Foreigners Start to Fancy Brooklyn
As has been well documented in the media for a few years now, the weak dollar has drawn droves of foreigners to Manhattan’s residential real estate market. The trend hasn’t been as pronounced in Brooklyn, though an article in this month’s Real Deal says that’s rapidly changing. “The pace of the interest by foreign buyers…
As has been well documented in the media for a few years now, the weak dollar has drawn droves of foreigners to Manhattan’s residential real estate market. The trend hasn’t been as pronounced in Brooklyn, though an article in this month’s Real Deal says that’s rapidly changing. “The pace of the interest by foreign buyers in the outer boroughs is probably double or more than it was a few years ago,” said Jonathan Miller, CEO of real estate appraisal company Miller Samuel. In particular, brokers say many overseas buyers are snapping up Brooklyn brownstones as investment properties and then renting out units or trying to flip them. The one Achilles Heel Brooklyn has in terms of foreign buyer interest is the dearth of new condo development in the borough’s toniest neighborhoods, such as Brooklyn Heights. On the other hand, the story also makes mention of a recent article in the U.K.’s Daily Telegraph telling readers that Brooklyn home values are sure to increase, especially as massive waterfront condos are finished. “The scale of these projects is so great that some analysts predict that this region of Brooklyn will become a second Manhattan, giving prices a further boost,” said the Telegraph story. First Carrie and her crew, now the foreigners—what’s next?
Foreigners Crossing Pond and the River to Brooklyn [TRD]
Photo by Vipal
CONGRATS!!! Ysabelle finally got laid!
Europe is about to have the same kind-of credit crisis and housing meltdown experienced here; once again, NYTimes is about 2 years behind the trends.
People, Europe’s about to crash, Britain esp. The UK is way over-leveraged, just like Americans. Germany and France less so, but Britain’s about to go *pop*.
Everyone’s tied into everyone else. Matter of time before the global slide happens.
europeans are still coming over to the new world for more space. there’s nothing new under the BK sun.
The day that Limeys or Frogs start buying houses in Clinton Hill or Bed Stuy as investments will be the day pigs fly.
Guys, don’t get so worked up over some real estate shills in UK. Those articles are bought by sales agents and mean very little.
2:41 you’re oversimplifying a tad…Russians are poorer than Americans but Moscow is not “cheap” to us. Even Argentina was poorer than us even 10 years ago but real estate was a good bit more expensive due to the currency peg with the dollar. US real estate is cheaper, with the emphasis on “-er” because of the dollar’s decline but Brooklyn prices are still higher than, say, Berlin.
It ain’t called the Empire State for nothing. Someday NY will be someone’s empire.
so even those rich europeans are getting priced out of manhattan? yikes.