2015 is Year Of The Condo

New York Times calls 2015 The Year of the Condo as twice as many new condominium units are expected to hit the market.  This gives buyers more choices and some pricing relief as competition among developers increases.

CNBC interview

My most memorable interview of 2014. Barely made it, had to run from Lexington to Fifth Ave because roads closed for Obama. Heart rate still up during the segment.

https://www.youtube.com/watch?v=gQ7GrcFBVRw

Interviewed by SCMP in Chinese Investors Target Property Assets Abroad

Chinese investors target property assets abroad

Trend in Chinese buying overseas property growing amid slump in domestic market, with investment in real estate soaring to US$15 billion

Peggy Sito

Some years after buying a flat in Guangzhou, mainlander Moon Wong made his first overseas investment this year, paying A$700,000 (HK$4.4 million) for a 900 square foot apartment in Sydney.

"There's a growing trend among mainland individuals buying overseas properties. I am only following the trend," said Wong, who works for a property agency in Guangzhou.

Why a Buyer's Broker?

When buying property in New York, a buyer's broker will identify the good deals, negotiate the best price and coordinate the whole purchase process.  The buyer's broker represents the interest of the buyer and the fee is already built into the property price.  Yes, this is a good deal.

New York is America's Most Livable City.

New York has been ranked America's #1 most livable city.  This is based on 26 measures including job prospects, transportation, walkability and even availability of takeout food.  Check out the article in the New York Post, "New York Ranked Most Livable City".

Manhattan, New York property investment performance

Manhattan, New York property has always been a destination for foreign buyers because of the associated brand recognition and for the price stability.  Top reasons cited by our foreign investor clients buying apartments in Manhattan include investment diversification, stable appreciation, brand recognition and limited supply.

The media likes to talk about $10 million to $50 million Manhattan apartments because of sensationalism.  In reality, 85 percent of transactions in Manhattan are for apartments priced less than $5 million.  Still, the median Manhattan condominium price at $1.3 million is about seven times (7x) the median US house price.  The average price per square foot of a Manhattan condo was $1,500 in 3Q'2014.

Contributed to Real Estate Weekly's article on proposed pied a terre tax

Real Estate Industry Unanimous In Derision Of Proposed Pied A Terre Tax

By Real Estate Weekly

12:04 PM, DECEMBER 3, 2014 

 

By Dan Orlando

A year after Bill de Blasio won the mayoral election with a promise of reducing inequality, New York City is caught in a heated debate over the benefits of luxury pied-a-terres.