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January 20, 2024

The Paradox of the Real Estate Market: Small is Big, Big is Not Always Best

• Location, location, location! Some prime real estate near top tourist destinations is as affordable as a plane ticket for a family of four (around $110,000), while in other areas, owning a property next to a favorite landmark costs you a small fortune (well, if you consider a few million dollars small).

• A luxury home could mean a 600 square-feet studio in Manhattan or a lavish three-story mansion in Rochester. It’s all dependent on which section of the Monopoly board you’re landed on.

• Gentrification is like air: pushing out the old and bringing in the new. It’s spreading throughout the country at a faster pace than gossip in a small town.

• Despite the forecast of a financial tsunami, home prices seem to keep rising, defying gravity like a circus acrobat.

• The real estate market is becoming an ironic chaos, where tiny apartments in cities are sold for staggering amounts while expansive villas in the suburbs are losing their value like an old flip phone.

• Some urban millennials are trading in their dreams of a white picket fence in the suburbs for less space and higher rent in the city, all for that perfect latte located just downstairs.

• Meanwhile, others are fleeing cities for more space, quieter neighborhoods, and the ability to back out of their driveways without an orchestra of honks (a.k.a. suburbs).

My scorching hot take, sit or stand, whatever suits you best

Real Estate is not just business; it’s a gory battle of values, demand, and wad of cash

Where your home is can mean different strokes for different folks

The real estate market is like a box of chocolates, filled with different flavors of neighborhoods, houses, and prices, where you sometimes bite into a not-so-sweet deal. The present real estate game is playing out like a paradoxical sitcom; small is big if it’s in the heart of the city, and big isn’t necessarily best unless it’s in quieter, less populated areas. Meanwhile, some are willing to swap suburban life for skyscraping rent just to be closer to artisanal toast and the “it” restaurant. Are today’s home buyers shaking up the definition of value, or are we just witnessing the collective manifestation of the cabin fever from the pandemic?

Well, while pondering, let’s just take advantage of this hilarious circus of supply and demand. If you’ve stumbled upon some good fortune, why not buy yourself a closet in New York or a mansion in Louisiana. Just remember, whatever your property’s worth, it all boils down to which part of the world you want to put a roof over your head. Hell, for the price of a hipster’s drinking habit, you might just score a castle next to an Alligator ranch. It’s a mad, mad real estate world out there!

Original article: https://www.inman.com/2024/01/19/what-does-it-cost-to-live-near-the-countrys-biggest-landmarks/

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Martin Towers


Martin is an ex Real Estate Agent turned digital marketer and entrepreneur now specialising in helping Realtors all around the world

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