World's Best Property Markets

Citi Private Bank and Knight Frank ranked Manhattan, New York the world's best property market out of the top 50 global cities.  Based on the four factors as shown above - economic activity, political power, knowledge and influence, quality of life.    

Visit us at Castle Avenue Partners, Manhattan investment properties

China over-dependent on property, no demand

Quite a long video.  Summary:
1.  60% of China's GDP driven by real estate construction.
2.  They are building property at US prices that people can't afford, sitting empty.
3.  Consumption is only 5% of GDP

Bottom line - China is over-reliant on construction which has no demand.  Problem........

Frank Gehry, Beekman Tower at 8 Spruce Street

By: Darren China, R.A.

Who is Frank O Gehry?  What’s up with this guy and his organically shaped Beekman Tower just south of City Hall or the sweeping curves of the IAC Headquarters Building in Chelsea?  Does he just take a piece of paper, crumble it up, stand it on end and say “there it is”?

Risks, disadvantages, problems Manhattan New York property

Here are the downsides - risks, disadvantages, concerns, problems - associated with owning property in Manhattan, New York.

1.  Tying up capital, at least $150K for an entry level studio to millions for buildings.

2.  Don't expect to flip in 2 years.  Manhattan doesn't appreciate 30-40% per year.  It's not an emerging market.  You should expect to hold for 5 years.

3.  Vacancy is expensive because of carrying cost, repainting and repairing this and that, broker fees associated with re-marketing.

4.  Get a good tenant by doing the proper reference checks.  In New York City, eviction will be time consuming and expensive.

Our website Castle Avenue Partners, Manhattan investment property

New York Property Agent

Weimin Tan, New York property agent, brings client See Chan to view 2BR condos.  Featured on Manhattan's #1 real estate show, Open House NYC.  Weimin is originally from Asia and speaks English, Cantonese Chinese, Malay and conversational Mandarin Chinese.  He is a specialist with high net worth foreign / international investors  interested in Manhattan property.

New York Housing Statistics

Manhattan New York Housing Statistics

Chart below summarizes the historical performance of Manhattan, New York property.  From 1997 through 3Q'10, Manhattan residential housing prices increased from $328 per square foot to $1095psf.  This is an average of about 10 percent per year.  Compared to the Dow Jones which appreciated an average 2% per year during the same period.

New York Property Market

Manhattan, New York Property Market 3Q'10

If you are still looking to get a "deal," the market bottom for Manhattan, New York property is over.  About one year too late.  We're in the midst of an upwave.  Manhattan, New York's 3Q'10 average price per square foot is still lower than in 2007 and the peak of 2008.  But it has recovered from the low in 2009.