Shawn Elliott, the managing director of the Nest Seekers International Ultra Luxury Division, said recent unrest – in the form of protests that have turned violent in some cases – piled on top of coronavirus-related fears has only increased "panic renting" on the eastern end of Long Island.
"It's a matter of just 'getting out of the city,'" Elliott said. "People would love to be in the Hamptons, but the pool of inventory is completely dry as there are practically no more rentals."
As previously reported by FOX Business, surging demand in the Hamptons caused costs to skyrocket – so much so that a sect of wealthy parties have been priced out. Rents for properties are up as much as 50 percent when compared with last year due to the coronavirus rush.
Now, Elliott said there is a massive uptick in interest in what he calls the "forgotten land of Long Island," also known as the Gold Coast. His firm is specifically seeing an increase in activity in towns such as Roslyn, Woodbury, Syosset and Oyster Bay.
"For the last 5 to 7 years, the focus has shifted and the North Shore has truly become the forgotten land of Long Island," Elliott said. "I thought it would take 10 years for the North Shore to come back, but it's happening sooner because of the recent events of 2020."
The Gold Coast refers to areas along the northern coast of the island, which border the Long Island Sound. It received this name during the Gilded Age, when Manhattan's ultra-rich built mansions in these towns and flooded local areas with wealth. Some of the original mega mansions have been converted into museums.
Part of the reason interest in the Gold Coast had waned, according to Elliott, was that there was less importance placed on private property. Recent events, however, have renewed interest in owning a home and having space.
It's not just renters inundating these towns, but homebuyers as well. Elliott said a house that comes on the market gets about 10 times more activity than it would have one year ago.
As previously reported by FOX Business, local moving companies have begun to recount an "insane" exodus of residents out of New York City – with many headed to nearby suburbs or states in the south. There have been no other areas with activity levels near what industry insiders have seen in the Big Apple, as the coronavirus pandemic upped interest in leaving.
Meanwhile, it remains an incredibly favorable time to purchase a home, for individuals who have the financial means, because mortgage rates are at all-time lows.