Despite its continuing economic woes, the United States continues to lead by a very wide margin global foreign investment per capita of all types. And Manhattan is the epicentre of that investment interest.
London, UK (PRWEB UK) 10 January 2013
– Investors’ portal iNVEZZ has recently published an analysis entitled “New York Property – Why not Diversify Your Portfolio with a Bite of the Big Apple?,” covering investment in residential real estate in one of the world’s most expensive property markets, that of New York City. For many years, New York’s postal code 10065 has remained amongst America’s priciest residential real estate on a per square foot basis. In fact, according to Forbes, ZIP code 10065 is indeed the priciest, with Manhattan’s Upper East Side at the very top of the magazine’s ranking of the 100 most expensive postcodes in the United States. Citing this information, the author of the new iNVEZZ editorial, Frank Quin, lays the ground of his further analysis of the New York City real estate market, looking at it as a prime destination for the wealthy residential property investor.
“No less than 50 condos are currently on the market in 10065 with seven – in a few instances, eight – figure price-tags,” writes Quin, further giving a particular example of one New York property which costs nearly $4,600 (£2,850) per square foot. While certainly at the high end, this price is still relatively lower than some of the most valuable real estate assets in London. “It sounds a lot but compared with absolute prime London housing – in the West End – it’s a steal,” Quin compares, making the case of investing in New York property a good alternative to London for property investors looking to diversify.
The author of the iNVEZZ editorial continues his analysis of the New York City real estate market by outlining the common buyers in this prime area. The ‘Big Apple’s’ housing market, just like those of London and Hong Kong, tends to attract many foreign investors, for who “it’s quite cheap” to buy New York property compared to, for example, London. After explaining the “apparent resurgence of foreign interest in New York residential property,” and pointing at the most common nationalities of investors, Quin moves on and covers an essential matter for the prospective investor – “How much do you need in NYC?”. Being precise in the information he provides in regards to this important consideration, the author of the editorial cites recently-published data by the Real Estate Board of New York. Remarking that an investment in the ‘Big Apple’s’ housing market is unlikely to fall below the one-million mark, Quin looks further into the details of a potential real property investment venture in the Manhattan borough, in particular.
After clarifying some other important points of consideration for anyone interested in investing in New York residential property, including the difference between condominiums and other types of multi-unit housing, Quin concludes the following: “Despite its continuing economic woes, the United States continues to lead by a very wide margin global foreign investment per capita of all types. And Manhattan is the epicentre of that investment interest.”
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