According to brokers, certain areas in Connecticut are experiencing a real estate surge, often attributed to the so-called “Mamdani effect,” named after the new mayor of New York City, Zoran Mamdani. Many affluent residents from NYC are now flocking to places like Greenwich, driven by worries over issues ranging from unreliable public transport to economic downturns.
In Greenwich, real estate agents are reporting crowded open houses and skyrocketing sale prices. Mary Ann Heaven, a broker with Berkshire Hathaway, noted that she anticipates “50 to 60 parties” at an upcoming open house for a colonial-style mansion—significantly higher than the usual turnout.
“Every lot in Greenwich has become desirable,” Heaven stated, expressing that the stability of Greenwich gives people confidence in the local market despite the chaos in NYC. She added, “There’s not much happening here.”
Other agents affirmed this trend, describing an influx of wealthy New Yorkers—typically families with children in their early to mid-30s—who are selling their Manhattan apartments for homes in suburban communities like New Canaan, Stamford, and Norwalk.
Marshall Haven, also a real estate agent and Mary Ann’s husband, commented on the change in the demographic of those leaving the city. “The folks leaving now aren’t the same as those who left a few years back. These aren’t just affluent individuals who can afford multiple homes; they’re selling their apartments in New York to relocate to Greenwich,” he explained.
This week, he sold a house for $2.5 million—over $500,000 above its initial asking price—partly due to this migration from the city.
Meanwhile, some agents expressed concerns about Mamdani’s free bus plan, which has faced criticism for potentially attracting crime and social issues. John Antretter, a broker focusing on Manhattan and Brooklyn, shared his worries. “It’s everyday matters, like public transportation, that really influence people’s decisions. If parents feel uneasy about sending their kids on buses, they’ll likely opt for cars, and that could be a deal-breaker,” he said.
Dimitry Melnikov, an interior design consultant in Greenwich, characterized the market as “hot.” He observed, “Homes are selling for prices that far exceed their actual worth.” He shared a personal anecdote about a house built last week that received an astonishing 90 offers within just 12 hours. “This isn’t usual, and it’s not healthy for New York City,” he remarked.
Having grown up in Belarus, Melnikov voiced skepticism about incorporating socialist principles into the capitalist framework of New York City. “It simply won’t work,” he concluded.
