‘Pandemic-Weary’ New Yorkers Buying Businesses in Hudson Valley
"Pandemic-weary" New York City residents who sought "refuge" in the Hudson Valley are now buying local businesses in the region.
Back in early May, we reported New York City residents were expected to move to Hudson Valley in droves. At the time, real estate agents reported an unprecedented number of city residents who were shopping for homes in the Hudson Valley.
In June, The New York Times reported a "buying frenzy" as New York City residents bought homes in Ulster, Sullivan, Greene and Delaware counties.
A reader told Hudson Valley Post within 24 hours of posting his New Windsor home he had 10 showings and three offers. One of the offers was accepted and the home was off the market within days.
Other readers reported to Hudson Valley Post if you don't see a house within a few days of it being listed it's likely the home already has multiple offers and an offer was likely accepted.
In September, Hudson Valley Post reported a real estate agent saying "the demand is insane," regarding New York City residents buying homes in the Hudson Valley.
If you've been on the market for a home in the Hudson Valley, you know it's been tough to find a new home because of how quickly a home has a buyer.
While many in the Hudson Valley haven't been happy with our reports of "pandemic-weary" New York City residents who were seeking "refuge" in the Hudson Valley the Wall Street Journal reported on some positives our new neighbors are bringing to the community.
A growing number of New York City residents who fled to the area are buying local businesses, the Wall Street Journal reports.
“We have people with much higher incomes that are moving up here,” he said. “That’s why commercial real estate is so attractive now, because stores will actually make money—retailers will make money," Raj Kumar of Select Sotheby’s International Realty told the Wall Street Journal.
New York City residents are starting to gobble up office space and other commercial properties that have been empty for years, officials say. Select Sotheby’s International Realty reports there are 30 commercial real-estate sales were pending in Dutchess, Columbia and Green counties, over four times the number of sales during the first quarter of 2020.
For example, a movie theater in Dutchess County received 11 offers this fall after being put on the market before going into a contract; a New York City woman who moved to the area recently purchased a two-story retail building in Millerton for a new shop; and a man from New York City remade a hotel in Hudson, bought a second one in the spring and has a contract for a third hotel.
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