nativehoustonion Posted November 4, 2016 Share Posted November 4, 2016 Does anybody think they are getting over built? The Park Avenue highrise is $70 million penthouse and 1,396 feet tall. They are still building more. I wish I had that much money! Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted November 5, 2016 Share Posted November 5, 2016 London, NYC, and a handful of other cities around the globe attract "investment" in real estate from "foreign investors". Some of these "investors" may be simply parking money -- using the property as a means to get the cash out of their native currency and "hide" the asset itself. Pick your favorite billionaire from Russia, china, Africa, or Latin America. Some are "cycling" money. It has been suggested that they may be "laundering" money but, that is a question for another day. given this "cycling" , ultra high-end real Eastate in NYC will likely continue. Oh, and the apartments that they buy may never be lived in during their ownership. Quote Link to comment Share on other sites More sharing options...
Twinsanity02 Posted November 5, 2016 Share Posted November 5, 2016 NYC is certainly having a building boom. The number of supertalls going up is unprecedented. Are these "foreign investors" involved here.I would be very surprised if they were not. Quote Link to comment Share on other sites More sharing options...
SirJac Posted November 8, 2016 Share Posted November 8, 2016 It's a world economy and real.estate is a part of every economy in the world. Everyone knows that New York City, especially Manhattan, is prime. Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted November 8, 2016 Share Posted November 8, 2016 29 minutes ago, SirJac said: It's a world economy and real.estate is a part of every economy in the world. Everyone knows that New York City, especially Manhattan, is prime. 1) who is "everyone" and 2) what does "prime" mean? in your opinion and based on your research, who/what is driving the expanding "ultra high priced" properties in NYC? Your analysis may help the person who started the thread gain more insight. Quote Link to comment Share on other sites More sharing options...
SirJac Posted November 8, 2016 Share Posted November 8, 2016 From what I have heard, shell companies. This makes it hard to determine exactly who, and from where, are buying. As far as what is driving the prices up? It doesn't really matter where these investors are from, what matters is they are paying top dollar. All it takes is a few buyers who don't squabble about the prices to get this ball rolling. Soon, everyone with the cash it takes to buy more will do so at the asking price, which slowly goes up when the demand does. Economics 101, supply and demand, in action on a billion dollar scale. This has been going on for at least a year now. Quote Link to comment Share on other sites More sharing options...
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