Diploma Developments! Many Chinese Buyers Are College-Bound

College, the latest real estate ammenity! (<a href="http://www.cityprofile.com/new-york/columbia-university.html">CityProfile.com</a>)

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.

Real estate adviser Justin Stewart has been in deep discussions with a client from China who’s determined to buy an an apartment in Manhattan in anticipation of his son attending college here — even though the boy is still four years from graduating high school. [snip]

Many of these clients have been buying or looking at new condos in Harlem for their children attending college or grad school at Columbia, Fordham or other schools in the city, [Stephen G. Kliegerman of Halstead] said.

“The Chinese buyers see Harlem as a good value and an up-and-coming area,” Kliegerman said. “They’re interested in the value and the quality of the product. They’re looking for the contemporary finishes.”

So they’re buoying the currency, they’re buoying the real estate market, and now that Americans can’t afford college, the Chinese will happily keep that afloat, too.

mchaban [at] observer.com | @MC_NYC Diploma Developments! Many Chinese Buyers Are College-Bound