I keep reading that NYers are flocking to FL and TX, states they usually hate, due to Covid. Are these people going to stay there once big law and the financial sector require workers to return to their offices? Will these people try to sell their houses in FL and TX then or keep them as vacation homes?
God, just about nothing sounds worse than living in either of those places. Have fun, y'all.
Ditto. I'd rather relocate to Europe.
N.C. Is inundated with NY’ers and people from CA. We just bought and made a permanent move from the city.
how certain is it that you can work remotely after next year and what is your career?
@ Anonymous I was able to resign (Finance), we had a large proceed from NY apartment and purchased a less expensive home. DH is in IT and will permanently WFH. They sold off office space and have minimal employees in office.
You sold your NYC apartment in this market? Were you happy with your sale price?
we are considering fla at least for winter. The idea of winter in NYC with kids doing hybrid or distance learning and everything shut down is too depressing. If that happens would rather be in warm place with pool
I assume that you would rent, which makes perfect sense. As for buying (unless so rich that $1-2M don’t matter), that’s a different story.
Why would you move to a covid hotspot "because of covid"?
OP. I don’t get it either, but every day, 1000 people move to FL from the North, on average. Real estate is on fire, the houses that no one wanted are being sold in just a few days now. There are many articles on this, too.
We were in FL March-August and are back in NY now for school. Honestly, it is so much easier to socially distance where we were in FL. My kids were out riding bikes around the neighborhood and swimming in our pool everyday. Sure, cases might be higher, but we weren't going to bars and parties. Also, not all of FL has high covid rates (Miami and Tampa are different stories). I love NYC, but we will probably move back to FL if school goes remote and the city shuts down again. It is just better for my kids mental and physical health.
friends of mine moved just for the year for schools. Even with much higher cases they were able to have kids in school.
And this is a good thing?!?! They are totally mishandling the virus.
Where in FL? Miami schools have been closed since middle of March and have started fully remote this year.
Some privates in Miami are open in a hybrid mode and many are starting in person next week. I’m so glad we moved.
These are people who already wanted to do this before covid. That's the only explanation.
People I know moving to those places are either moving to satellite offices, have family, or have lost their jobs.
Yeah, I don't think the people moving have jobs in NYC biglaw or finance as suggested in the OP. Why would you move away knowing your office could open at any time? I'm in Biglaw, I don't of a single person from my firm who has relocated outside of the NY area.
OP. This. If I lived in NYC before Covid, I might have rented or bought a house somewhere within commuting distance. I work for a very large international company with a smaller presence in the US (due to smaller presence here I know of all executive plans for all possible scenarios). I predict that almost all companies will require in office work after the vaccines are available, if they required office presence before. You can believe me or not, but this won’t lead to a beautiful new online/remote working world.
I know Biglaw partners who were permitted to relocate to NC and FL.
Why do you assume they are all in big law and financial? That is very narrow minded of you. Also, housing is much less expensive in Fla and Texas which is part of teh reason people are leaving NY.
I could be wrong but the houses that people buy in my area are not cheap. They are all over $2M, with annual costs over $30k. I know that that’s average in NYC, but it’s a lot of money to plunk down a house that you won’t use or need in a year. Also, there really aren’t any jobs here...
@Anonymous how did you come to buy in your area? Why are there even that many houses in your area if there aren't jobs? The answer is probably what allows these people to buy there as well.
I bought a cheaper house years ago and through luck, perseverance and hard work found a decent job. It took me years to find what I have now. The opportunities in NYC are boundless compared to here. Most people who buy these expensive houses take huge loans (and then the house is their only asset) or have family money from Latin America mostly. I don’t know anyone here with family money from the NE, most of these people won’t like it here for various reasons (different culture, lack of art/classical music/opera/history/museums).