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I'm a New Yorker who transplanted to CT. I've lived in 3 boroughs, including Manhattan and its more desirable areas (Fifth Avenue, Yorkville, and the Upper West Side). I strongly think that when work returns (which is already happening), the city population will grow exponentially again. I think that with greater employment again and a more populous city, crime rates will come down dramatically. What's more? The mayoral elections seem promising. If Sliwa or Yang or just someone decent get in, I can nearly guarantee that the city will have a mega boom; burgeoning economy, enabled police department and much lower crime. All of that doesn't bode well for Connecticut, but I do think the middle real estate market will hold until these developments happen.
Silwa would do wonders, but can't win. The rest are not game changers. Many NYC office leases have been reduced or eliminated. JP Morgan Chase CEO has told investors having 60% as many "on site" will save an enormous amount on building costs. A 40% JPM NYC reduction = 78,000 fewer in NYC daily. Their intent is to hold enough space to accommodate 6 in 10 of the staff fully in NYC pre covid.
MTA is just hopeful by 2024 or 2025 to see anything close to traffic pre covid. Last week, Metro North lines averaged under 25% as many weekday traffic people as the same week in 2019.
Enabled pd? I wish, but w/o Silwa, will not occur. It requires a fighter to go against the woke crowd and the media, and to enjoy the battles.
Enjoy your new surroundings. The NYC free fall of the last 14 months will require a multi year path back. Not weeks, months, nor quarters. Years. As a Ct resident who went to Fordham, I wish it were not the case, but deep fissures surfaced the last 14 months.
Thanks for replying. I bought the home because I loved New Canaan and for its low cost compared to price comps. I'm also not thinking myopically - I just couldn't afford to lose hundreds of thousands of dollars in the months and years to come as I have many other expenses and expected to sell after my kids graduated. I definitely want to stay in NC, but I may want to downsize to a 4-5k sqft home with similar (or better) town access. As much as I love my current home, I don't think the market will soon. The backcountry estates aren't in anymore. Again, thanks for the input!
Quote:
Originally Posted by MightyObserver
4 acres? Double it! I'm on 8 acres of mostly grass - I'm going to get eaten alive on landscaping.
To your point, I am strongly considering selling. I anticipate that the higher-end home market is going to take a turn VERY soon. The city won't immediately become what it was pre-COVID, but thousands are returning to work and with a new (and hopefully better) mayor coming soon, I don't see FFC's upper-end market returning for a while.
Quote:
Originally Posted by MightyObserver
I'm a New Yorker who transplanted to CT. I've lived in 3 boroughs, including Manhattan and its more desirable areas (Fifth Avenue, Yorkville, and the Upper West Side). I strongly think that when work returns (which is already happening), the city population will grow exponentially again. I think that with greater employment again and a more populous city, crime rates will come down dramatically. What's more? The mayoral elections seem promising. If Sliwa or Yang or just someone decent get in, I can nearly guarantee that the city will have a mega boom; burgeoning economy, enabled police department and much lower crime. All of that doesn't bode well for Connecticut, but I do think the middle real estate market will hold until these developments happen.
Quote:
Originally Posted by MightyObserver
Many offices are adopting hybrid models - true. At the same time, though, I think offices will return to fully in-person soon after. Commuting from Wilton, Weston, and even New Canaan will be hard under either model, hence my friends leaving (although it should be said that they treated Connecticut as a palliative solution for COVID, not a long-term one. Others had more permanent mindsets when buying).
You seem to be answering your own question here.
The truth is that no one knows what will happen with the real estate market here or in New York City. I can tell you this though, there is not a big wave heading back just yet. If there was, you’d see a flood of homes on the market and that’s not the case.
You need to make the decision based on what’s best for you. Owning a home is not something you do for a short term. You should buy only when you are sure you will stay for a number of years. Whatever you decide make sure you can live with it for years to come. Good luck, Jay
4 acres? Double it! I'm on 8 acres of mostly grass - I'm going to get eaten alive on landscaping.
I also live on 8 acres, 5 of which is grass and the other 3 is forest. Don't waste your money with landscapers. If you don't sell, you should do what I did and invest in a tractor. I push mowed my land for over 40 years until I was injured about 7 years ago. I bought a Kubota sub-compact and it was the best decision I ever made.
OP, the drop from +500k to +300k may just be a correction. Coming out of lockdown 2020 much is running up past where it will land (steel, wood 4x the pre covid cost), etc. Unsustainable. Ct housing spike the last year is the same IMO. Some increase was doable, much of it was market juices prices until a correction comes into play..as it went too far.
The truth is that no one knows what will happen with the real estate market here or in New York City. I can tell you this though, there is not a big wave heading back just yet. If there was, you’d see a flood of homes on the market and that’s not the case.
You need to make the decision based on what’s best for you. Owning a home is not something you do for a short term. You should buy only when you are sure you will stay for a number of years. Whatever you decide make sure you can live with it for years to come. Good luck, Jay
I agree with this. I also think due to NY’s insanity regarding taxes, other states will become very desirable (particularly CT within the region, and FL outside the region). Most people seem to prefer CT over LI/Westchester and NJ.
My advice? Sell and downsize. Upper end luxury homes not only cater to a certain demographic, but they are only desirable to a portion of that demographic (meaning even very wealthy people sometimes don’t want massive homes). That leaves your buyer pool going forward very small.
If we had real estate crystal balls we’d all be rich. Also, don’t forget inflation may set in.
Sounds like you moved there for a reason. Did you plan on staying less than 5 years? If so, maybe sell now. But what a hassle. And you’ll take a cut just on selling costs.
If you planned on staying for a while, speculation is not helpful. You only lose money if you sell. Ignore Zillow and enjoy your house.
Maybe you are having doubts about the home due to its size and level of maintenance. Another option would be staying, but downsizing. I will say that large homes on large lots struggled to sell because of changes in buyer behavior too. People seem to gravitate to 5k square feet or less and closer to walkable areas. There are many “white elephants” that are selling now but may not in future.
I do not for one second believe the story that people are flooding back to NYC. My friends that moved out aren’t going back. Our industry, usually very reticent about WFH and NYC-centric, appears to be going hybrid permanently and cutting its real estate holdings.
4 acres? Double it! I'm on 8 acres of mostly grass - I'm going to get eaten alive on landscaping.
To your point, I am strongly considering selling. I anticipate that the higher-end home market is going to take a turn VERY soon. The city won't immediately become what it was pre-COVID, but thousands are returning to work and with a new (and hopefully better) mayor coming soon, I don't see FFC's upper-end market returning for a while.
8 !! I was a tad off. Wow, are you farming?
I'd unload that ASAP while you still can, pick some realtors' brains. I have no idea what NYC is going to look like, but 9K, 8 acres for under 2 in New Canaan sounds like the steal of the century. If you get say 2.3, 100K+ goes to the realtor, then you have cap gains on the rest for owning less than 5 years. You would still come out up 6 figures. Maybe in 3-5 years you're down 6 figures. WHo knows. Run the numbers in Excel.
Silwa would do wonders, but can't win. The rest are not game changers. Many NYC office leases have been reduced or eliminated. JP Morgan Chase CEO has told investors having 60% as many "on site" will save an enormous amount on building costs. A 40% JPM NYC reduction = 78,000 fewer in NYC daily. Their intent is to hold enough space to accommodate 6 in 10 of the staff fully in NYC pre covid.
Jamie Dimon, fed up with Zoom calls and remote work, says commuting to offices will make a comeback
While Jamie Dimon is fine with the greater flexibility allowed by employees working from home part time, that’s no substitute for being at the office, the JPMorgan chief said.
“I’m about to cancel all my Zoom meetings,” Dimon said. “I’m done with it.”
Dimon also said clients told him that in cases where JPMorgan lost business to rivals, it was because “bankers from the other guys visited, and ours didn’t. Well, that’s a lesson.”
Jamie Dimon is no fan of the new remote work structure that has taken hold during the coronavirus pandemic.
The JPMorgan Chase chairman and CEO has already told his U.S. employees they should begin getting used to returning this month with the goal of having 50% of workers rotating through offices by July. While he’s fine with the greater flexibility allowed by employees working from home part time, he said Tuesday that’s no substitute for being at the office.
“We want people back to work, and my view is that sometime in September, October it will look just like it did before,” Dimon said at The Wall Street Journal CEO Council. “And everyone is going to be happy with it, and yes, the commute, you know people don’t like commuting, but so what.”
Jamie Dimon, fed up with Zoom calls and remote work, says commuting to offices will make a comeback
While Jamie Dimon is fine with the greater flexibility allowed by employees working from home part time, that’s no substitute for being at the office, the JPMorgan chief said.
“I’m about to cancel all my Zoom meetings,” Dimon said. “I’m done with it.”
Dimon also said clients told him that in cases where JPMorgan lost business to rivals, it was because “bankers from the other guys visited, and ours didn’t. Well, that’s a lesson.”
Jamie Dimon is no fan of the new remote work structure that has taken hold during the coronavirus pandemic.
The JPMorgan Chase chairman and CEO has already told his U.S. employees they should begin getting used to returning this month with the goal of having 50% of workers rotating through offices by July. While he’s fine with the greater flexibility allowed by employees working from home part time, he said Tuesday that’s no substitute for being at the office.
“We want people back to work, and my view is that sometime in September, October it will look just like it did before,” Dimon said at The Wall Street Journal CEO Council. “And everyone is going to be happy with it, and yes, the commute, you know people don’t like commuting, but so what.”
Something seems to be rotten in Denmark. No homes have been sold with 7+ acres for less than 2mm since 2019 in NC. You seem to have gotten too good a deal (or perhaps just like to ‘sell the drama’. Come clean whenever.
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