Thursday, December 30, 2010
Luxury residential property, flats in New York
Luxury residential property and flats in New York are in demand by global investors because of the stability of New York residential property and relative value globally. While Manhattan is the most expensive market in the US, it's a lowly #10 globally in terms of price.
Foreign investors interested in luxury New York property/flats should consider the three points below:
1. Select a good agent to filter the flats/property. You can't rely on your own web search of properties from thousands of miles away. In the US, agents have access to a database which means as long as they are part of the property trade association, they have access to all properties on the market.
2. Learn about issues such as taxation. This can be through the right lawyer and accountant that your broker could recommend.
3. Make sure you're buying the in the right building and not just a "wow" building. Many foreigners get suckered into buying a known brand or a luxury building that has great amenities. Agents show them these buildings because of the "wow" factor which makes them easy to sell. Often times these flats are in luxury buildings that have oversupply, high foreign investor buyers and large number of flats for rent. All these lower the flat's price appreciation potential and increases competition for the foreign investor intending to rent out the flat.
Visit us at Castle Avenue Partners - Manhattan luxury investment property
Foreign buyer guide