million to hedge fund billionaire Robert Smith.
Just yanking yer chain is all. But yes, the second article is the one I was referencing. Activity down 57% with prices being hit hardest on the high end. The decline in average price is more a product of lower sales, but no doubting there is a price reduction in the city core. The suburbs are the clear winners in a WFH world, at least until the price differential becomes less severe compared with cities.
lol no worries. it does suck to have 90k in cash though. lol been sitting on the majority of it since june. spy up 10% since then. so a 9k opp cost. my networth above precovid now though.
Even I own a half million dollar homeā¦ trust me itās not hard.
Suburbs are much bigger winners in a COVID world than in a WFH world. The city life is pretty pointless when you canāt go to live events, bars, restaurants or ride public transit safely. Unless you pod up you canāt even let your kids play with the neighbors and you have to make up youāre own gym routines (which were previously many peopleās āthird placeā). Many live in cities for the lifestyle as opposed to office proximity. COVID has largely suspended that lifestyle.
1 Like
its crazy though that you all think this is covid thing is permanent. urbanization is the key to progress. a lil cough isnt going to change that. this will go away. maybe not this year or the next. but maybe in 5, 10, 15, 50. itāll be a distant memory ppl will forget.
Iām not saying that Covid is permanent, and Iām also not saying that city lifestyle will completely fall off a cliff. The point is the cost differential between living in the city and living in the suburbs. This is probably more relevant to major city centers where prices have ballooned well beyond affordability. Iāve seen it first hand, with WFH people no longer need to live near the office (in the city) and can thus afford a larger home with more land (in the suburbs). The movement has legs and prices are already reflecting thisā¦
And I get that many people live in the city for lifestyle - myself included, but if I can buy twice the house & land an hour outside the city, and commute in once or twice a month to catch a game or show, I might just be convinced to make the move.
but did george jetson wfh! he did not! but i always looked at george as a blue collar fellow. he definitely got lucky with his wife. and his daughter judy will defnitely move up in life and marry up.
I donāt think COVID itself is permanent, but the effects of this extended WFH environment will be lasting.
Much like brick and mortar retail, WFH was a trend already underway that accelerated due to the COVID environment. I think cities will be valuable, but I think the RE mix will be substantially different, possibly in a good way with more actual neighborhoods and fewer office canyons.
what will incentivize ppl to come back to cities?
Walking to the corner cafe to WFH, then walking to pick your kid up from school and walking to a playground before meeting your SO at the local watering hole for some supper. Then the college kid that goes to school in your city comes over to babysit and you take a ten minute Uber to a concert. Stuff like that.
1 Like
An ad just popped up on my Facebook feed for a 12 month Barbados Welcome Stamp visa!! I could āwork remotely from our beautiful island viewsā!! 
Tax breaks? Cities are broke. I donāt know how anyone will come back if they can have a bigger place in the burbs and works from home
Iām assuming you were drunk when you wrote this.
im in the camp that thinks things will revert and wfh will not be the norm. but yea i see ur guys point. i could be wrong. but i could see it now. the next 1000 years, the democrats hold full control as the population in liberal states are dispersed all over the country.
Iām buying personal real estate in the suburbs, may be in India for medical tourism such https://nearbyall.com/delhi/medical/type/pediatric_psychology/ as . Reason being, and depending on where you live, city prices are grossly overvalued and I think people will be more willing to move out if they donāt have to commute to work everyday