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
Brooklynnative…I agree with you…owner occupied will continue but the investment properties require a lot of work and are best suited to condos which I am learning are far fewer in Brooklyn than the coops.
i think you are correct about the jist of the article.
DKDC, I’m only interested in brownstones (and brick and limestones, too)
With the European housing markets about to fall off a cliff (and the rest of the Euro Zone with it) I can’t imgaine there will be many looking to invest here. If anything, as the exchange rate starts to improve (for us) there will be profit taking by some European investors, not investing.
MsShook- Compare the murder rate of Brooklyn and London, and get back to me on which one has a higher crime rate.
I have another home in Philadelphia as well, the 5th Borough. I’ve been there since 1998, well ahead of the recent migration wave of Manhattanites.
The crime rate there is higher than any major city in the country yet New Yorkers continue to move there and drive up the prices. You’d be amazed how prices moved from 1998 to now.
And by and large, the New Yorkers are looked upon as foreigners. The locals don’t like many of them with their pushy, obnoxious, complaining behavior and I, not a native New Yorker, can’t diagree at all.
Everyone is saying that Europeans have moved next to them which I have no doubt is true, but that’s not what the article seems to be saying. It’s saying that there are Europeans living over there and buying a Brooklyn Townhouses as investments. Sounds crazy to me, these townhouses require a lot of maintenance and you can pay someone to do it but it will cost you an arm and a leg if you are not here personally managing your property. I doubt this is happening.
Mshook, compare gun death rates over there to here. Yes, there might be more fights/muggings/etc, but I think Brooklyn itself probably has more gun deaths in a year than England does in one year…
PPSer…thanks for acrtually understanding what I was trying to say.
That phrase I used in my 10:05 post about not selling if you don’t want them to buy was actually used when the Japanese came over to buy Rockefeller and Pebble Beach in 1989
ms hook, you must have lived in one crappy area in Manchester!! Manchester has always had problems with high crime however I never had any of the problems you talk about when I lived there. As for the rest of the uk, it is pretty damn safe in comparrison.
The kind of sentiment expressed (and disavowed) by daveinbedstuy is troubling. Don’t sell to foreigners? And don’t sell to jews, or blacks, or hispanics because property values could be affected?