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> The center of American cities have had a 40-year boom. Young people have wanted to move into city centers, they haven’t rushed out to suburbs as rapidly as th

by OldHand2018 5y ago

> The center of American cities have had a 40-year boom. Young people have wanted to move into city centers, they haven’t rushed out to suburbs as rapidly as they got older, and empty nesters have wanted to move back. Covid has probably unwound 10 to 20 years of that. So you can think city centers are going to be the price they were, say, in 2005. Which is expensive, definitely more expensive than the suburbs, but that gap has narrowed a little bit. I don't think so. If you can buy in Manhattan for 2005 prices, you and 100 million other people are going to be trying to do that. I just sold my downtown high-rise condo and moved to a semi-rural area with 1+ acre lots yet only a few minutes from the commuter train (1 hour express to downtown), thanks to the new hybrid model. I expected a worse situation than reality - condo went for above asking and at 2018-ish prices. One thing I did notice is that proximity to train stations is still a huge driver in suburban house prices. It seems that nobody is giving up on the center of the American city, even if perhaps they aren't living there.

ramraj07 5y ago
Exactly. The cities with vibrant centers will just end up attracting a different type of folk. I’m not convinced that even when working from home I’d want to live anywhere other than Manhattan if I could choose. Unfortunately businesses that catered to the office population might take a hit (or they might not? Still not clear if the offices will just fill with different types of workers, not every job can be remote).
- alephnan 5y ago
  > I’m not convinced that even when working from home I’d want to live anywhere other than Manhattan if I could choose. It finally makes sense for a salaried person to live in Dumbo. Before, it was way too inconvenient
  - ramraj07 5y ago
    Except maybe the views, why would you want to live there? Any place in nyc not near trains sounds like a bad idea. My general metric of a good location is that there should be two independent lines walkable. Otherwise you’re gonna be in a world of misery at least once a week.
    - alephnan 5y ago
      > Except maybe the views, why would you want to live there? I agree. And yet cost of renting / owning in Dumbo is higher than Manhattan and other places.

ramraj07 5y ago

Exactly. The cities with vibrant centers will just end up attracting a different type of folk. I’m not convinced that even when working from home I’d want to live anywhere other than Manhattan if I could choose. Unfortunately businesses that catered to the office population might take a hit (or they might not? Still not clear if the offices will just fill with different types of workers, not every job can be remote).

alephnan 5y ago
> I’m not convinced that even when working from home I’d want to live anywhere other than Manhattan if I could choose. It finally makes sense for a salaried person to live in Dumbo. Before, it was way too inconvenient
- ramraj07 5y ago
  Except maybe the views, why would you want to live there? Any place in nyc not near trains sounds like a bad idea. My general metric of a good location is that there should be two independent lines walkable. Otherwise you’re gonna be in a world of misery at least once a week.
  - alephnan 5y ago
    > Except maybe the views, why would you want to live there? I agree. And yet cost of renting / owning in Dumbo is higher than Manhattan and other places.