Google Plus Business   Pinterest

800.ELLIMAN

uptowngirl
uptowngirl

International Buyers become players in NYC real estate yet again

The current weekend status of the dollar has brought international buyers back as participants in the NYC real estate market. In 2007, this phenomenon helped fuel the demand and raise prices in NYC. Is the stage set for a revival in NYC real estate?
http://www.nytimes.com/2010/10/10/realestate/10cov.html?pagewanted=2&_r=1
Question asked via StreetAdvisor The opinions expressed here are those of the individual and not those of Douglas Elliman.
3 people following
this discussion
Report

6 Comments

Uraniumfish
Uraniumfish 2yrs+
I'm not buying it yet. (Hah!)
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.
uptowngirl
uptowngirl 2yrs+
@Uraniumfish prices in NYC nowadays are not as high as other parts of the world. The apartment prices and rents in HK are absolutely crazy a rental $10,000 USD a month is not uncommon and a million USD will not get you more than five hundred square feet in a nice area and a nice building. The general population though seem to be quite affluent, personal income tax rates cap at about 16% and there is public health care available to you if you are a resident, even then NYC has a huge appeal for folks here.
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.
Uraniumfish
Uraniumfish 2yrs+
I wonder if foreign buyers ever have trouble getting residency permits to live in the properties they buy. I don't know much about the various visas, but I think you have to invest at least a million and employ a few people in order to get a visa.
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.
uptowngirl
uptowngirl 2yrs+
@Uraniumfish that's the biggest hurdle foreign buyers face when buying in NYC, Co-ops are a no-no for obvious reasons, the priggish Co-op boards rarely admit foreigners easily and moreover co-ops as you know cannot be rented out easily. Condo's are supposedly easier to deal with and more than residency permits most foreigners also have trouble getting finance in the US. So I guess the ones who are buying these properties are those who have substantial means, who can easily pay up front and also deal with monthly costs of maintaining a property in NYC. As for visas, I think currently an ordinary tourist visa allows you to stay in the US for six months though for holders of visa waiver passports that entry is limited to three months.
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.
Uraniumfish
Uraniumfish 2yrs+
Being able to stay in your own property for only six or three months out of the year seems not at all ideal. I believe there is a way in the visa system that you can invest over a million dollars and then you automatically get one. As we know, even a small apartment can run into the million mark in Manhattan so I guess it's only millionaires who do this type of thing to begin with.
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.
ajadedidealist
ajadedidealist 2yrs+
That makes sense, @uraniumfish. I've often wondered about the intricacies of residency permits, visas, and such things...
Report
The opinions expressed here are those of the individual and not those of Douglas Elliman.

Add a comment

Corporate information:
Services:
Affiliates:
© Douglas Elliman Real Estate.
All Rights Reserved.

All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.

All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.

The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

© 2014. Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.