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
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!
11:34 – developer’s group or corcoran? for my retirement. rrriiighhtt…
Europeans and Asian investors are not racist.
United States provides good value for their various currencies.
US politically has always been stable not like dictatorships, coups, etc worldwide.
On the inside foreigners are not racist either nor are they hypocrites. .
.The world is a large place and brooklyn is only a small part of it.
11.06, don’t get me wrong, I love Manchester, and loved it while I lived there. I actually lived in Chorlton, which I’m sure you’ll agree is not a bad area, perhaps the most desirable central neighborhood of them all. My home, and those of most of my friends, was burglarized at least once; mugged or attacked on the street more than once; vehicle stolen (and my friend’s husband’s van was just stolen in Chorlton last week), etc. There is just no comparison.
Ok, clearly the gun crime rate will be higher, because guns are easier to buy here. The only online comparison I could find (googled NYC versus London crime rate) said London’s crime rate is 40% higher than NYC’s. Of course if you live in certain NYC neighborhoods and are perhaps involved in a gang or some drug trade, or unluckily walking by some, you are at a higher risk of getting shot. This does not negate my point that average people are more impacted by crime, more afraid of crime, and more likely to be assaulted or robbed in the UK than they are here. Again, I ask you if you have lived there.
I have noticed that European and Asian investors are extremely racist. On the outside they are all progressive holier-than-thou types, but inside they are in the 1950’s when it comes to race. They view Brooklyn as being predominantly Black and so they will not set foot here after dark much less buy here.
Jerri – you are an idiot. Read my first sentence. I do not deny that Eurpoeans buy in Brooklyn to LIVE HERE. But that alone won’t prop up prices. I simply stated that the Europeans I know (and there are quite a few) do not buy property in Brooklyn to INVEST, partially because there are so few condos in good neighborhoods, partially because a prime Brooklyn townhouse is a huge investment with large carrying costs, even if you are paying in Euros or Pounds.
Aren’t those Williamsburg waterfront condos quite a hike to the L train? I guess there are/will be ferries but that’s not always so convenient once you get into Manhattan. Also, I hear the L train is already so packed people cannot get on in the morning at the Bedford stop. Views are killer, but not sure the location is so hot.
speaking for a group here is silly. minor anecdotal evidence means zip.
do predict that the williamsburg waterfront condos will be gobbled up and very valuable within a 5-10 year range. my anecdotal evidence is that i do know many people buying investment properties in williamsburg now.
the williamsburg waterfront views and that entire area will not be duplicated anywhere. unlike dumbo, it will be completely isolated from projects, loud bridges and smelly traffic.
we will see true lovely “beach” front and public park area. if you want to fret about the next 2 years, go ahead, but within 5, huge uptick in value there.
if there are brownstoners committed to brooklyn here, buy now in williamsburg pre-construction prices and rent out. you could make a lot of money for your retirement.