Eugene T. Paolino Discusses the Effect of COVID-19 on Real Estate Trends in ROI-NJ

Partner Eugene T. Paolino was recently interviewed by ROI-NJ for an article discussing the effect COVID-19 has had on real estate trends entitled, "Avoiding cities like the plague: COVID has young homebuyers rethinking best ‘location, location, location".

"During the rampage of COVID-19 through the packed quarters of the region’s largest cities, and especially during its devastation of the New York metropolitan area, Pais said everything is being flipped upside down. After flocking to urban communities for at least a decade, young people are calling real estate agents to buy homes where no agent ever expected they would.

Expecting the grass might be greener on the other side of the white picket fence, they’re asking for homes in the Garden State’s sleepy suburban areas.

Eugene T. Paolino, a Genova Burns attorney who works with clients in the real estate sector, says he expects people to have good memories.

That’s why the real estate property buyers and developers that chase the bustle of a thriving residential community are already wondering if the dense urban areas hurt most by the pandemic are the best places to plan for future development.

“For all the advantages a city has … is that what people want today?” Paolino said. “I’m seeing younger people dispersing into the suburbs and even living with parents, because density is a problem in a pandemic. And, I think a good portion of the younger people who once flooded cities are going to be saying, ‘Why would I expose myself or my young family to this kind of plague?’”

To read the article in its entirety, please click here.

About the Attorney

Eugene T. Paolino is a Partner in the Firm's Jersey City, NJ office and a member of the Land Use & Approvals, Commercial Real Estate & Redevelopment, Corporate Law & Business Transactions, and Complex Commercial Litigation Practice Groups as well as the Land Development, Education and Real Estate Industry Groups. A Jersey City native, Mr. Paolino has practiced law in New Jersey for more than four decades. He brings deep knowledge, experience and practical skills to his clients' real estate development, tax abatement, commercial, zoning, land use and redevelopment law matters. In addition, he has significant experience with municipal, county and state developer incentives as well as education and corporate law, with litigation experience in all these areas.