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.
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.
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.
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.
1. What is the new rule? New York is piloting a new disclosure rule that requires LLCs to disclose the names of its members. This new rule, on a test run, will take effect from March till August 2016. The rule is aimed at uncovering money laundering activity.
2. What types of property are affected? The rule will only impact transactions involving: (i) all cash (ii) property priced at $3 million or higher (iii) LLC (limited liability company) ownership
MANHATTAN — As world economies and political situations shift, so too do their influence on New York City's real estate market.
Much has been made of the effect of foreign investors on driving up New York real estate prices, with some local real estate companies specifically soliciting foreign buyers for upcoming projects before soliciting New York residents.