It's already known that one-third of new condo buyers in New York are foreign investors, and top brokers are heading overseas to court them, but stories about the foreign invasion never get old. Today, the Times has a good one about overseas visitors who are in the city to shop for holiday presents and condos. An excerpt:
Dorothy Somekh, a Halstead broker, said that in an afternoon a Belgian couple she represented bought a $1.7 million two-bedroom condo at the Sheffield in Midtown to rent out for about $7,500 a month. After the couple signed the contract, they headed to Abercrombie & Fitch to shop for clothes for their daughters. "They're not really sophisticated investors," Ms. Somekh said. "But they thought, 'Where else can I put my money?'"
It's going to be fun when this all come crashing down, won't it?
· New York Condos Lure Deal-Seeking Europeans [NYT]
· Your Morning Credit Crunch: More Foreign Invasion [Curbed]
· It Happened One Weekend: Invasion of the Condo Snatchers [Curbed]