3 ms·

If supply isn't there It'll be interesting to see if demand waits, or returns to its status quo. I live in central NJ, approx 75 mins by train from NYC and 60

If supply isn't there It'll be interesting to see if demand waits, or returns to its status quo. I live in central NJ, approx 75 mins by train from NYC and 60 mins to PHL. There is a small new development in my area of approx 20+ units. Best I can tell, these homes are struggling to be sold.

ghaff 6y ago
I assume, given the apparent amount of new construction, that there are certain patterns in what various groups of buyers are looking for that may not be well-met by current inventory. I assume people moving from the city to the 'burbs and those moving to rural/small town locations possibly 2-3 hours from a big city are fairly distinct groups.
lallysingh 6y ago
I'm in northern NJ, about 50 minutes from NYC (65 to my job). Houses here are selling like crazy. It's a pretty, diverse, liberal area that's bringing in a lot of people leaving NYC/Brooklyn. Both my neighbors sold in the last 3 months.
- otoburb 6y ago
  >>Both my neighbors sold in the last 3 months. Lots of people leaving, but since their properties sold it also means that people are, by definition, also buying and moving in. The key is not "how many people are leaving" but the net outflow. I think there would be a more serious problem if property owners are trying to leave the city but cannot sell their units. But the property sales volume (i.e. completed closings) seem to be picking up again[1] in the city. [1] https://www.propertyshark.com/Real-Estate-Reports/2020/08/25/nyc-real-estate-covid19/ https://www.propertyshark.com/Real-Estate-Reports/2020/08/25...
  - lallysingh 6y ago
    Yeah, but the demand is ultimately measured by the prices the city properties are sold at. FTA: * At $1.065 million, Manhattan YTD median slides 15% below 2019 figures * Brooklyn median drops 9% Y-o-Y, virtually erasing year-to-date gains 9-15% is a huge set of 1-yr drops.
    - otoburb 6y ago
      If the number of sales are picking up again after prices have dropped so dramatically then I view the uptick in demand as a positive sign that aspiring property owners have found new market clearing prices and are willing to move into the city. I'd be much more alarmed if the prices kept/keep dropping further.
Unklejoe 6y ago
I'm in South Jersey and it's the total opposite. I have two friends in the process of buying a home, and all of the homes they look at are immediately sold, sometimes with bidding wars. It seems like values are up like 10% as a result.

ghaff 6y ago

I assume, given the apparent amount of new construction, that there are certain patterns in what various groups of buyers are looking for that may not be well-met by current inventory. I assume people moving from the city to the 'burbs and those moving to rural/small town locations possibly 2-3 hours from a big city are fairly distinct groups.

lallysingh 6y ago

I'm in northern NJ, about 50 minutes from NYC (65 to my job). Houses here are selling like crazy. It's a pretty, diverse, liberal area that's bringing in a lot of people leaving NYC/Brooklyn. Both my neighbors sold in the last 3 months.

otoburb 6y ago
>>Both my neighbors sold in the last 3 months. Lots of people leaving, but since their properties sold it also means that people are, by definition, also buying and moving in. The key is not "how many people are leaving" but the net outflow. I think there would be a more serious problem if property owners are trying to leave the city but cannot sell their units. But the property sales volume (i.e. completed closings) seem to be picking up again[1] in the city. [1] https://www.propertyshark.com/Real-Estate-Reports/2020/08/25/nyc-real-estate-covid19/ https://www.propertyshark.com/Real-Estate-Reports/2020/08/25...
- lallysingh 6y ago
  Yeah, but the demand is ultimately measured by the prices the city properties are sold at. FTA: * At $1.065 million, Manhattan YTD median slides 15% below 2019 figures * Brooklyn median drops 9% Y-o-Y, virtually erasing year-to-date gains 9-15% is a huge set of 1-yr drops.
  - otoburb 6y ago
    If the number of sales are picking up again after prices have dropped so dramatically then I view the uptick in demand as a positive sign that aspiring property owners have found new market clearing prices and are willing to move into the city. I'd be much more alarmed if the prices kept/keep dropping further.

Unklejoe 6y ago

I'm in South Jersey and it's the total opposite. I have two friends in the process of buying a home, and all of the homes they look at are immediately sold, sometimes with bidding wars. It seems like values are up like 10% as a result.