The Monday Morning Real Estate Update — Monday, November 16, 2020

Covered in this week’s podcast: Innovate Interior Design Driven by Covid-19; Is Manhattan Turning Around? San Francisco by the Numbers.

Image Credit: Arek Socha

Podcast Transcript of Never Too Late To The Game’s Monday Morning Real Estate Update, November 16, 2020.

INTERIOR DESIGN TRENDS

Covid19 has changed the world — it has had a profound impact on the way we work and live and no other event in modern times has had a bigger impact on real estate trends than Covid-19.

People are fleeing cities, upsizing to the suburbs, dumping over priced apartments and re-prioritizing based on remote work that is likely here to stay for the foreseeable future.

Covid is responsible for driving interior design changes and perhaps it will finally be the death of the open concept, which is proving a serious challenge for parents working at home with kids. It turns out that a door is essential for privacy.

I came across an article in the NYT: Covid Pushes Real Estate Into the Future. There’s no going back to the old ways. Which technologies could propel the industry forward.

The headline is a little misleading, as the article is about Interior Design and not about the business of real estate per se. What may apply only to cities as densely populated as New York, there has been a technological and style upgrade to “hideaway” furniture.

Imagine having your bed retract up into the ceiling and then being able to use the room for exercise, yoga or as an alternate daytime playroom for the kids. What makes it an upgrade is really having it controllable via Alexa.

Image Credit to: Gerd Altmann

HOME PRICES & OBSOLETE METRICS

Home Prices are seemingly immune to political and economic uncertainty as they continue to rise.

NAR is reporting a 12% year over year increase in the median sale price.