For foreigners, the current state of the Manhattan real estate market is a goldmine of opportunity. Due to the decreasing value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30 percent. Most foreign investors agree: with these prices, you can’t say no.
In the past year there has been a huge surge in interest, especially from Britain, Italy, Spain, Russia and Brazil. In April, an Italian buyer in town for Easter took just 48 hours to buy a $3.8 million two-bedroom condo. Recently, one agency reported selling $30 million worth of property to Russians who are using homes as pied-à-terre. Another agency sold a $2.2 million listing to a British couple who were amazed at the value for
the price. The couple had upgraded from a 2,000-square-foot flat in London to a 9,000-square-foot-home in New York. At Alfred Real Estate, agents are traveling regularly to Brazil to help link buyers with properties. These properties often range in price from $5 million to $15 million.Foreign investors: Now is the time to buy. Contact Alfred Real Estate today.
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