Friday, May 8, 2020 / by Vanessa Saunders
May 8, 2020
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As the nightly news drones on about down markets and the Coronavirus, we're seeing more and more buyers and renters looking for escape to a house, a fresh-mowed lawn and a two car garage in the Hudson Valley. New York City residents are opting for a split-level home on a cul-de-sac after decades of apartment living. A wave of city-dwellers is currently hitting the inner and outer suburbs of NYC, looking to leave the city lights for greener pastures.
So why are New Yorkers choosing to abandon city life? The short answer is, they believe that the old ways of city life - strolling in parks, grabbing drinks at bars and living close together - may be gone after Corona. They believe social distancing such as one-person-at-a-time elevator rides to get home and looping routes to avoid passers-by on city streets has fundamentally changed New York City.
This isn't the first time City residents have fled to the country. After 9-11, they were looking for short term stays in weekend houses. But this time, they are looking for something more permanent in the suburbs.
For some, moving out was already on the back-burner. But Covid-19 seems to have pushed up plans for many. FlatRate Moving reported in the New York Times that their records show a 74% increase over last year in moves from NYC to Connecticut between March 15 and April 28. Moves over the same time period were up 38 percent to New Jersey and 48% to Long Island.
New Yorkers have also caused significant spikes in rental markets up and down the Hudson Valley. Iffy NYC school openings next fall, and the sudden affordability of larger spaces make upstate living an attractive option for many.
Global Property Systems has seen a definite uptick in activity, despite the Governor’s shut-down of “non-essential” businesses. And the prices people are willing to pay makes it obvious that they are eager to get out of the Boroughs. In April, we rented a river-view contemporary home on River Road in Piermont. What was one of last year’s languishing luxury-market properties re-listed as a rental and quickly found a tenant willing to pay $10,000 a month.
Not all clouds have silver linings, but in a way, Corona has been a boon to parts of the Hudson Valley real estate market. We could actually use more homes to sell or rent.
If you'd like to contact us about selling or renting your property, CLICK HERE.