Friday, December 26, 2014

Interviewed by SCMP in Chinese Investors Target Property Assets Abroad

Chinese investors target property assets abroad
Trend in Chinese buying overseas property growing amid slump in domestic market, with investment in real estate soaring to US$15 billion

Peggy Sito

Some years after buying a flat in Guangzhou, mainlander Moon Wong made his first overseas investment this year, paying A$700,000 (HK$4.4 million) for a 900 square foot apartment in Sydney.
"There's a growing trend among mainland individuals buying overseas properties. I am only following the trend," said Wong, who works for a property agency in Guangzhou.

Thursday, December 18, 2014

Why a Buyer's Broker?


When buying property in New York, a buyer's broker will identify the good deals, negotiate the best price and coordinate the whole purchase process.  The buyer's broker represents the interest of the buyer and the fee is already built into the property price.  Yes, this is a good deal.

Wednesday, December 10, 2014

New York is America's Most Livable City.


New York has been ranked America's #1 most livable city.  This is based on 26 measures including job prospects, transportation, walkability and even availability of takeout food.  Check out the article in the New York Post, "New York Ranked Most Livable City".

Monday, December 8, 2014

Manhattan, New York property investment performance


Manhattan, New York property has always been a destination for foreign buyers because of the associated brand recognition and for the price stability.  Top reasons cited by our foreign investor clients buying apartments in Manhattan include investment diversification, stable appreciation, brand recognition and limited supply.

The media likes to talk about $10 million to $50 million Manhattan apartments because of sensationalism.  In reality, 85 percent of transactions in Manhattan are for apartments priced less than $5 million.  Still, the median Manhattan condominium price at $1.3 million is about seven times (7x) the median US house price.  The average price per square foot of a Manhattan condo was $1,500 in 3Q'2014.

Thursday, December 4, 2014

Contributed to Real Estate Weekly's article on proposed pied a terre tax





Real Estate Industry Unanimous In Derision Of Proposed Pied A Terre Tax

By Real Estate Weekly

12:04 PM, DECEMBER 3, 2014 
 
By Dan Orlando

A year after Bill de Blasio won the mayoral election with a promise of reducing inequality, New York City is caught in a heated debate over the benefits of luxury pied-a-terres.

Tuesday, November 18, 2014

The $130 million Pier 55 park at W 13 St on the Hudson


Barry Diller and his wife Diane von Furstenberg are helping New York build a $130 million island oasis pier on W 13 St on the Hudson River.

The 2.7 acre park with rise between 15 feet to 71 feet above water and will sit on 341 stilts.  A 700 seat amphitheater in the park will host events and performances udner the direction of producer Scott Rudin.


NewYork Post article, "Pier 55 Gets $130 million bid to Create Island Oasis."

Monday, November 17, 2014

Interviewed by DNAinfo on Current Foreign Buyer Activity in New York


NYC's Pool Of Foreign Real Estate Buyers Show Signs Of Drying Up.


By Amy Zimmer on November 12, 2014 7:42am | Updated on November 14, 2014 4:38pm



MANHATTAN — Some of Manhattan's top brokers have noticed a slowdown in foreign buyers in the last couple of months as the strength of the dollar rose along with prices of high-end condos.
New development — which often targets the moneyed class of global buyers — saw prices hit an average of $1,807 per square foot — a nearly 29 percent jump from the year before, according to a recent report from Douglas Elliman.

Wednesday, November 5, 2014

Manhattan 3Q Condo Update


Don't be fooled by appearances.  The alley in picture is the site of the future ultra chic Beekman Hotel and luxury 5 Beekman Street condos.  

Check out the 3Q Manhattan condo update:  

Tuesday, November 4, 2014

The 18 Essential Hotels (Curbed.com)


The 18 Essential New York Hotels - Curbed.com

Tuesday, November 4, 2014, by Jessica Dailey

It seems like a new hotel opens every week in New York City—by the end of the year, there will be some 90,000 hotel rooms here—which makes it an exceedingly difficult and rather overwhelming task to answer the question, "Where should I stay in New York City?" Curbed's guide of need-to-know hotels seeks to solve this conundrum, with a list of the city's 18 most iconic, essential hotels. This iteration of the Hotel 18 aims to balance the collection of age-old classics (like the famed Plaza and Waldorf Astoria), with a couple newbies (welcome to the club, Viceroy New York) and affordable, but not generic, options (sorry, no Gene Kaufman or Sam Chang creations here). Eligible hotels have been open for at least one year. We're constantly seeking input for future revisions, so let us know in the comments or on the tipline if you disagree with the list.

New York property buyer's agent


When buying New York property, engaging a buyer's agent is the first step, because in New York, seller pays both sides' agent commission.  Regardless of whether the buyer is represented by an agent, the commission has already been factored into the price.  

Tuesday, October 28, 2014

Foreign Buyers of Manhattan, New York Property - Overview


By Wei Min Tan

1.0  Overview for the foreign investor
1.1  Why New York
1.2  Can foreigners buy in Manhattan, New York?
1.3. What type of properties are popular amongst foreign / international buyers?
1.4  What are expenses associated with owning a property in Manhattan?
1.5  Financing for foreign / international buyers
1.6  Cash buyers 
1.7  Transaction costs
1.8  Taxes, taxes, taxes
1.9  How does the fee work when buying/selling?
1.10  How does the agent fee work when renting?
1.11  Should I use more than one agent?
1.12  What are the best areas for investment?
1.13  Does buyer have to be in New York for the closing?

Tuesday, October 14, 2014

Interviewed by Brick Underground in "Williamsburg is not in Manhattan and 6 Other Foreign Buyer Misconceptions"


Top misconceptions and surprises of foreign buyers.
- Most apartments are not for sale
- Prices are comparatively low.
- Wow, this studio would be a 2 bedroom in my city!
- Williamsburg is not in Manhattan.

Read the article, Misconceptions and surprises of foreign buyers.

Friday, September 26, 2014

CNBC interview with Brian Sullivan on Manhattan real estate


Talking Numbers - CNBC | Yahoo Finance

What ritzy Manhattan real estate says about stocks


The already scorching-hot New York City real estate market surpassed its latest milestone this week, when news emerged that an apartment in Manhattan’s posh Upper East Side neighborhood would go on sale for $130 million. That makes the triplex penthouse apartment, in a building yet to be built, the most expensive New York apartment listing ever.

For some, these types of milestones reflect the stimulative policies of the Federal Reserve. The Federal Reserve’s easing measures have decreased interest rates and increased asset prices, which provides an even bigger boon to the wealthy and make borrowing money less onerous.

Thursday, August 14, 2014

Business Insider interviews Wei Min in "5 Things To Do When Investing In New York Property."


5 Things To Do When Investing In New York City Real Estate

New York City is one of the most stable real estate markets in the world because it is both highly transparent and under-leveraged.
 
As a result, it's a hot location for people looking to invest in property who don't necessarily plan to live there.

“Everyone has access to the same inventory,” Wei Min Tan, a Manhattan condominium buyer's broker for real estate firm Rutenberg Realty NY, explained to Business Insider. “In a lot of countries the market is not so open and only one broker may have access to those listings. Here, everyone has the same access.”

Thursday, July 24, 2014

CNN mention on Chinese investors coming to U.S.


Chinese homebuyers are flocking to these U.S. states



  July 23, 2014: 5:11 PM ET
 NEW YORK (CNNMoney)

 

Chinese buyers are now the biggest international players in the U.S. housing market and some states are seeing billions of dollars in real estate deals as a result.

Wednesday, July 16, 2014

5 Tips On Buying Apartment In New York

New York's position as a top global city has always attracted property investors both local and foreign.  To local New Yorkers, they believe in New York (which is why they live here in the first place) while to foreigners, New York is recognized as a safe haven for asset diversification.  

Tuesday, July 15, 2014

Why invest in New York property

Analysis and commentary on why invest in New York property.

Asian American New York Property Agent


Wei Min Tan is a Manhattan property agent often interviewed by top media such as CNN, New York Times, Wall Street Journal and NBC.   He focuses on condominium apartments and serves global investors interested in asset diversification through Manhattan property.  

Thursday, July 10, 2014

Top mistakes when investing in Manhattan apartments

Property investment is a subject that has been written about in so many books that following the advice to the book can be risky.  Given the large amount of money involved, especially with a Manhattan, New York apartment, it's important to make decisions at a local level.

Here are top mistakes we observe (and correct) with our investor clients.

1. Assume it's all about location:
The old saying of location, location, location holds true for the most part, but not always.

Wednesday, July 9, 2014

Interviewed by Marketwatch on overseas buyers flocking to the U.S. for investment property

By Amy Hoak, MarketWatch
July 9, 2014, 7:26 a.m. EDT


View on Marketwatch.com, "Foreign Home Buyers Flock To U.S." 

Home sales made to international buyers rose about 35% for the year ending March 2014, as people took advantage of favorable exchange rates and affordable prices, according to a report released by the National Association of Realtors on Tuesday.
Total sales to foreign buyers reached an estimated $92.2 billion from April 2013 through March 2014, up from $68.2 billion the previous year, according to NAR’s 2014 Profile of International Home Buying Activity report. That’s about 7% of the total U.S. existing home sales for the period.

Monday, June 30, 2014

New York residential property projects

We are seeing a wave of new residential property projects in Manhattan, New York with expected completion date between Spring 2015 and Spring 2016.

Buyers would typically put down 20 percent to book a unit and come up with the rest at time of closing.   If there is financing involved, the mortgage loan comes in at closing and the mortgage payments only start after closing date.

Friday, June 13, 2014

Quoted by CNN Money about escalation clauses in a property bidding war.


How to win a bidding war on a home

June 13, 2014: 7:50 AM ET

View article on CNN.com, "How To Win a Bidding War."


bidding war

NEW YORK (CNNMoney)
In many hot housing markets, bidding wars have been breaking out on a regular basis -- and some house hunters are getting beaten out time and again.

Monday, June 2, 2014

Manhattan Property Price Decline During Recession of 2009



One common questions asked by our investor clients about Manhattan property is the price decline during the past recession

Thursday, May 29, 2014

New York population growth outpaces property supply

To the question of why Manhattan property prices and rents keep increasing, I always mention it's because of two simply concepts (i) demand (ii) inflation.  On demand, population growth has always been strong in a megacity like New York.

Wednesday, May 28, 2014

Flatiron is Hot!

The residential real estate market in Flatiron is as hot as the tech companies setting up shop there.  

In terms of residential property, Flatiron is a high demand, high price, high rent area.  With low vacancy rates and an abundance of restaurants and entertainment, this one of the neighborhoods I feel definitely has strong returns from an investment perspective.  

Friday, May 16, 2014

New York property - downturn or more boom?


A look at the stop signs and green lights that industry players are watching
May 01, 2014

By Janna Herron (The Real Deal)

It isn’t just all those new residential towers that are reaching for the sky. The average sales price for a Manhattan apartment soared almost 31 percent higher in the first quarter, compared with the first three months of 2013.

While that’s good news for anyone who recently sold a residential property, those looking to sell in the near future may be feeling antsy over whether the good times can keep on rolling.

Saturday, April 26, 2014

Marcel Dionne

We went to a restaurant in Niagara Falls owned by super nice guy and hockey hall of famer Marcel Dionne.  Without knowing who he was or anything about hockey.  Until he told us.

Friday, April 25, 2014

5 Tips For Investing In A New York Apartment

As an investor and investor-focused property broker, I have invested in single family houses, multi-family buildings and condominium apartments over the past 10 years.  Each asset class has its pros and cons. 

Thursday, April 24, 2014

Real estate As Retirement Strategy


NEW YORK (MainStreet) — The percentage of Boomers showing high levels of confidence in their retirement finances dropped to 35% this year from 44%, according to a new study.

Saturday, April 12, 2014

Manhattan New York property 2014 forecast: interviewed by The Cooperator


The Market Review & Forecast

 

What's Coming in 2014

By Raanan Geberer
The worst of the recession is over, and many observers believe the recovery is well under way. With the exception of some coastal areas, the city has climbed out of the worst of the effects of Superstorm Sandy. What’s next?

Thursday, April 10, 2014

Suit Shopping

Suit shopping at Bloomingdales. Stopped buying suits since my favorite salesperson left for another job. Wondered when I will buy another suit again. Today, I found a new salesperson I like from a random drop-in. Bought one Canali and two Burberrys.

Friday, April 4, 2014

Real estate deals with foreigners - Law360 interview


3 Tips For Doing Real Estate Deals With Foreign Investors

By Kaitlin Ugolik

As foreign investment in U.S. real estate continues to increase, experts say foreign investors, sellers and rival bidders alike should be wary of potential tax hurdles, differences in deal-making style and other cultural customs.

Thursday, March 20, 2014

Interviewed by TheStreet on Wall Street bonuses and impact to real estate



By Juliette Fairley

NEW YORK (MainStreet) — The average bonus paid to securities industry employees in New York City grew by 15% to $164,530 in 2013, according to estimates released by New York State Comptroller Thomas P. DiNapoli. The estimate includes cash bonuses for the current year, supplemented by compensation deferred from prior years. And the lucky recipients are looking for safe ways to stash their cash.

Tuesday, March 18, 2014

Are millennials being squeezed out of the property market?

In America today, millennials, also known as Generation Y (those born between the 1980s and early 2000s), are being squeezed out of the housing market because of rising home prices, higher unemployment rate among millennials, lack of down payment and inability to get a mortgage because of college loans.  

Thursday, March 6, 2014

View from top of World Trade Center

Today's Time Magazine cover story shows the view from the top of World Trade Center One looking down to Lower Manhattan.  12 years of anticipation, 10,000 workers, 104 floors.  According to Time, "The tallest building in the Western Hemisphere gave new life to an international symbol and created one spectacular view."

Wednesday, March 5, 2014

New York's Best Japanese Ramen

New York Times ranks the top 10 Japanese ramen restaurants in New York.  Looks delicious and it'll be fun to try them out.

1.  Mu Ramen
2.  Ivan Ramen Slurp Shop
3.  Takashi
4.  Hide-Chan
5.  Totto Ramen
6.  Ippudo NY
7.  Hanjan
8.  Kajitsu
9.  Ramen Sanshiro
10. Bassanova Ramen NYC

Where celebrities live in New York

Interesting article from ibtimes.com on where celebrities live in New York.  Upper West Side is the most popular celebrity neighborhood, followed by Upper East Side, Greenwich Village, Tribeca, Soho and Chelsea. 

Tuesday, March 4, 2014

New York's new condo market

The current wave of new condos in Manhattan is commanding premium prices.  According to The Real Deal's article Ranking The Hot New Condos, 47 percent of condos launched within the past 12 months have asking prices of above $3,000 per sqft.  Most are focused on larger 2-5 bedroom residences.

Tuesday, February 11, 2014

The Love page of our website

The Love page - showing why we love what we do, in pictures.

Friday, January 24, 2014

Greenwich Avenue goes luxury

The WSJ reports that more luxury stores are moving to Greenwich Avenue in the West Village.  This is partly to meet future demand from residents of Greenwich Lane which is selling at $3,500 per sqft.  These newcomer higher end stores include Liquiteria juice shop, Jinya (sushi) and Terry's, a specialty wine shop.