New homebuyers are seeking old homes, unaware of how costly renovations can be
Fox News
Escaping to the country is all romance until it’s time to escape from your creditor.
Data from Realtor.com shows that sales of homes built more than 100 years ago rose by 16 percent in 2020 in the tri-state area compared to last year, with a median sale price of $236,000. During the same period, New York City saw a sales decline of 6 percent overall. "The biggest ask right now is ‘something old with character’ — newer homes have none of the richness or the stories of something built in 1814," New York-based Compass agent Adam Carroll told The Post. Viral social media accounts like Elizabeth and Ethan Finkelstein’s @cheapoldhouses feed on Instagram — which spotlights dilapidated properties for sale for less than $100,000 and boasts 1.5 million followers — fanned the flames, galvanizing real estate markets in historic areas across the country.More Related News