No One is Protected From This Storm in Real Estate: Brown Harris Stevens CEO

The video discusses the real estate market's challenges and trends, focusing on the impact of the pandemic on sales in areas like the Hamptons and Manhattan. It highlights the difficulties faced by real estate professionals due to restrictions and predicts a slow recovery. The discussion also covers the shift from urban to suburban living and the potential long-term effects on the market. The CEO of Brown Harris Stevens shares insights on customer behavior and market corrections, emphasizing the need for cautious navigation during this transitional period.

What was one of the main reasons for the decline in Manhattan's new development prices?

• A rise in construction costs

• Increased demand for properties

• Government intervention in the market

• Inflated numbers from the previous year

How did the real estate market perform in March 2020 compared to March 2019?

• It performed worse

• It performed the same

• It was unaffected

• It performed better

What is one potential outcome of the market pause mentioned in the second section?

• A further market correction

• A surge in property prices

• Immediate market recovery

• A decrease in property demand

What trend was observed as people left the inner city?

• Suburbs became less crowded

• Suburbs became more crowded

• People moved to other countries

• People returned to the city

What is a possible long-term change in living preferences discussed in the third section?

• A move towards suburban living

• A preference for staying in the city

• A shift towards rural living

• Increased preference for vertical living