New York Real Estate: Who’s Buying Now
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NEW YORK - New York real estate brokers and developers are enjoying continued growth, as more overseas buyers are entering the New York real estate market. Brokers are now selling million dollar condos to buyers in France, the U.K., and even Russia. The flucuating value of the American dollar has helped support this trend.
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The British Pound is currently eclipsing the American Dollar by nearly a 2:1 ratio. Likewise, the Euro is maintaining it's consistent advantage over the dollar. This gives wealthy Europeans about a 30 percent discount when buying U.S. property. These exchange rates effectively reduce a 50 million dollar acquisition to 35 million (on a cash basis) for a European buyer. Interest rates in America are also attractive for any financed portion of the transactions.
Inheritance is also playing a role in the New York real estate market. In parts of Europe, property is passed along to children more frequently than in the United States. This new generation of buyers are expanding their holdings to include New York luxury condos. Although many foreign buyers are interested in New York for investment purposes, some are even buying second homes.
