Global Wealth Report 2010

Knight Frank / Citi Private Bank Global Wealth Report
"A global perspective on prime residential property and wealth"

Summary points of the report produced by London-based Knight Frank and Citi Private Bank.  The full report is at the link above:

* High Net Worth Individuals (HNWIs) globally still see high end residential property as one of the best asset classes to own, predicting growth in 2010.  71% think 2010 will be a good year for property.  This is the most optimistic asset class.  Equities came in second at 68%.

7 Things New York real estate agents don't want you to know

My article as appeared on TheStreet.com today 3/22/10.  7 Things New York real estate agents don't want you to know.


Eight out of 10 people would probably say they don't like their real estate agent. I'm among the eight and would never have imagined myself being a real estate agent. Today, however, I'm a real estate agent in Manhattan, partly driven by observing opportunities from the points I'll outline here.

Manhattan Property agent

How I became a Manhattan Property Agent

Originally from Malaysia, I came to the US for undergrad and business school.  After grad school, joined Citigroup and stayed for 9 years.  Did very well and was one of the youngest VPs and was in the top 2% of managers.

During the last 3 years at Citi, I was investing in property as a principal.  Visited numerous cities and viewed thousands of properties.  It was during this time that I interacted with a LOT of property agents.  Manhattan property agents and property agents in other states.  The interactions with Manhattan property agents can be summarized as follows:

Fifth Avenue Apartments

Fifth Avenue apartments

Take advantage of the recession and snap up a Fifth Avenue apartment.  That's a common goal amongst many high net worth clients.  So what is Fifth Avenue and why is it so coveted?

New York Property - Bullish

New York Property - Bullish

Last year, I attended a New York property seminar where the key attraction was a panelist who is a property celebrity in New York (Manhattan).

During the panelist session, this panelist pulled out a New York property article and said she wanted to share points from an article she read about why we should be optimistic about New York property. She mentioned the points – good numbers, landlocked, demand from emerging markets and finally air quality is "pristine".  It sounded very familiar but that “pristine” quote confirmed that she was quoting my article that was published in TheStreet.com. This was confirmed after the panelist session.  Here are the points again, summarized and edited to reflect new info.

Transaction costs New York property

Transaction costs when buying and selling a condo apartment in Manhattan, New York.  The buyer numbers assume $1 million apartment with 60% loan.  It's to keep it simple without 2 pages and 200 line items.

Capital Gains tax New York property II

Capital gains tax on Manhattan, New York property is high.  Yes it's higher than in Hong Kong, Singapore, Malaysia.  And a list of other countries.  But probably not as high as tax in many western European countries.

Financing New York Apartment

Financing New York apartment

Market analysis of financing options provided by local US banks and an international bank that is strong in international mortgages. 

Annual return of Manhattan apartment vs stock market

As published in Thestreet.com March 3, 2010.  Manhattan apartment annual return ROI

What's the expected return on investment (ROI) on an investment apartment in Manhattan?

Well, it's a forecast, and as a real estate broker, I never promise investor clients prices will appreciate by X percent within Y years. But what I can share is the historical trend of price appreciation on a Manhattan apartment, as this chart shows.