So let us begin by saying that we love New York city in so many ways.
It is the melting concrete jungle who some of us have seen since the 1970s crisis, high crime rate, to Giuliani cleaning it up by the broken window policy in the 1990s.
And to what it is today, one of the absolutely most expensive cities in the world to live and work in.
So for the past 10 years time this debate has been brewing on forums around the world, about why New York is so expensive to live in.
Yes it is expensive as a city, but it is the small island Manhattan that is incredibly expensive to live in.
We know the medium price is 500.000 dollars , but lets face it, you dont get anything in Manhattan for that price.
You are looking at 1.5-2.5 millions for decent 2 bed room in 2020.
With the COVID-19 pandemic and the hot zone that the city has become today, there is no coming back from this.
People are realizing that paying true your nose living on top of each other , having people flying in from all over the world every single day and riding the subway, eating at the same restaurants as you is a recipe for disaster, make no mistake about that!.
More and more young people will understand that living this close to each other, will always be a hot zone for any upcoming pandemic in the future.
And yes Bill Gates is right, more outbreaks will come over the next 10 years time!.
So living in a rural town in Montana or Idaho, dont sound so bad right now does it?.
Okay you dont have to live in a small town in Montana or Idaho, but maybe not in a huge city like New York city, where more than half of your paycheck will go towards rent or your mortgage.
So New York city has survived a lot, but the Covid-19 really broke the belief in the city.
Yes we know the city is very resilient, and so are the residents and if it was a cheap city to live in , then maybe it would not be the most overrated big city in the US , but now it is high end cost wise in every aspect of a persons life.
And the cost in combination with this pandemic and more pandemics coming will see a lot of young people leave and look for a new brighter future somewhere-else in America.
And this is good news because New York city is so overpopulated, without any doubt.
So we are gonna see a 25-30% drop in real-estate prices over the next 18 months time, and this time they will not bounce back, that we can tell you for sure.
It will go slow in the begging since people are sitting still, but when a lot of people wants to sell at the same time, which will be the case in the end of this year, then you swill see the enormous amounts of apartments coming out at the same time to very few active buyers.
So if it ever will be a buyers market now it will happen in this city also.
This is not 2008, this is 2020 and we are in a very different reality that over before.
Stay safe and take care.
Mrlifeadvise.
