Haute Living Los Angeles March/April 2012
Foreigners Breathe Life Back Into New York Real Estate
by Alison Agudo

After a long year of very little activity in the New York real estate market, foreigners are returning to the U.S. and snatching up property left and right, particularly in Manhattan.

 The British, Italians, Brazilians, French, Australians, Russians, and Canadians have suddenly resumed buying in the States after a long and painful pause due to the recession and the weak value of the euro against the U.S. dollar.

During the first nine months of 2009, not one apartment sold at 40 East 66th Street in Manhattan, according to sales director Barbara Russo, making the task of converting the abundant “lookers” into buyers a top priority as the year dragged on. As fall approached, things changed. At that specific location, seven units went into contract; six of them to foreigners. “After the crash, they stopped buying. Now they’re looking at New York as a bargain,” says Russo. Similar trends have been seen across the board in Manhattan, spurring optimism that with “recalibrated prices and favorable exchange rates” things are beginning to take a turn for the better.

One crucial component to securing an overseas buyer on a property in the U.S. seems to be honing in on their decisiveness. “If you’re in town for a limited amount of time, you act quicker. You’re determined.” In addition, many of these foreigner’s are extremely wealthy and looking for a second home and they often pay cash.

Source

Dec 28, 2009 4:48 PM
Read 46 Times
Related Posts
If you're interested in luxury real estate in Canada, check out Michael Kalles, Toronto, Canada's premier expert in residential real estate and an exclusive member of the Haute Living Real Estate Network.
by Rachel Willis, Sep 1, 2011 4:16 AM
 
The HLRN blog is your news source for all things real estate, updated daily to keep you informed on the biggest daily happenings in the industry.
by Alexandra Delgado, Jan 5, 2012 4:17 AM
 
While many believe San Francisco, Manhattan and London are the most expensive places to live, neither compare to the splendors of Monaco.
by Crystal Spear, Apr 13, 2012 6:22 AM
 
Visit the Haute Living Real Estate Network to find just where the living is haute.
by Alexandra Delgado, Dec 8, 2011 10:47 AM
 
Meet our exclusive network members, welcomed into the circle by invitation only and representing only the best in luxury real estate nationwide. Browse luxury properties, explore the Estate of the Day and find your dream home.
by Alexandra Delgado, Dec 14, 2011 7:59 PM
 
Visit the Haute Living Real Estate Network to find just where the living is haute. Browse luxury properties, explore the Estate of the Day and find your dream home.
by Alexandra Delgado, Dec 21, 2011 8:21 PM
 
Visit the Haute Living Real Estate Network to find just where the living is haute.
by Alexandra Delgado, Jan 18, 2012 6:31 AM
 
Interested in luxury real estate in San Francisco. Check out Olivia Hsu Decker and her company Decker Bullock Sotheby's International Realty, an exclusive member of the Haute Living Real Estate Network.
by hl_author, Jul 15, 2011 8:01 AM
 
With Valentine’s Day just a few weeks away, exclusive Matchmaker and founder of Samantha’s Table matchmaking, Samantha Daniels along with top real estate agent and Managing Director at CORE, Vickey Barron hosted a “Love and Real Estate” event on February 2.
by Ashley Joy Parker, Feb 5, 2012 9:20 AM
 
If you're interested in luxury real estate in Texas check out Dee Shultz, one of Austin's premier residential real estate experts and an exclusive member of the Haute Living Real Estate Network.
by Rachel Willis, Aug 31, 2011 3:58 PM
 
 
 
 
TOP 5
 
Los Angeles March/April 2012
 
HAUTE 100
Will Smith is back on the Silver Screen today as the iconic Agent J in ‘Men in Black 3.’
 
HAUTE SECRETS
Mary Fanaro of OmniPeace shares her Los Angeles secrets with Haute Living. Find out where Mary shops...
 
 
© HAUTE MEDIA GROUP 2011