--- In AsburyPark@yahoogroups.com, "lindagriggsartist" <[EMAIL PROTECTED]>
wrote:
>
> Euro keeps NYC real estate prices up - how do we get Euros in Asbury?
>
> Someone told me that the US housing slump had no effect on NYC because
> the weak dollar means that NYC real estate is effectively on sale if
> you've got euros.
>
> So how do all these co-op converters and house flippers get the word
> out to rich Euros?
>
> I wish I knew.
>
I do a lot of Manhattan land valuations for litigation. The other day
we had a meeting with the CEO (female) of the largest US re company in
for a talk. They advised us of a sale of a site just on the western
fringe of Times Square that was in contract and not closed. Without
even closing yet on the site, let alone beginning demolition and
construction, the planned condos have all been pre-sold to Irish
buyers. The Irish have been the most prolific buyers in NYC.
Besides the obvious currency conversion discount, European real estate
is extremely expensive relative to the US. Europe has maxed out
development and land coverage over a much greater period of years than
the US. Europeans look at the US as sparsely populated.
While the Irish have experienced a great economy over the past decade,
it is very difficult for Europeans to buy real estate. Homes are
typically inherited and generations still share residences. It is
quite uncommon in most of Europe for newly married couples to have
their own home.
Could you market AP to Europeans? Perhaps. Canadians and Brits have
always favored the warmer climes. I remember Ft Lauderdale and
Hollywod FL becoming an extension of Montreal.
Might be a hard sell. You would need someone to be working over there.
If I were Metro, that is what I would do.
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