I am a Manhattan, New York investment condominium buyer's broker with a focus on foreign buyers. It's a very specific niche representing probably 3% of transactions in Manhattan.
Condominium - Condos are 30% of the apartment market.
Investment - About 70% of buyers in New York buy for primary residence purposes. This means the investment condominium market is about 9% of the total market (30% condos X 30% investor buyers).
Foreigners - from the 9% above, foreigners probably make up a third or 3%.
Since my niche is so specific, it's something I know a tremendous amount about. Investor clients benefit from very detailed expertise. I get to focus on the important things - good deals and client relationship. It doesn't end at the closing. In fact, the closing is just the beginning of my long term relationship with each client. Then comes the post closing service such as marketing the apartment for rent, screening the tenants etc. And yes, serving referral clients.
This is a fun segment and I LOVE this business.
Wei Min Tan is Managing Director of Castle Avenue Partners and most recently interviewed by AM New York in What International Buyers Want.
1 comment:
An informative and useful post of the availability of condos in New York. A must read post.
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