Posted on by Californiacontrarian

Manhattan? . . . Perhaps, Less Vermouth!


Recently a friend of mine was talking about moving to upper Manhattan to be close to her son. She was concerned that as she getting older, she might need a local support system if she became ill. She was fearful about facing the inevitability that the health of her and husband would go downhill, and she didn’t want to face that inevitability alone. Since her children had moved away many years ago, and would not be ever moving back, she figured that she should go to where they were.

Well the good news for her is that this might be the ideal time to move to Manhattan. After all, who else in their right mind would want to move to New York City now? In fact the data from this last quarter are hinting at a NYC exodus, and the more deBlasio is in the news, the more crowded the highways that lead out of NYC will be.

The following is from The Daily Caller:

“Manhattan real-estate sales have seen the largest decline in 30 years as apprehension about coronavirus continues and buyer preferences shift, the New York Times reported.

A report from the brokerage Douglas Elliman reported by the New York Times found that the number of closed sales in the second quarter decreased by 54% compared to the same quarter in 2019. The cost of buying has also plunged 17.7% compared to the same quarter a year ago.

There were also only 1,147 sales in the quarter, marking the lowest number on record according to a study by Compass.

Most indicative of the market’s pulse is the number of apartment contracts signed, which decreased 76% in June when compared to the same time in 2019. Brokers say the rental market will face the most immediate pressure since renters can leave the city easily, and few renters are moving in, according to CNBC.”

Don’t get me wrong, I have been to NYC three or four times in the past (pre deBlasio), and loved it. However, as I have told my friend, “No way am I ever going back! That train has left the station.”

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