i would be prepared for a fixer upper. There are a lot of older houses with older residents that will be turning over in the next few years. easier way in financially and with a much better location if you can stomachs the project.
I was wondering actually what people who bought in the last 9 months were thinking! The prices are up so much that when they come back to normal you could actually lose all your equity! Would love to hear from the perspective of someone who did buy recentl!
The perspective I know of people who bought recently is that they got out of paying NYC rent since they temporarily left the city, and are finally getting to put equity somewhere. Prices are inflated now but still much cheaper than buying a classic 7 in NYC.
I think people are thinking that even after the pandemic ends, they will have more flexibility to work remotely. Having a Hamptons house makes much more sense if you can use it 4-5 days a week instead of 2-3 ....
@Anonymous Agree with this too. But I predict that the market out there (and in other NYC adjacent areas) will eventually soften and a bunch of homes will come back on the market.
I'm sure the market will keep chugging along until the whole place is underwater. You couldn't pay me to buy a beach house in the midst of climate change.
People with older DC -- how often do you use the house in non-summer months? How do you manage weekend activities, sports and the like, which are presumably all based in the city?
This is highly variable. Most people with 2nd homes try to avoid weekend activities in the city. There are so many other things to do out of the city anyway. For sports, it depends on the particular sport. Soccer, baseball and other traditional sports are played in local area. For club sports that may practice on weekdays, most do city club teams. These require a weekend game, so families build this into their schedule. Usually come or go from 2nd home when coming/leaving game. Bonus if the away game is on the way to 2nd home!
I had a summer place BEFORE I had kids and so many people told me this was going to be a big problem once my kids got older. But what I have found is that so many people have a weekend getaway (whether its upstate, hamptons, jersey shore, poconos, their parents house, whatever) that its really not that rare for their friends to not be available on the weekends. My kids aren't sporty so we don't have that issue. Yes, there are the occasional birthday party or event we have to stay home for but it's really nothing compared to the benefits of a place to get away to. During COVID its been a godsend. But even before then, the benefits far exceeded the obstacles.
Yes, certainly safe to assume the market will soften if we can get past Covid. When will that happen though?
i would be prepared for a fixer upper. There are a lot of older houses with older residents that will be turning over in the next few years. easier way in financially and with a much better location if you can stomachs the project.
+1 for nice towns in Westchester. Decided it wasn't worth the hassle for a 2nd home.
I was wondering actually what people who bought in the last 9 months were thinking! The prices are up so much that when they come back to normal you could actually lose all your equity! Would love to hear from the perspective of someone who did buy recentl!
The perspective I know of people who bought recently is that they got out of paying NYC rent since they temporarily left the city, and are finally getting to put equity somewhere. Prices are inflated now but still much cheaper than buying a classic 7 in NYC.
I think people are thinking that even after the pandemic ends, they will have more flexibility to work remotely. Having a Hamptons house makes much more sense if you can use it 4-5 days a week instead of 2-3 ....
@Anonymous Agree with this too. But I predict that the market out there (and in other NYC adjacent areas) will eventually soften and a bunch of homes will come back on the market.
Then rent in the city and buy in the Hampton's I don't care.
I'm sure the market will keep chugging along until the whole place is underwater. You couldn't pay me to buy a beach house in the midst of climate change.
Ok... you realize only a few houses are on the water —and you aren’t in the market for those.
@anonymous But once the first problems start being evident, the panic will follow. Not saying it's anytime soon.
People with older DC -- how often do you use the house in non-summer months? How do you manage weekend activities, sports and the like, which are presumably all based in the city?
I am super curious about this too!
This is highly variable. Most people with 2nd homes try to avoid weekend activities in the city. There are so many other things to do out of the city anyway. For sports, it depends on the particular sport. Soccer, baseball and other traditional sports are played in local area. For club sports that may practice on weekdays, most do city club teams. These require a weekend game, so families build this into their schedule. Usually come or go from 2nd home when coming/leaving game. Bonus if the away game is on the way to 2nd home!
I had a summer place BEFORE I had kids and so many people told me this was going to be a big problem once my kids got older. But what I have found is that so many people have a weekend getaway (whether its upstate, hamptons, jersey shore, poconos, their parents house, whatever) that its really not that rare for their friends to not be available on the weekends. My kids aren't sporty so we don't have that issue. Yes, there are the occasional birthday party or event we have to stay home for but it's really nothing compared to the benefits of a place to get away to. During COVID its been a godsend. But even before then, the benefits far exceeded the obstacles.
Some people enroll their kids in activities out by the 2nd home. Sports, religious school, etc