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Shazia Khan of NY1 does a nice local segment on foreign buyers (no pun intended). You can’t really tell, but due to tripod issues, the video camera is sitting on a pile of my books.
Admittedly, NYC always over hypes participation by foreign buyers (remember stories of Irish carpenters buying Manhattan condos?) but its worth paying attention to.
The dollar remains pretty weak compared to the Euro.
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We love the foreign buyers, we love the all cash offers, the proclivity for condos, the usually shorter time between looking and contract. What’s not to love?
But a resurgence? It seems more like an encouraging trickle and probably is close to the percentage of the market that foreign buyers always occupied.
There are always a few high end sales but these are notable exceptions, in general I see the foreign buyers scaling back a bit much as our local buyers have been. They want more the wise investment than the glitz these days, all part of the back to basics approach.
In reviewing all my past and current foreign investors, and I wonder how I missed out, there is nary an Irish carpenter.