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I've already read a few articles concerning this subject , but since I've been always been a fan of asking non " talking head " yet still better informed than myself people of their opinions of subjects I'm unfamiliar with , I thought it pertinent to create this thread .
Especially since this sub forums search engine doesn't seem to have spat out any old threads about it .
Oh and FWIW I'd be especially interested in reading opinions about how COVID may effect the market for raw/undeveloped land specifically , since I'm very much looking to buy some in the hopefully not too distant future .
Hard to say. Buying "raw/undeveloped" land may be desired by many that are stuck in urban high density situations. This could drive demand upwards.
Especially COLD areas, where COVID may flourish for half of each year.
Now, if you're thinking of buying land that isn't desirable, then you might have an "island" to which you might survive a pandemic. But, then again, you might insulate yourself so well that emergency/med services can't go there either.
They'll have a vaccine soon, life will return to normal. Commercial land hogs will take a beating as more people and companies are finding ways to work from home. Small niches of people will not return to their way of life in the city and move to a more rural area.
What's long term? I would think within 5 years society will be developing herd immunity anyway.
History records the 1918 flu as killing more people than COVID, but the cities did not empty out. Were people still making home buying decisions in 1923 based on memories of the flu? I kind of doubt it.
COVID and the risk of other pandemics, plus city governments in some areas failing to stop riots this year, will probably push some city dwellers to the suburbs. I doubt they'd head for the hinterlands.
Undeveloped land near the outskirts of desirable large cities might rise in value, but I'd be surprised if it affected prices of real estate way out in the country.
Depends on the raw land and the purpose for it. You'll need to give way more info for a helpful response.
I'm thinking of buying undeveloped land for the purpose of residing on it , via ( for instance ) setting up a mobile home/camper/RV on it and/or building an actual house on it .
In short I'm curious to read some input regarding the predictable market situation for that type of real estate .
Albeit maybe I've given too general info once again , in which case I may ramble on if possible .
What's long term? I would think within 5 years society will be developing herd immunity anyway.
History records the 1918 flu as killing more people than COVID, but the cities did not empty out. Were people still making home buying decisions in 1923 based on memories of the flu? I kind of doubt it.
Any period of time at least a year from now is long term to me in this case TBH .
I wouldn't buy office space. My guess is that many companies have found that their employees can work at home. As they realize the cost of maintaining an unnecessarily large office, my guess is that many will downsize the amount of space they use. I envision much smaller offices used for the times employees need to work together or meet with clients.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I would expect a major glut of commercial property, especially office space, but more demand for warehouse space. On the residential side, I would expect to see lots of vacancies and cheaper rent in apartments in big cities, and cheaper, plentiful condos. In the suburbs, I would expect even bigger demand than now, with prices for single family residences to go nuts with the demand, and many new developments on whatever vacant land is available.
People will remember this pandemic for a long time, and will be looking for personal space for themselves and their families, even if it means a longer commute after some returning to the offices.
Many companies will maintain the working from home to some extent, and public transportation will be cut due to lack of riders, with the freeways becoming totally clogged at commute times.
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