NYers Cause CoronaVirus Tidal Wave in CT

CAUTION, Connecticut … they are New Yorkers after all.

Source: New York Post

May 20, 2020

A “tidal wave” of buyers are fleeing the coronavirus-ravaged concrete jungle for Connecticut, creating an unexpected uptick in the real estate market, according to a new report.

Real estate agents told the Stamford Advocate that their well-to-do New York City clients have been snapping up single-family homes in areas like Westport, Greenwich, Litchfield County and east of New Haven.

“I think there’s going to be a trend of people renting and then buying second homes. I don’t know that they necessarily want to stay outside of the city — they just want to have an option to go someplace else.”

Candace Adams
New England Properties

Holly Giordano, an agent for William Pitt Sotheby’s International Realty, told the publication that sellers have been getting their asking price — and benefiting from bidding wars among eager buyers.

One property in Wilton sold for $1.9 million, she said — an all-cash deal.

“What I’ve seen more of is all my city clients are looking in Weston, Wilton, Ridgefield, Easton — areas that normally wouldn’t be someone’s go-to because of the train aspect … but when you are coming from the city, they feel very far. There was such an initial rush on all the rentals, that there’s hardly any left. … We’ve always benefited from the New York City market, but it’s just been a tidal wave.”

Holly Giordano
William Pitt Sotheby’s International Realty

One homeowner in Westport received five offers in a day from city slickers.

“One … called me up and said, ‘Do you know of anything else?’. She lives in a beautiful, 10-story coop on Park Avenue in New York, but every time [she] gets in the elevator … she is afraid.”

Agent with New England Properties

NYers Cause CoronaVirus Tidal Wave in CT