Photo Description: Dmitry Rybolovlev is a Russian fertilizer business mogul who has agreed to purchase Donald Trump's $100 million dollar Palm Beach Mansion. The mansion is 33,000 sq ft and sits on 6.5 acres with 475 feet of coastline.
According to a recent Wall Street Journal real estate article, there are very wealthy Russians that are buying up very expensive investment property in the US. Hard to comprehend, as I always picture Russia to be very bleak and impoverished, but they say that Moscow property prices are so high, that buying property in other countries is a bargain to them.
The WSJ goes on to say that foreign buyers make up about 15 percent of purchasers in New York city, with Russians being the biggest. The president of Harris Stevens, a NY real estate firm is quoted as saying the Russian buyers are a significant factor in purchases of big apartments in the city.
Most of the purchases reported are for extravagant mansions in places like Palo Alto, CA...and more recently, Miami Beach oceanfront property. One $35 million dollar house in Miami has been shown to several Russian investors, and on $10.6 million dollar home was purchased by a Russian.
I'm wondering if there is a way to advertise to these Russian investors - perhaps on the internet? If they consider Miami and New York a bargain, they could go wild on Myrtle Beach real estate, and get 5 properties for the same price as one in the other areas.
Perhaps we should be purchasing some Russian domain names and optimizing for Google in Russia...if it has a stronghold there. Does anyone know if Russia has the internet?
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A troll visited my blog...one named Thorsten, but who didn't have the testicular fortitude to tell us his user name so I deleted his comment as spam.
However, this is what he wrote. Maybe he isn't totally stupid and some of this stuff is useful.
I suggest to him,
A: If you don't have the guts to identify yourself, don't bother insulting others.
B. Go argue with Forbes about whether they are buying international real estate.
Here is his rude comment.... PS. There are about 6 mis-spellings and typos in your post. That would be "you're", not your. Contraction for You are...not possessive. If you are going to be a public smart-aleck, at least use spell check.
"This is a rather silly post. Russia has 140mil people, 35mil internet users and an extremely sophisticated society. Their local real-esate in Moscow trades at $8,000 per m2, an extremely high price. Further, local Russians wont buy international real-estate, they have enough woes buying locally with interest rates at 12-13% and only 15 year loans. Wealthy Russians who buy mansions only deal through their own networks, not any random property agent. None the less, its happening so either your in the game, or missing out."