Sunday, May 15, 2011
International Property Buyer on WSJ
Article from the Wall Street Journal on International Property Buyers. In New York, my observation is that foreigners buy in buildings that are not too popular with locals. Maybe because they are WOW-ed by the amenities and brokers bring them there because it's an easy sell. The foreign buyers seem less concerned with the fundamentals such as supply vs demand.
Reading about London and Paris, I do see why international buyers gravitate towards (in the case of New York), Central Park and Fifth Avenue. It's the addresses they know and their friends know. If I were buying in London, I would gravitate towards Knightsbridge too.
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