20/20 Vision In 2020
As 2020 draws to a close - regardless of its many challenges - we've been gifted with incredibly insightful 20/20 vision, unlike any other year. Here is our Top 20, 20/20 VISION IN 2020
1. Time is the ultimate luxury: fancy faucets and fixtures are wonderful, but it’s time that’s truly precious. Cherish anything and anyone that saves us time. 2. Health is wealth: no bulging balance sheet can compete with good health. 3. Home matters. A safe and comfortable home is critical to our well being. We are more aware of home than ever before. 4. When we work together we triumph. The kindness and empathy and support we've witnessed in 2020 should give us all hope of a better, brighter future. 5. Nature rules. 2020 reminded us of the importance of nature: green spaces, trees, the outdoors. Nothing can compete with nature's beauty and perfection. 6. We learned to appreciate things we may have taken for granted. 7. We saw how extreme wealth disparity costs us all a fortune eventually. 8. Social justice and equal opportunity still require lots of work. 9. We witnessed yet again how in recessions, the poorest are hurt most. 10. We love retail and restaurants: without them our neighborhoods feel different. They need our full support, regardless of the ease of shopping from a couch. 11. New York Real estate prices dropped, but unequally. 12. New York became more affordable and is now attracting a new audience. 13. Rents plummeted. Residential, commercial and retail. 14. The suburbs rebounded: SALT deduction limits had decimated the suburbs for a few years, but they have recovered and have new appeal for second homes. 15. Education really matters. Children need schooling. Parents cannot do it all. And the most educated fared best during 2020. 16. Without tourists cities don't feel the same. Our economies love tourists! 17. We miss ‘normal’ restaurant life but celebrated new outdoor dining options. 18. Home delivery exploded, but we miss the social joys of physical shopping. 19. Large open spaces are a luxury, but compartmented rooms have value too. 20. Markets go up and down. Cycles and big events - good and bad - are inevitable. BONUS INSIGHT: The truth matters. Perhaps now more than ever. As Thanksgiving approached, November delivered the ultimate gift of the year: COVID vaccine and treatment announcements that will officially transport us into the POST COVID ERA. Already the November real estate markets have felt the impact of this with renewed interest and robust signed contracts and activity. Combine this world-altering news with: * The elections almost completely behind us * Soaring equity markets * The promise of additional Federal stimulus * The arrival of bonus season * Record low interest rates * The peak real estate season is just around the corner. 2021 promises to be an outstanding year! Bring it on! New York will be back soon, better and smarter, and we will appreciate it all the more. Thank you to Leonard Steinberg, Compass Chief Evangelist, for many of these inspiring thoughts.