WSJ: Defining luxury across the globe

Wall Street Journal's chart in the article, Defining luxury across the globe.

Surging demand for luxury New York condominiums

 

Strong demand for luxury New York condominiums.  Buyers snapping up pre-construction property as inventory decreases.

250 West Street

2011 is the comeback year for New York luxury property according to the New York Post.

Searching for New York luxury apartment with water views

Searching for luxury apartment with water views on NBC's Open House NYC.



Wei Min brings client Mei to view luxury apartments with water views at the $2 million price point.  The client is looking for water views, high ceiling, close to a park.

China's wealthy buying New York luxury condo apartments

Wealthy buyers from mainland China buying New York luxury condos.  New York Times article in which I was interviewed.

The boxy glass 15 Union Square West appeals to Chinese buyers, brokers say.

By CLAIRE WILSON

Published: August 12, 2011

New York luxury property overview

New York Luxury Property Overview

Our foreign buyers are divided into two groups - clients who want to get a piece of Manhattan, New York and clients who want to get the best of Manhattan, New York.  This article is about the latter and what luxury property means in Manhattan.  Luxury in this context refers to the most expensive apartments.

A luxury property in Manhattan usually have one or more of the features below.  The most luxurious apartments will have all the below.

New York luxury flat

Demand from China and Hong Kong for New York luxury flats has been growing especially over the past year.  One reason is the overvaluation of flat price in Hong Kong and China.  Another is the price uptrend of New York flats and investors are looking to ride the up wave of flat price appreciation here in New York.

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.