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.

Residential property, flat price trend New York

Residential property (flat) price trend above shows stability of flat price in New York even during the 2009 economic crisis.  During the 2009 downturn, the average property price in the US decreased by 35 percent.  However, the average flat/residential property in New York decreased by about 20 percent.  Manhattan New York has since rebounded from the low of 2009.

The average price of a residential flat in New York is $1095 per sq ft as of Q3 2010.

Visit us at Castle Avenue Partners - Manhattan investment property
 

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Hong Kong vs New York Property

Hong Kong vs New York property

Price appreciation:
New York is a stable, 10% per year average appreciation while Hong Kong can go up or down 40% a year.  New York is safe, Hong Kong provides more adrenalin.  Don't buy in New York and expect to flip in 2 years.  One should have expectation to hold at least 3-5 years.

How to select New York property agent

Manhattan, New York property agent - investment from Weimin Tan on Vimeo.

How to Select a New York Property Agent

Until 2 years ago, I was an active property buyer in multiple cities.  A challenging issue was selecting the right property agent.  A referral helps dramatically but even so, there may not be a fit. 

Hong Kong, China buyers investing in Manhattan

I'm currently writing from Midlevels in Hong Kong, enjoying the cool winter weather on Christmas day.  Some property notes when comparing Hong Kong/China vs New York.  

- South China Morning Post reported that Beijing, China appreciated the most last year, 40%.  Hong Kong 17%, Manhattan 10%, London 20%.

Manhattan median price growth #1 in nation

Manhattan, New York is #1 in the US for median home price growth from 2005 - 2009.  The median value jumped by $350,600 per home between 2005 and 2009 to $800,400, an increase of 78 percent.  This works out to an average of 15.5% per year.   


Visit us at Castle-Avenue.com - Manhattan investment property