NYC brokerage launches division catering to growing numbers of second-home purchases

Luxury, coastal markets along the East Coast the primary targets
  • 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.

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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. nelson fontaine / “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...