- Brokerages continue to expand their reach as potential buyer criteria changes.
- A number of current owners in NYC are looking to buy soon in some smaller cities, with transactions likely to involve luxury homes.
- NYC buyers looking to purchase second homes indicates they've built up significant equity in current homes.
As frustration mounts with the prices and process of buying and owning a home in New York City, it appears a growing number of owners are looking to purchase second homes outside the metro area.
In response to this demand, William Raveis Real Estate has launched a new division — dubbed Raveis Escapes — focused on this buyer/owner-type.
“We have seen a huge demand from New Yorkers looking to purchase homes in markets outside of the city,” said Kathy Braddock, managing director at William Raveis New York City.
Markets cited by Braddock as attractive to NYC-based owners include the luxury of Cape Cod, Massachusetts; Candlewood Lake, Connecticut; Nantucket, Massachusetts; and Croton-on-Hudson, New York.
“While many still want to use their city home as a hub, they are interested in reaping the benefits of buying, such as tax deductions and lifestyle perks, particularly with today’s attractive mortgage rates,” Braddock added.
NYC owners’ interest in homes outside of the city doesn’t appear to be affecting overall sales activity in the metro.
In August, more than 12,000 homes sold in New York — up more than 4 percent from August 2014 — according to the New York State Association of Realtors.
Some NYC owners have likely eyed and made purchases in Long Island recently. During August, Nassau and Suffolk Counties saw 1,362 and 1,406 closed sales, respectively. These totals represent month-to-month increases of 14.6 percent and 9.8 percent.