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Sales of pricey New York City apartments plunge as the suburbs become cool again

Sales of pricey New York City apartments plunge as the suburbs become cool again
Thomas A. Ferrara/Newsday RM via Getty Images



New York City apartment sales plunged in July, according to a report from the real-estate firm Douglas Elliman.




But in neighboring suburbs, home sales are surging as wealthy New Yorkers seek greener pastures.




For Connecticut — which has struggled to rebound even from the last recession — the migration could be a boon for its struggling finances.




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Only one Manhattan condo sold for more than $10 million in July, according to a new report, as many wealthy New Yorkers continue to flee the city for greener pastures.
Overall apartment sales fell 57% in July compared to the same month in 2019 as for-sale listing soar, real estate firm Douglas Elliman said in its monthly report, a highly-watched data source for the nation's largest housing market.
As the US largely fails to stop the spread of the coronavirus, short-term escapes appear to be turning in to long-term moves, potentially fueling a rebirth for struggling suburbs. In Westchester County, directly north of the five boroughs, overall single-family sales were up 112% over last year, with those over $2 million more than quadrupling.
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