New York City has long been a market for the foreign real estate investor. I've noticed throughout the years a lot of properties in Manhattan are owned by private foreign investors. Through the long term networking I hear there are quite a few properties being bought in areas such as Miami, South Beach Florida, Las Vegas Nevada, Scottsdale Arizona and San Francisco also.
Due to the severe dollar decline against the foreign currency exchange such as the euro and pound along with this year's catastrophic sub prime market crisis American property has become very attractive to the foreign buyers market.
It will only make a small change in the large inventory of property that is for sale and if you do not live in one of the key market areas, it won't affect your market at all.
So the next time you have a translator, lawyer or a person with a foreign accent asking you questions about real estate make sure you know what's on the market in your area!
Luke Constantino
Commercial | Residential
RE/MAX at THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com
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