'Foreign buyers are back and hungry'
From Curbed.com blog
By Curbed.com, Friday, March 27, 2009.
NEW YORK -- Corcoran broker Patricia Cliff tells the Raising the Roof blog that foreign buyers are back and hungry -- with Europeans making up 40 percent of her buyers over the past six months: "The bulk of the buyers have been Italians, Spaniards, Scandinavians, and 'inhabitants of London, who are typically not English, but rather from the Middle East, and Far East,' she says.
"The typical overseas buyer these days is looking for a 'place to park money' and, unlike in the past, they are 'not interested in new development condos,' she said."
Copyright (c) 2009 Curbed.com LLC
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Submitted by Michael Daly on March 28, 2009 - 8:36am.
There's a real danger in this type of anecdotal reporting. "40% of buyers" could be 2 of 5 or 40 of 100.
In our quest to look for "good news", IMHO it's important to quantify what's happening. We know how "anecdotal" real estate agents and brokers can be...
ps- read the comments on the curbed post. The comments are where the real story is all too often.
Michael Daly
The Hamptons Real Estate Blog
www.beachamptons.com
631 725 0554
Submitted by Michael Shannon on April 9, 2009 - 10:18am.
Since June 2008, my team has sold hundreds of homes to investors from out of state and overseas, mostly Britain, Australia, and California)