How Zoom Towns For Remote Workers Are Changing Real Estate
Q: Gerald, I read a recent article about telecommuters leaving cities for Zoom towns. What is a Zoom town? Valerie, Providence, RI
A: The pandemic is affecting home buyer demand in major ways as many Americans, particularly those with telecommuting options leave more expensive city centers like San Francisco. In Truckee, Calif., a mountain resort town outside of Lake Tahoe, home prices have risen by almost 25% since last year as Bay Area residents have moved away seeking more home space and lower home prices.
Truckee has become a Zoom town, labeled as such because residents can work remotely in a desirable location without the need to live close to an office. Other Zoom town locations like The Hamptons, Cape Cod, and Aspen, Colo., have also seen a recent precipitous rise in home prices in the wake of the pandemic. The operative question going forward is whether this trend is short term or long term–I tend to think it is short term and will reverse to a large degree as we get a better handle of the Coronavirus pandemic but only time will tell. Thanks for your question, Valerie.
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