Everyone is wondering how this statewide shelter-in-place order will last. How will it affect real estate in the near future once the ban is lifted? We have spent the last two weeks researching tirelessly, speaking to Agents, Buyers, Family, and Friends to get their feedback on how they will proceed moving forward. We sat it on several calls with Douglas Elliman Real Estate Chairman, Howard Lorber, who is speaking daily with Manhattanites and even discussed the topic on CNBC.
Ultimately, the longer the shelter-in-place order lasts, the more pressure the coronavirus will put on Buyers economically, especially those looking to move in the near term. However, there has been rather overwhelming sentiment from New York City residents to move to suburbs such as Long Island and Westchester. Many have taken shelter in their summer homes, either upstate or in the Hamptons. Many have scrambled to lock down rentals. People are looking for alternatives to apartment living after being forced to remain inside their units for weeks on end.
The trend of Manhattanites looking toward Long Island has been in the works for a while. We have seen more activity from New York City residents over the past six to nine months. There is more value in the suburbs than ever before. With Manhattan, Queens, and Brooklyn being so expensive, we believe there will be more Buyers for Long Island than in the recent past, particularly the North Shore. With wonderful schools, lifestyles, and potentially having a two-acre property with a pool or tennis court, the prospect of living on Long Island is currently a dream for Manhattan residents. Psychologically, we feel there will be a continuing trend of urban residents moving to the suburbs, both from value and practical standpoint. With interest rates at record lows, we could see a very active 2020 once we are all back to work.
-Stanco Misiti Team