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International buyers flock
to New York City
The falling euro has not dented demand from overseas buyers for real estate in New York City, according to reports from the Reuters Global Real Estate and Infrastructure Summit in New York.
Despite the single currency approaching a four year low against the dollar, Pamela Liebman, president and chief executive of The Corcoran Group says demand has been unaffected:
"It still feels as good as it did before the euro crisis, but we're waiting to see, and it's nowhere near what it was with the condo boom". However, she believes the next four to eight weeks will reveal whether the euro zone market chaos will eat away at foreign demand for Manhattan properties.
Changing buyer profile
The mix of foreign buyers has shifted over the past two years. There has been a rise in Italians, South Americans and Russians but the numbers of Irish and Koreans have fallen off.
What's gone, are brokers representing Irish, South American or Korean investors in purchases of multiple units, and at times entire buildings.
"What we don't see is people coming in any more to these new these developments where they buy 10 apartments," she said. "These are all one-off deals. In some cases somebody might look to buy two or three apartments".
"A lot of foreigners want to buy a two-bedroom apartment with nice views in a fully serviced building and there's just not that much out there," Liebman said. "You'd be shocked at how little is out there to satisfy some of these needs."
Source : Reuters
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