At the first ever U.S real estate forum organized by The Rea Deal in Shanghai, New York’s key residential marketers noted an increased interest by the Chinese on the NYC apartment for sale residential market. They are now playing a significant role in the in the city’s residential market. According to The Real Deal, the market leaders were however quick to note the Chinese are very price sensitive and are only attracted to apartment below $2 million.
It is apparent that the reason they had for long avoided the market despite its constant demand, is because of the high prices. These, the organizers attributed to the fact that New York is the safest large city in America. Another reason for the high prices they said, was because it also tremendously clean.
Lack of financing by banks for foreigners was also hinted upon as another factor that had discouraged the Chinese entry in to the New York residential market. Unlike the locals, foreigners have little credit history with the American financial institutions. This makes lending impossible and therefore requires them to have huge liquid reserves when buying these properties.
Speaking at the event Town Residential CEO, Andrew Heiberger, noted that the price sensitivity of the Chinese had opened up more residential frontiers such as Brooklyn. Town residential is the leading residential houses brokerage firm in the New York City. It specializes in leasing and sale of all types of houses and apartments across New York.
Among other key speakers at the event included Simon Barron of Simon Baron Development, The Real Deal chief editor Stuart Elliot, Kliegerman of Halstead property development and Douglas Elliman Brokers, Frank Eklund. In expressing love for the city’s prime properties, they ended the ended the event by each one of them stating what part of the city they would like to live.