Foreigners purchase one-third of city condos

[FarCenter]

In recent years there has been wide agreement that foreigners have been big buyers of New York City residential real estate. What's been missing is much in the way of hard data.

As it turns out, overseas buyers currently account for one-third of condo buyers and 15% of the total buyers in the city, according to figures released Friday by residential brokerage Stribling & Associates. During the peak of the market in 2007, foreign buyers made up as much as 30% of total purchases in the city, according to Stribling.



Read more: http://www.crainsnewyork.com/article/20111007/REAL_ESTATE/111009913

[Devil_Fish]

1. If this were in Alabama, they wouldn't be able to get the water turned on. NT

[glinda]

3. good one!

[Zanzoobar]

2. Don't you mean Ferners?

As in, Goddam Ferners.

[Cleita]

6. OP has a point.

In the early eighties, when I was living in Los Angeles, we natives watched our real estate being devoured by large Japanese corporations tripling and quadrupling the properties in value, basically pricing the rest of us our of the market and any dream of owning our own homes. I asked a Japanese friend of mine why they were willing to pay outrageous prices for our real estate and he replied that it was cheap compared to Tokyo. Anyway, the ferners I believe he's talking about are very rich billionaires from the Middle East and other nations with a wealthy elite who are buying properties as investments, speculators who make money when the prices are cheap and then resell when the market goes up. Very few Americans can play this game, well the 1% can but most of us can't.

[Sen. Walter Sobchak]

7. A family from Hong Kong just bought the house across the street from me

Bought it for their nineteen year old daughter attending UC Irvine. 2700 square feet, three car garage and swimming pool.

[Liberal_in_LA]

8. their keeping the us housing market from colllapsing

[Sen. Walter Sobchak]

9. That may be, but it is still pretty silly

to see this kid who could pass for twelve with that house.

[JDPriestly]

12. Maybe she plans to hide folks who will come over illegally and work

in restaurants and the like in the US?

[Sen. Walter Sobchak]

18. I think an illegal rooming house would generate more garbage

I haven't talked to the kid, but I met her parents back in the late Spring. Just seemed like spaced out millionaires who have run out of ideas on how to spend money.

[JDPriestly]

21. Mom and Dad want to be able to visit in comfort. That may be it.

Or they may see it as an investment.

[bluestate10]

13. 19 year old rich girl. Stock up on your loud party earmuffs. nt

[Sen. Walter Sobchak]

17. If she didn't take out the trash you might think the house is vacant

Moved in at the end of July, no wild parties I know of.

[JDPriestly]

11. Problem is that they will have to rent those buildings and probably

hope to make a profit. If they charge much, Americans won't be able to rent the places. If they charge little, they won't make a profit and in some cases won't be able to keep them up or pay for them.

Somebody may be miscalculating on this deal.

[pampango]

14. Wouldn't the world be a better place without so many "ferners"?

Or, if we are fated to live in a world that is 95% full of "ferners", at least we can make them stay at "home" and keep their money and the stuff they make at home with them. The republicans of the 1920's had the right idea with restrictive immigration laws and high tariffs.

We (USA) can get along just fine without THEM. ;)

[glinda]

4. Wonder which Countries lead in ownership?

[FarCenter]

5. The brokerage also noted that biggest overseas buyers today are those in Russia, China, Brazil and A

Argentina. Back in the early years of the new millennium it was Europeans, led by the Irish who led the charge in New York.

It's the foreigners with money.

[flamingdem]

10. When did Argentina get dough?

Brazil effect or something?

[bluestate10]

15. There are many rich families there.

Look like they are hedging against political uncertainty in their home country.

[pampango]

19. "Argentina, in relation to other Latin American countries, has a low level of income inequality."

"The economy of Argentina is Latin America's third-largest, with a high quality of life and GDP per capita. An upper middle-income economy, Argentina has a firm foundation for future growth for its market size, the levels of foreign direct investment, and percentage of high-tech exports as share of total manufactured goods.

The country benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector and a diversified industrial base."

Its Gini coefficient of 37.8 (2011) Refis below that of Brazil (55.0), Chile (52.0), Colombia (58.5), Mexico (51.6) Uruguay (47.1) or Venezuela (43.4).

Argentina has an inequality-adjusted human development index of 0.622, compared to 0.509 and 0.634 for neighbouring Brazil and Chile, respectively."

"Argentine exports are fairly well diversified. However, although agricultural raw materials were 20% of the total exports in 2010, agricultural goods including processed foods still account for over 50% of exports. Soy products alone (soybeans, vegetable oil) account for almost one fourth of the total. Cereals, mostly maize and wheat, which were Argentina's leading export during much of the twentieth century, make up less than one tenth now. Industrial goods today account for over a third of Argentine exports. The country exported 448,000 motor vehicles in 2010, mostly to Brazil. Motor vehicles and auto parts are the leading industrial export, about 10% of the industrial exports. Chemicals, steel, aluminum, machinery, and plastics account for most of the remaining industrial exports.

Argentine imports have historically been dominated by the need for industrial and technological supplies, machinery, and parts, which were US$38 billion in 2010 (two-thirds of total imports). Consumer goods including motor vehicles make up most of the rest."

Their per capita GDP is $15,854, higher than Brazil's $11,289 and Mexico's $14,265. Argentina's main advantage though is that their income is much more fairly distributed than most countries in the Americas.

http://en.wikipedia.org/wiki/Economy_of_Argentina#Income_inequality

Argentines has made a lot of progress in improving the level of income inequality in their country. Their Gini is much better than that of the US (45) which isn't saying much.

[bluestate10]

16. Your list is no surprise.

The rich in China and Russia have been buying up properties outside their countries for much of the last decade. Both are doing it for more political and social freedom. The new rich in Brazil are buying outside their country instead of working to solve some of the ingrained social ills there, sounds familiar. There are many wealthy families in Argentina that have historically raped that country, they have reason to want and need safe havens for their worthless asses, except for their children that are young.

[dipsydoodle]

20. Just taking advantage

of the reduced value of the US$ I think.