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
Jerri
You have made my point. Argentinians are poorer than Americans and thus their city is “cheap” to Americans, in the same way our economic decline is making America “cheap” to Europeans. 90 years ago Argentina was richer than much of Europe, but is now relatively poorer. Buenos Aires may very well be on an upswing. New York is becoming cheaper to Euros, and thus on a downswing in terms of relative wealth.
Careful Jerri. Argentina is doing well only because of rising commodity prices. Check out this article
http://www.economist.com/world/la/displaystory.cfm?story_id=10880587
“Foreigners buying out locals is a sign of economic decline. Not something to celebrate.”
I don’t agree. I’m on the verge of perhaps buying a property in Buenos Aires, Argentina. That city is making a HUGE comeback from financial ruin. It has the potential for investors. A 1 bedroom in the most beautiful part if the city can be had for 75K.
Their economy is not at all declining. It doesn’t really have anywhere to go but up after 2001 when things went to shit there.
I think foreigners buy properties because they see potential for growth. And because they enjoy where they are buying.
Isn’t that partially true?
First of all One Brooklyn Bridge Park condos have a great view if you are on the water other than that there is nothing near by and you need to cross a main street to go somewhere and about 4 feet from the BQE…
For that price and be overlooking the BQE is crazy I dont get it…
Paying that money I would want to be in the heart of B-Heights or near Smith and Court Streets…
HEY, YOU SCRATCHED MY ANCHOR!
Americans have been buying real estate in foreign countries for ever until the dollar value decreased, look at Tuscany half of the best properties are owned by americans , so what is the big deal if europeans are buying here, we started the trend, what goes around comes around!
Its a big deal if the buying by foreigners is due to the relative decline of the wealth of Americans. I am sure most brokers could care less, but from a macro perspective, Foreigners buying out locals is a sign of economic decline. Not something to celebrate.
“The pace of the interest by foreign buyers in the outer boroughs is probably double…”
0 x 2 = 0.
“…there will be profit taking by some European investors, not investing.”
Couldn’t agree more, 11:18.
the williamsburg waterfront is a great location. it’s a short walk to the L unless far south in which case take the JMZ. anyway, irrelevant to you if you are an investor.