Amidst persistently pessimistic evaluations, stark forecasts and just plain ol’ rumors of the ‘collapse’ of the so-called New-York real estate bubble, Linda, myself and other HQ residential agents have lately become acutely aware of the fact that European, and other foreign investors, are still very much involved with the luxury condominium market in the city.
In the past few months we have been working with a growing number of investors from three countries in particular: Germany, Great Britain and France. Thanks to strong currencies, as well as realistic price points for quality development - especially in the outer boroughs - we have seen interest in luxury condos soar since the beginning of 2008. I personally find that Manhattan condos - both downtown and uptown – are still the main draw, with Brooklyn and Long-Island City a close second and third.
On our end, we are dipping into our database to reach out to our old friends, investors we had the pleasure of serving in the past. It would be also safe to say that at any given moment there is at least one HQ residential specialist overseas, presenting potential property investments to some of our existing investors… Drastic times call for creative measures!
And while it might be a stretch to say that foreign capital is currently making up for the entire slowdown in domestic investment in New York realty, it certainly goes a long way to keep us (and a good number of new luxury developments in Manhattan) busy…
Michele Asayag,
President
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