{"id":30224,"date":"2025-11-06T01:03:15","date_gmt":"2025-11-06T01:03:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/30224\/"},"modified":"2025-11-06T01:03:15","modified_gmt":"2025-11-06T01:03:15","slug":"real-estate-market-braces-for-impact","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/30224\/","title":{"rendered":"real estate market braces for impact"},"content":{"rendered":"

Zohran Mamdani may have won New York City\u2019s mayoral race on Tuesday, a victory many predicted would lead to mass chaos in the real estate market, but at least as of Wednesday morning New York City-based brokers told HousingWire that no major changes have occurred \u2014 yet.<\/p>\n

\u201cI think the Florida agents who are calling Mamdani \u2018Realtor of the Year\u2019 are going to be sorely disappointed with his performance,\u201d Jason Haber, a Compass broker who operates in both New York City and Florida, said. \u201cI don\u2019t think this is going to cause any sort of panic or rush to leave the city.\u201d<\/p>\n

While many headlines have predicted a mass exodus from New York City, even in the lead up to Election Day the city\u2019s high-end housing inventory is still well-below the level seen in late-July 2019. HousingWire Data shows that the 7-day average inventory count for the top price tier in New York City in July 2019 was 58 single family homes, 750 co-ops and 1,497 condos. Since Mambani\u2019s win over Andrew Cuomo in New York City\u2019s Democratic mayoral primary<\/a> back in late June the highest inventory levels have reached was on the week ending on June 27, when the 7-day average inventory level included 20 single-family properties, 830 co-ops, and 1,132 condos.\u00a0<\/p>\n

\"chart<\/p>\n

\u201cI don\u2019t think there has been any sort of mass exodus, but I think we kind of have to wait and see,\u201d Bess Freedman, the CEO of New York City-based Brown Harris Stevens<\/a>, said. \u201cThere have been some sellers who have already wanted to get out because of this possibility, but that has truly been more the exception than the rule. People have been talking about it and there has been a little movement, but nothing dramatic or substantial of note.\u00a0<\/p>\n

In nearby Fairfield County, Connecticut<\/a>, Julie Vanderblue, the CEO of The Vanderblue Team <\/a>and the president of The Higgins Group, is preparing for an uptick in demand from buyers coming from New York City.\u00a0<\/p>\n

\u201cI do think there is going to be an effect,\u201d Vanderblue said of Mamdani\u2019s win. \u201cBut I don\u2019t think it is going to be as extreme as it was during COVID when everyone wanted to get out of the city. If that happens, inventory will again be our number one problem, but I don\u2019t think we are going to have the over paying and the crazy pricing we saw during COVID, but supply will be low and demand will be probably higher than we have seen in the last year.\u201d\u00a0<\/p>\n

Over in Bergen County<\/a>, New Jersey, an area that also saw an influx of New York City home buyers looking for more space during the height of the COVID pandemic, Lisa Comito, the Regional Manager of Howard Hanna | Rand Realty, is also expecting to see an uptick in demand from New York City buyers.\u00a0<\/p>\n

\u201cI don\u2019t feel like there are a lot of people who now suddenly feel the need to get out of the city immediately, but I do feel that there are going to be people who won\u2019t want to be in the city under his leadership, so I do think there will be somewhat of an uptick,\u201d Comito said.\u00a0<\/p>\n

Although Comito has not experienced anything like the doomsday scenarios some agents have reported to experience, she did note that over the summer a couple of her agents who were working with clients looking to move from Bergen County to New York City paused their searches until after the election. Still, like Vanderblue, she is not anticipating a mass exodus.\u00a0<\/p>\n

\u201cHe won by just a little bit over 50%, so that means that is only half of the population who may consider leaving the city due to his victory, whereas with COVID you had 100% of the population that felt like they were being negatively impacted by living in the city,\u201d Comito said.\u00a0<\/p>\n

When discussing a potential flight from New York City, much of the focus has been on metro areas in South Florida<\/a>, and like their counterparts in suburbs of New York City, Florida brokers are also anticipating a potential uptick in demand from New York City buyers.<\/p>\n

\u201cFlorida has become a very compelling alternative option for people now,\u201d Mike Pappas, the CEO and president of the Miami-based The Keyes Company, said. \u201cAnd I believe that we will see an acceleration of the trend of people moving here from New York, as well as other Northern metro areas.\u201d<\/p>\n

Pappas notes that the trend of people, especially those who are ultra-high net worth, moving to Florida from New York City and other northern metro areas is not new.<\/p>\n

\u201cThe foundation was laid for this years ago,\u201d Pappas said. \u201cDuring COVID we saw an increase as people from places like New York City were looking for different regulations and governance, and so many of them moved to Florida. For years people have been coming down here from the North for the weather, and the sun and sand, but now there\u2019s this real substance of business bringing people here.\u201d<\/p>\n

Further up the coast in Cary, North Carolina<\/a>, Jennifer Coleman, a Coldwell Banker Advantage agent, agreed that it is not uncommon for homebuyers from many different Northern metros to move south to places like North Carolina.<\/p>\n

\u201cWe have always had a lot of buyers coming into the area specifically from New York and really any northern state predominantly because of our weather here,\u201d Coleman said. \u201cA lot of them are either retiring or they have family here already so they have a real specific reason for coming, and obviously we had an influx of people during COVID because the property values are less here, property taxes are less, and the general cost of living is cheaper here.\u201d<\/p>\n

Even up in Connecticut, Vanderblue said they have experienced similar trends.\u00a0<\/p>\n

\u201cWe have seen a lot of people move from New York to Connecticut over the years and I don\u2019t think that for the people we may now see coming from the city, that this is the only thing causing them to make the decision to move,\u201d Vanderblue said. \u201cI think if they were leaning into the opportunity to start a life in the suburbs and they still wanted something close to the city, I think this might be a reason for them to do it sooner rather than later.\u201d<\/p>\n

But in the immediate aftermath of Mamdani\u2019s victory, brokers agree that it is still very much a wait and see environment.<\/p>\n

\u201cI think most people want to see how the new administration takes shape and who does or doesn\u2019t get appointed to key positions, and of course governing and electoral politics are two very different things. So, I think it will take time for people to sort of do both a policy check and a vibe check of the city and then make a decision,\u201d Haber said. \u201cBut I think it will be interesting to see over the next year if the migration pattern is normal or if it is above normal.\u201d\u00a0<\/p>\n

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