James Prendamano, CEO of Casandra Properties, once again had the opportunity to speak with Tracey Porpora from the Staten Island Advance. The topic of their discussion was centered around the Federal Housing Finance Agency’s second quarter House Price Index. Despite rising home prices across the country, the New York-New Jersey metro area has managed to only see a modest appreciation and comes in at 91 out of 100 metro areas in house price appreciation.
James was quoted in the article saying, “There has been, and we believe will continue to be, a shift away from what is now been dubbed the “McMansions” as the millennials continue entering the housing market. You’ll notice red hot real estate markets like Boise are offering a slice of city living at a fraction of the cost when compared to New York City real estate…We believe as it is becoming more and more common to be able to work remotely in all market segments, but particularly in the tech market, home buyers and millennials, in particular, are opting to relocate and get far more bang for the buck.”