COMMENT: Marty, I will see you on the beach. I sold everything. I live in a targeted white neighborhood. I should have moved in 2016 when you did. I agree —stick a fork in New York; it’s done. I am just glad I finally sold my house after months.
JD
REPLY: I think that’s what people do not understand. When they finally say OK and throw in the towel, there will be no bid for their property. You can’t be the last to leave when it comes to real estate.
The pandemic shifted preferences in real estate (e.g., less need for dense city living temporarily), and some of that still influences the market. For example, studies found that for owner-occupied one- or two-family homes, in certain NYC neighborhoods, sale prices fell 8% in response to pandemic factors.
What I can say is that what I pay in property taxes living on a private beach as I did in New Jersey, I am currently paying 85% of what I was paying in New Jersey 25 years ago. What I saved just in income taxes plus the property taxes, when to get here, you kick yourself in the but asking why the hell didn’t I come here sooner.
Boca Rotan is rapidly becoming the new Wall Street. That trend began in 2020. When the last Wall Streeter leaves, please such out the lights.