How Covid Has Impacted The Real Estate Industry

Deniz Turkbas * - With the new year, comes new hopes and new aspirations. However, with Covid still in the midst, it is hard to tell how our hopes and aspirations will come to fruition. For those whose hopes and aspirations revolve around real estate, some may be happier than others. Covid has affected some positively and some negatively.  Although the tell tale rule seems be holding true, in real estate, it’s all about location, location, location. Ironically, Covid has changed what we consider a desirable location. When Covid began in March 2020, we all locked ourselves in our homes and we distanced ourselves from friends, family, coworkers and, well, basically everyone. Now, the four walls you lived in became your whole world. Your desirable location became questionable depending on the size of your living quarters. It’s desirable to live in a city where you can go out to eat and frequent Broadway shows. But as the pandemic caused social distancing, New York City restaurants were not allowed to serve people inside. During the summer months, this was not so terrible, as any resilient New Yorker, we all adapted to our new normal. But still many restaurants were unable to survive. We saw iconic restaurants close, such as the 21 Club. Founded in 1930, the 21 Club, known for its jockeys lined up in front, has hosted very president since Franklin Delano Roosevelt, aside from George W. Bush, and its secret wine cellar was home to the private collections of celebrities and presidents including Elizabeth Taylor, Sophia Loren, and Richard Nixon, according to AMNY. Broadway shows closed. Needless to say, many establishment owners’ hopes and aspirations were hit hard with Covid.

  • Published in Reports
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