Ah, spring! The season of warm breezes, blossoming trees and brisk home sales is upon us. And last week saw a flurry of activity, with 22 contracts signed for homes $4 million and above, according to the Olshan Luxury Market report.
The number was a luxury market record for 2012, with the biggest contract signed for the $22 million duplex co-op at 88 Central Park West (12 room duplex co-op, park views, 6,000-square feet). However, most of the action was happening downtown and most of it involved condos (10 of the 22 contracts signed were for downtown condos).
Well, that didn’t take long. One57, that prime slab of midtown real estate, is already attracting top foreign-dollar, The Post reports. Apparently both Chinese and Russian tycoons are in contract to buy eight figure units in thee building, which comes as little surprise. Extell, the developers behind One57, have been unabashedly courting foreign buyers for months.
Earlier this week, The Observer looked at the measures developers and brokers are taking to entice that newest hot buyer, the Chinese. They might want to consider adding keggerators and tutoring services. Of the increasing number of Chinese buyers, an increasing number are buying for their college-bound kids, according to DNAinfo.
Wonder why luxury real estate is so expensive and hard to find these days? Blame the foreigners!
A report from Stribling released Friday gives some hard numbers to something New Yorkers have been complaining for years: foreigners are buying up all the best apartments. According to Crain’s, the brokerage claims that about 33 percent of all condo purchasers and 15 percent of all buyers in New York City are from other countries.