New York couples forget about weddings and buy apartments

(Bloomberg) – The first Sunday in September would have been Jenna Sood and Nina Woolf’s wedding day, in which 100 friends and family were gathering at the Brooklyn restaurant where they had their first date.

The covid-19 ruined the plans, so the fiancées turned their attention – and the new funds at their disposal in the bank – to a different rite of couple: the purchase of an apartment.

“We may not have this amazing party,” Woolf said. “But we have a down payment.”

New York couples who canceled wedding festivities during the pandemic are finding comfort – and opportunity – in real estate. Forced to give up meeting plans due to social distancing rules, they suddenly have extra money in the best buyer’s market in ten years. Couples affirm their commitment by looking for houses that, at other times, they would not have been able to afford.

“It’s a hidden blessing,” said Philip Bassis, 34, who canceled a “six-figure” wedding in July for more than 200 people in the West Village. “This helped increase the amount that we can give as input and allowed us to buy a better place.”

Bassis, owner of a men’s clothing brand, and his now-wife Carly kept their wedding date, but swapped the lavish party for an intimate ceremony in Battery Park and a reception for family members, with proof of COVID, in the rooftop of her in-laws’ apartment building. With all deposits paid back, they’re looking for a one- or two-bedroom loft in lower Manhattan for less than $ 2 million.

Weddings in the New York metropolitan area plummeted 56% in 2020 to 58,522, the lowest figure in data for the past 12 years, according to Wedding Report, an industry analytics firm. Couples who went ahead with party plans spent considerably less on them: The median cost this year was $ 32,743, also the lowest since 2008.

On the other hand, owning an apartment in New York has become more affordable as the pandemic impacts the demand for urban living. Nearly 75% of the deals completed from March 16, when New York introduced stay-at-home rules, through the end of September were for less than the seller’s asking price, StreetEasy reported.

“That’s not common in New York City, so take the opportunity,” said John McClave, an agent for the Corcoran Group, who works with a couple who canceled their wedding plans and are looking for a home. “That opportunity is going to disappear.”

Nota Original:NYC Couples Are Delaying Weddings and Buying Apartments Instead

©2020 Bloomberg L.P.

–