Yesterday, I reported on the strong luxury housing market in and around Beverly Hills, the same goes for the super luxury Manhattan real estate market.
A mystery buyer has agreed to pay a record price in New York of more than $90 million for a duplex penthouse at a Midtown tower, reports NYT.
The undisclosed purchaser bought the 10,923-square-foot penthouse on the 89th and 90th floors of One57, the building currently under construction at 157 West 57th Street.
Reports are that foreign buyers, including Brazilians, Chinese and Russians, have been on a buying spree in New York and Miami in recent months, developers and brokers say, according to NYT. In other words, the Brazilians, Chinese and Russians are starting to spend the dollars they have accumulated, outbidding Americans for super luxury properties in the U.S.
Bob,
ReplyDeleteis this to say that Brazilians, Chinese, Russians, etc., are exporting to us the inflation that we had been exporting to them for the past decade or so?
BTW: I have it on good authority that Toronto is experiencing a similar inflow of foreign cash into its condo market to the tune of over $300bil.
Yes!
DeleteI live on the 10th floor in a condo just east of the center of Santiago, Chile. I can only view south/southwest from our balcony. I can count 11 yes(eleven) platform construction crane's. Every building is going over 8-10 floors high. Most residential, a few commercial. The companies are Chilean, Brazilian, Spanish, German. My guess is profits from copper, farming and vineyards locally, and dollar assets abroad are building these. What is going to be the result? Oversupply? sound familiar? We are looking at selling this property before all that supply comes online.
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