An article in today's NY Times describes a phenomenon that happens every year beginning right after Thanksgiving. The phenomenon is the larger than normal influx of tourists visiting from around the world. The big joke is that if you are looking to find a native New Yorker during Christmas time, the last place you want to look is New York City.
The difference this year compared to previous years is, in addition to stores and malls being packed with tourists, real estate offices are also busy with tourists (specifically European) looking to take advantage of the weak US dollar by purchasing NYC condo properties. Many of these tourists are looking at these properties as investments as opposed to a changing their residences.
Below are a couple of quotes from the article. The full article can be found here>>>
“The exchange rate is like a gift from God for Europeans,” said Danielle Grossenbacher, the broker for Coldwell Banker Hunt Kennedy who showed the Millers around. “Everybody is feeling they have an opportunity to purchase a piece of Manhattan.”
“We’d have had difficulty absorbing the elevated level of new development coming on the market without foreign buyers,” Mr. Miller said. “They are a key source of demand for new development.”
Foreign buyers are helping shield Manhattan from the housing slowdown that has plagued the rest of the nation and are providing a ready market for thousands of newly built condominiums. They like condos for the amenities and flexible rules that allow renting the apartments as investments. That many units are in neighborhoods that are not traditionally residential like Midtown and the financial district does not seem to bother the shoppers. They like that those neighborhoods are well known.
Source: NY TIMES
3Dwalkthroughs.com believes that the influx of European condo shoppers emphasizes the growing need for 3D Walkthroughs, 3D Renderings and 3D Floor Plans of properties that are not yet built. Foreign investors can make the most of their time in NYC by using our 3D assets to preview development properties from the luxury of their home computer. This helps them to narrow the number of properties they need to visit while in New York.
As I said in yesterday's post, within every tough market lies hidden opportunities.
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