Monday, December 19, 2016

Top 5 mistakes when investing in New York property


Whenever I meet a new buyer client, especially a foreigner wanting to buy an apartment in Manhattan for rental income, the client often has certain pre-conceived ideas.  This is understandable because it is impossible to understand a market from researching on Google from a few thousand miles away.  The pre-conceived ideas are as follows.  Not necessarily good or bad, but without proper advise, they could be costly mistakes.


Assuming popular tourist areas are best for investment

Foreign buyers usually assume Fifth Avenue, Central Park, Times Square, Wall Street are the “good” areas for investment.  This because these are tourist destinations the media associates with New York.  I totally understand and if I were planning on investing in a different city, say London, the only areas I would know are the tourist destinations.  Naturally, I would also associate investment stability with these locations.

Monday, November 14, 2016

Buying opportunities as sales drop 20 percent
















 By Wei Min Tan

It’s now official. Consistent with my previous updates about now Manhattan being a buyer’s market, recently published reports show Q3 2016 sales volume down 20 percent.  

The market is especially favorable to cash buyers and this is evidenced by the numerous deals, whether pricing or concessions, we managed to negotiate for buyer clients recently.


Tuesday, October 4, 2016

How investing in New York’s next hottest area provided handsome returns for our clients







By Wei Min Tan

The 16-acre World Trade Center site has been the hottest upcoming development and the pinnacle of Downtown’s revitalization in New York for the past decade. 

Wednesday, September 14, 2016

Best type of investment property in New York



By Wei Min Tan

Our clients, who are successful business owners or corporate executives from around the world, invest in Manhattan, New York property for diversification and long term stable asset growth. To this end, Manhattan, New York property, given its stable appreciation trend over time, meets the objective very well.

As we often explain to buyer clients, Manhattan property will not appreciate 50 percent a year like in certain emerging countries. This is because Manhattan, New York is not a speculative market. About 70 percent of buyers in Manhattan are locals, buying property to live in. This makes market prices stable. A market becomes volatile when majority of buyers are investors and even more volatile if these investors are from one or two countries.

Sunday, July 10, 2016

Q2, 2016 Manhattan Market Performance


By Wei Min Tan


1) Average price per sqft of a Manhattan Condo was $2,073, up 30 percent compared to a year ago.  The average Condo apartment was $2.758 million in Q2.  This is skewed upwards as driven by new development closings.  

Friday, July 8, 2016

Brexit's impact on New York property


Two weeks since Brexit and global markets continue to adjust to this new uncertainty.  The pound sterling declined to a 30 year low.  The British and world markets continue their reactions.

Here are potential impacts to New York property as result of Brexit.

1) New York edges past London as top property destination for foreign investors
London and New York property have always been competitors for foreign investment.  Both are regarded as the most prime and secure markets in the world, a safe place for asset diversification.  

Sunday, June 12, 2016

Role of a Buyer's Broker


A buyer's broker identifies good deals and advises on the Upsides and Downsides of each property. Then, negotiates price and brings in the team to close the deal. Glad to contribute to this NY1 segment.