Freedman: “The Current State NYC Real Estate is In”
When the pandemic hit, one of its hotspots was New York City. And once the city closed down, many people fled to states like Connecticut and Florida to buy homes. In July of 2020, Manhattan’s vacancy rate hit a 14-year high. Since we have transitioned into a work-from-home society, it has shown people, especially Millennials, the importance of owning a home. Now, homeownership rates have increased amongst Millennials, and the demand for homes keeps growing. What does this mean for bigger cities like New York? Bess Freedman, CEO of Brown Harris Stevens, joined Bold Tv and C-Suite to discuss New York and the condition of the real estate industry. While it seems the “mass exodus” from New York City was detrimental to the state, people were leaving before due to its high taxes. But now, Freedman sees a tighter supply of homes in states like Connecticut and Florida. Since many people moved there at the beginning of the pandemic, it’s a little more difficult to get a home in these states because not only are they being bought, there’s also a shortage of materials like lumber, which is impacting the industry as a whole. This leaves a huge supply of properties available in New York City. Freedman is seeing sellers adjusting their prices to attract buyers. New York City is an expensive place to live, but if sellers are lowering their prices, this will attract people to move back. Learn More on Bold TV and C-Suite
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