They're Coming To (Luxury Condos In) America: International Buyers Still Buying NYC Condos

International Buyers Invest in New York City CondominiumsEurope: it's a great place to visit, the food is almost uniformly delicious and their way of living frankly makes a lot more sense than ours. What Europe is not, or at least hasn't been lately, is especially economically healthy. You might've read about this in literally every newspaper printed, but if you haven't: here you go and here you go (and yikes). Long story short: a bunch of Eurozone countries are in pretty serious economic trouble, the Euro's value has declined precipitously, and economists are -- ominous music goes here -- concerned. Given that the rest of the world economy isn't in appreciably better shape, all of this would suggest that perhaps international buyers wouldn't still be snapping up Manhattan condos. You'd think that, but it isn't so. As Reuters reports, international buyers are still keen on high-end Manhattan condominiums.

"Foreign buyers are looking for a safe and secure place to put their money, and they are finding that in the best-known U.S. addresses, said Jay Koster, president of Americas Capital Markets for Jones Lang LaSalle," Reuters' Lynn Adler and Tom Hals report. "'There is tremendous appetite especially if (the address) says 5th Avenue or Park Avenue or Madison Avenue' said Koster, referring to New York's glitzier streets. Foreigners are 'buying long-term value or buying stability.'"

International buyers have always been a large, if largely unsung, part of the market for NYC condos -- that would be why New Construction Manhattan offers an international condo buyer's guide. And despite the troubles in the NYC real estate market over the last couple years, an Upper East Side condominium (for instance) is still one of the better investments out there. And while the prestige of a Park Avenue apartment or Fifth Avenue condo means a lot to NYC condo hunters, it probably means more to someone whose knowledge of New York City may not extend much beyond those elite addresses. Consider the enduring strength of the international market for NYC condos another indication that -- whatever the troubles in Europe's (or our own) economy -- the market for NYC condos is still looking up.

NYC Daily Real Estate Blog