Foreigners Continue To Buy High End Condos

Just before Christmas last year I remember reading an interview with several families from Ireland that had flown to NYC to do all their Holiday Shopping here in The States where is was 40% cheaper than to do so at home in Dublin. Imagine....it was cheaper to fly to NY, stay in a hotel, eat at NYC restaurants and do their shopping here than it was to stay home and buy their gifts there.....amazing and all due to the valuation of the dollar as compared to other currencies.

Well the same philosophy has been helping the NYC real estate market work its way through recovery. Foreigners, taking advantage of a weak dollar are buying high end condos here in the city. Some as pure investments and some to actually use from time to time as their vacation home. Some sharp developers have even opened sales offices in Paris, London and Madrid (amongst other cities) where they market their NYC condos to the ultimate consumers right in their own back yard.

So the next time you walk down the street and almost trip over people gazing up at the sky scrapers don't be so quick to assume they are tourists, they could be simply pointing out their own apartments.