Much has been made about how people are leaving the cities in droves and how big city real estate prices are crashing… with the pandemic forcing a ‘new normal’, why would anyone go back?
Yet, with a recovery beginning to take hold, folks are now buying again in cities. The areas that were in huge demand during the depths of the pandemic, suburbs and other outlying states, will get over-priced. In a recent interview, Howard Lorber, Executive Chairman of Douglas Elliman Real Estate in New York City, one of the oldest and largest independent residential real estate brokerage firms in the nation, explained how the normal process is that buyers come back as prices become attractive again.
This is supply and demand, folks- and there is a natural demand for city living.
There are great advantages to living in the city, which is why they developed in the first place. People want to live in cities to experience all there is to do and see. There are plenty of examples of a renewed interest in big city real estate across the nation. Attached is an article describing the recovery in Chicago that is worth a read.
So, are the cities dead? I think not.
~ Brian Kasal- The Leadership Matrix
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