The NYC real estate market has remained competitive despite many market observers predicting that the NYC market would decline in 2016. One of the primary causes of this continued strength is due to turmoil outside the United States in international markets that has led to increased interest in stable investments, like NYC real estate.
The world has undergone some international economic pressures over the year due to geopolitical conflicts such as the current events in the Middle East and the Brexit from the European Union, as well as a global oil glut and a slowing economy in China. These events have led to
The uncertainty in the international markets have led to a further demand for stable assets like NYC real estate and has also delayed the Federal Reserve’s decision to raise interest rates which has kept real estate financing near all time lows.
Further, global uncertainty has also risen the value of the U.S. Dollar which has made real estate costlier to international investors. Despite this, real estate demand has continued to climb in NY due to the way it is viewed internationally; as a stable can’t miss investment class. Due to the increased demand for NYC real estate obtaining a good deal for a borrower has become more challenging as has selling an apartment to foreign buyers who may not be familiar with the process in place in the United States.
The NYC luxury real estate market remains competitive, for both buyers and sellers. If you want to obtain a top luxury apartment in the NYC market you will need to contend with a variety of international buyers. If you are selling an apartment ton international buyer you will need to take into account their own cultural norms and preferences if you want to sell to them. This involves retaining a top NYC real estate broker like Town Residential Realty.
Town Residential Realty is a leading broker in the NYC luxury real estate market and was founded there. Their real estate professionals have an extensive history dealing with international buyers of NYC luxury real estate and can help to negotiate a great deal for you in in an otherwise competitive market.