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“The rich now want to be isolated with each other in New York City,” said a 1 percenter who moved to a $10 million-plus home in Manhattan and has found no buyers for his pricey waterfront mansion in Westchester.
Affluent INNER-Suburbs will remain strong. These are the towns that have good train access, walkability, amenities and top notch public schools.
Affluent OUTER-Suburbs will experience decline. These are those far out subdivisions in the middle of knowhere, 2hr+ commutes and growing heroin/drug problems.
Tons of people have zero desire to live in the craziness of Manhattan.
Also call me when Bronxville turns into a suburban waste land and it's residents move to Williamsburg Brooklyn paying half a million for a 500 sqft studio.
I know that many affluent people like to live in Manhattan but not in the outer boroughs. So it is either Manhattan or the suburbs but not usually the outer boroughs.
Affluent INNER-Suburbs will remain strong. These are the towns that have good train access, walkability, amenities and top notch public schools.
Affluent OUTER-Suburbs will experience decline. These are those far out subdivisions in the middle of knowhere, 2hr+ commutes and growing heroin/drug problems.
Tons of people have zero desire to live in the craziness of Manhattan.
The outer-suburbs weren't really all that affluent in the first place unless in a setting for urbanites second homes. For the most part they attracted people who wanted bigger homes but couldn't afford them in the inner-suburbs. And correct, the inner-suburbs should be fine as long as they can continue to fund their educational system. Unfortunately for them, they'll probably have to continue raising their taxes for the foreseeable futues. If the boros can make their schools competitive, than much of the suburbs will become redundant. With the mentality of these city kids you see these days, that ain't happening anytime soon.
Nonsense. 2-3 people doesn't make it "the wealthy are moving to the city"... But it's a catchy phrase good for newspapers and following discussions. There are always people moving back and forth.
Also call me when Bronxville turns into a suburban waste land and it's residents move to Williamsburg Brooklyn paying half a million for a 500 sqft studio.
You can't get a 500 square foot studio for 500k in Williamsburg, at least if we're talking newer construction. Prices are far higher than 1,000/ft.
And people are totally misreading the article. The article is NOT saying "NYC suburbs will become ghetto wastelands", it's simply saying there's a higher proportion of wealthy people in the city relative to the suburbs. Back in the old days rich people would tend to live in the suburbs, but that has changed. That does NOT, however, mean that Greenwich and Alpine and Scarsdale and Mill Neck will all turn into slums. It just means that long-term trends favor more urban areas, that's all.
Park Slope real estate will probably appreciate better than Bronxville real estate, for example. But Bronxville will remain nice, and desirable, obviously. But the trend from around 1950-2000 where the rich generally wanted the suburbs is over.
And it also depends on the type of suburb. Rye, NY is a much better long-term bet than, say, Dix Hills, NY, because Rye is on the train (so benefits from NYC's revival and increased concentration of high end jobs), Rye has a walkable downtown (so benefits from the trend towards urbanity and mixed use), and Rye is close to city amenities (so benefits from the trend towards more dining out/going out in more urban areas as opposed to the 70's/80's outdated country club suburban scene).
I know that many affluent people like to live in Manhattan but not in the outer boroughs. So it is either Manhattan or the suburbs but not usually the outer boroughs.
Not true. There is tons of wealth in the Outer Boroughs. Outside of the Hamptons (which is more a second home community than a suburb), there is no suburban part of NYC that has similar prices as the highest end parts of Brooklyn.
In Gravesend, Brooklyn, raw land for a fairly small lot for a new construction single family home can cost 10-15 million. You won't even pay that for a giant lot in backcountry Greenwich.
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