This week Jonathan Miller from Miller Samuel Inc. looked at Manhattan through the eyes of European buyers who were buying property in droves a few years ago.
He charted median sales price (black line) against median sales price adjusted for the difference between the Euro and the US Dollar (red line). The gray columns show the percentage difference between the Euro and the US Dollar at the end of each quarter.
The spread remains wide compared to a few years ago, when all those foreign investors were active in the market.
The weak dollar and the spread between various currencies remains a compelling economic force for those who can afford to buy in Manhattan. With the addition of prices being at the lowest point in decades, now is the time for foreign buyers to invest in Manhattan real estate.
Other news from the Real Estate market indicates that now is the time to invest. For example, mortgage rates are at their lowest point in years. In addition, the stimulus first home buyer tax credit has been extended to April 2010, giving first time buyers more incentive to take advantage of this market.
Foreign investors: Take advantage of the market today. Contact Alfred Real Estate.
1 comment:
As financing gets tighter and the stress continues for all those apartment buying financing. Manny of New York City management companies and NYC developers looking to list out their condominiums (Condos), Lofts and apartments for rent as a NO FEE Rentals all Over Manhattan including Battery Park, West Village, Chelsea, Tribeca, Financial District, Flatiron, Hudson heights, UES, UWS. New York City Apartments
Post a Comment