In real estate, knowing your market is everything. As a native New Yorker and a second-generation owner of a top NYC brokerage, I know the ins and outs of my housing inventory, neighborhood profiles and customer base. Because New York is a truly global city, foreign buyers make up a large percentage of the clients that my agents work with, both on the investor and residential levels. The U.S., and New York especially, are considered a safe hedge for global currencies around the world, especially if the originating country has strict tax laws, cashflow crackdowns, political turmoil -- or a perfect storm of all three! On a recent trip to Asia, I saw firsthand why American real estate is such an attractive prospect. New York housing is viewed as an appreciating asset by many, and as a result, we'll often get foreign buyers scooping up properties in coveted ZIP codes, shiny new developments and in bulk purchases -- sometimes three, four or more units at a time. However, we ...
- In Hong Kong, floor plans are based on the number of bedrooms, not square footage.
- You'll never see a bathtub in Singapore, as it wastes space.
- You'd think every apartment in New York City was either a massive McMansion in the sky or a micro-unit, but there is a vast swath of inventory between the two.
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