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.
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.
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.
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 toNAR’s 2014 Profile of International Home
That’s about 7% of the total U.S. existing home sales
for the period.