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Real estate: the ultimate game of risk and reward. It’s the biggest investment most people ever makeFortunes are won and lost every day. How do you stay ahead of the game? Who’s buying, who’s selling and why? You need an edge. Boroughs & Burbs. This podcast is your secret weapon, giving you the insider knowledge and strategies you need to succeed in the high-stakes and cutthroat world of real estate. The Boroughs are New York City.The Burbs are wherever you are: Connecticut, Austin, the Hamptons, Carolinas, Florida and beyond. From Palm Beach to Palm Springs, Manhattan to Malibu, we travel the country pressing the experts in every luxury market to expose the pain, find the deals, and occasionally predict the future. Don’t settle for mediocrity - tune in to Boroughs & Burbs Thursdays 3pm Eastern and start dominating your market.
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Monday Oct 26, 2020
Monday Oct 26, 2020
Last month (April 2020) 30,000 people opened the Market Report. One reader took offense that I used the word "exodus" to describe the current imbalance in the markets. Exodus is not debatable. The question is whether the trend is temporary during the pandemic or something more permanent. In Connecticut we are seeing a healthy number of transactions despite a sharp decrease in the levels of inventory. 12 of the 16 markets we are tracking improved despite the April lockdown, despite a massive contraction in inventory. I wanted an opportunity to challenge some of what we're reading in the press. So, I hosted a panel discussion among experts to talk about this "Boroughs to the Burbs" phenomenon. I was joined by:
- Greg Heym, Chief Economist at Terra Holdings; member of the New York City Advisory Panel
- Steve Kliegerman, superagent, and head of Development Marketing for Brown Harris Stevens
- Jayme Stevenson, 5-term top elected official for the Town of Darien, nominee for Lt Governor
- Scott Hobbs, super-luxury custom builder in NYC, the Hamptons, Rhode Island & Connecticut
- Arnold Karp, developer selling 100 luxury apartments and 12 homes across Fairfield County
I wanted to ask my experts how the pandemic has affected their outlook on the market. I asked Jayme Stevenson about changing priorities and her plans to keep Darien on top in the State. I asked Arnold Karp whether he's still bullish about his $80 million bet on luxury apartments in New Canaan or will he begin developing his lakefront lots. I asked Scott Hobbs whether there's anybody still living in their fabulous penthouse apartments or are they refocusing their energy and money out of the city? I asked chief economist Greg Heym about Manhattan's 22% drop in inventory and if this time is different from recession of 2009. And, finally I asked Steve Kliegerman whether the bloom is off the rose, whether his clients, the city's top developers, are pulling back in response to the crisis.
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