New-York City Appartment Sales In Manhattan Have Dropped by 46% In Third third quarter, leaving 10,000 unsold units, A Record.
People pay a lot of money to live in tiny apartments in NYC. And they do it because New York gives you a million and one excuses to not be in your apartment.
By Julie Sarinana
It’s a trade off that many consider “worth it.”
When I lived in Philly I wasn’t very close to a big park or a lot of green space.
There’s not much greenery at all in South Philly.
But my house was just under 2,000 square feet.
There was plenty of room for us to spread out and not be on top of each other.
When I lived in a small-ish apartment in Florida we were in cramped quarters but we were also walking distance to trails and a lot of uncrowded, outdoor space.
If you’re not rich it’s very difficult to have either of those things in NYC.
Granted, single-family detached homes and townhomes with small backyards are all over Staten Island and Queens.
But I doubt that those neighborhoods are where the exodus clusters are happening.
When you’re forced to spend real time in your apartment, stare at all the cracks in the ceiling, wash dishes twice a day, and listen to all of your neighbors who are now also home all the time, your stress level goes up. And for what?
There’s no reward. You can’t really hang out with friends, you can’t go to restaurants, concerts, museums, etc. There’s nowhere to go. If you have kids you’re all home.
All the time. It’s given most of us a lot of time to reflect on our lives, what we’re doing with them, and why. Some of us have made good use of that time and have decided to make some changes.
In New York everything is expensive. Not just the rent. And then you pay more taxes on top of it.
Add to that an apparent homelessness crisis and a quick rise in violent crime and some people have really thought about it.
When their lease was up they made a decision.
I don’t know how long this will last, though.
I expect that we’ll see a SARS-CoV-2 vaccine in 3–6 months.
If that’s the case, anyone who has always wanted to give NYC a try will have their pick of apartments.
Rents are going to be low not just for apartments but also for retail and restaurant space.
We might see a flourishing of creativity that many NY’ers have said has been in decline over the last 20 years.