Whenever I meet a new buyer client, especially a foreigner
wanting to buy an apartment in Manhattan for rental income, the client often has
certain pre-conceived ideas. This is
understandable because it is impossible to understand a market from researching
on Google from a few thousand miles away.
The pre-conceived ideas are as follows.
Not necessarily good or bad, but without proper advise, they could be costly
mistakes.
Assuming
popular tourist areas are best for investment
Foreign buyers usually assume Fifth Avenue, Central Park,
Times Square, Wall Street are the “good” areas for investment. This because these are tourist destinations
the media associates with New York. I
totally understand and if I were planning on investing in a different city, say
London, the only areas I would know are the tourist destinations. Naturally, I would also associate investment
stability with these locations.
