Spinoff of lower post. Would it be crazy to look for a "primary as a second home" right now? Obviously rents won't stay low forever, but we really do like having flexibility to move around in the city, perhaps to someplace where DCs will attend ongoing. Do any real estate experts (or not) have thoughts on whether we would just be buying into a bubble out east, and would it make more sense to take advantage of lower NYC prices now in lieu of renting?
Are NYC prices lower? I was under the impression that while rents are down, sale prices aren't noticeably.
you should not buy out east right now, no.
Agree - prices are high and once the city is back in business remote work may not be as viable.
Nice house in EH, listed for 1.6 just went for 200k above ask, as-is/no contingencies. And it went in a matter of days. Just a crazy market out there. Me and DH realized we’re probably going to have to sit this wave out. Prices are one thing, but people are buying houses sight unseen! Hopeful that things cool off once the city fully reopens.
That's endemic all over the country. it is NOT a good time to buy a second home. However I don't know your budget, appetite, urgency -- we did get a place but I would not buy in the Hamptons, now or ever.
With the city quickly reopening, I would not be buying right now!