Real estate investors like Shalom Lamm have been observing the mass exodus from cities to more suburban areas, with a great deal of concern. Indeed, the dynamics of the real estate values associated with city projects in major metropolitan areas have already changed drastically. This mass flight of residents from the city to the suburbs is real and doesn’t seem to be dissipating anytime soon. The numbers show that the level of acceleration in terms of the pace of this exodus is not slowing down.
Part of this of course is fueled by the Coronavirus pandemic and people’s concerns associated with contracting the virus. Many people want more space, where they don’t have to worry about being in cluttered environments, where social distancing can prove to be challenging and problematic. Indeed, as people continue working from home with many offices being closed, they are turning to the suburbs for another obvious reason.
The space that homes in the suburbs can afford residents is tremendous, relative to city dwellings. And of course, the prices are significantly lower and less costly. There’s little doubt that these attractive elements to suburban living are the source of many former city dweller’s sudden interest in making the move. But will it be permanent? Shalom Lamm believes that the depreciation in the value of real estate in major cities will continue plummeting. Indeed many agree; and for good reason.