Condos are particularly popular with foreign buyers, who are usually excluded entirely from the co-op approval process.
Foreign Manhattan Buyers Showing Increased Interest in Condos Over Co-ops “Interest in condos has always been high because the flexibility of the ownership structure is often more attractive to investors, foreigners, developers, and because condos generally reflect the newest additions to the skyline.
Its critical for Foreign Investors to work with real estate agents who specializes in handling and managing the process to purchase, sell or rent investment properties.
The high demand from foreign investment is reflected in price. In the fourth quarter of 2016, the average price per square foot for a Manhattan co-op was $999, while the average price per square foot for a condo was $1,749, and $2,791 for a new development.
A condominium allows for much more freedom and flexibility. People are coming in all over the world into our market, and sometimes people live in the condo and sometimes they don’t.”.“A condominium allows for much more freedom and flexibility when it comes to purchasing and delivering a positive ROI.
There’s also the fact that the new developments in exciting and newly vibrant parts of the city, such as Hudson Yards, are condos.
Condos are a much more acceptable part of investors wealth strategies and the go to product for foreign investment.