Chinese Looking to Buy in NYC

There are many big cities in the world but none of them are quite like New York City. The Big Apple has one of the most consistently booming NYC real estate markets in the world and there are many reasons for this. When other parts of the country suffer down periods, like when the real estate bubble burst a few years ago, they saw slowed down interest in their homes and listings. In New York brokers kept busy, moving apartments and homes, and the market continued driving forward. In Shanghai a group of the most effective NYC brokers met together for the us Real Estate Showcase Forum in Shanghai. They talked work, trends, and making the big sale.

One of the prevailing topics of the Forum, which could partially be thanked due to the setting, was the flood of Chinese real estate buyers in New York City. Right now the Chinese are a big part of the higher end home and apartment sales being made. Part of this is due to the fact that NYC is home to so many big businesses but there is another aspect to it as well. Fredrik Eklund, reality star of “Million Dollar Listing New York”, pointed out that his clients “haven’t truly made it in life” until they own their own apartment in NYC. There is a massive amount of prestige that goes along with becoming an owner in the Big Apple.

Eklund went on to discuss how the city is pandering to these buyers, making it easy to keep the demand high by developing “incredible buildings with insane amenities”. Eklund pointed out what he called the “third new development wave” as a descriptor for the Chinese sales boom currently going on. He referenced the high end luxury apartments and hotels, with almost infinite amenities, as one of the key contributors to the boom.

Jonathan Simon, CEO of Simon Baron Development, made sure to point out that New York is one of the safest big cities in America. He talked about how much the city has cleaned itself up and how that is an attractive feature to purchasers. Big cities are notoriously unsafe in certain parts of the country with one only needing to look to Chicago and L.A. as examples.

Of course Town Residential was also represented with their CEO Andrew Heiberger in attendance. Heiberger talked up Brooklyn, calling it the “next great city”, and pointed out that its influx in popularity was due to the Chinese buyers who are willing to spend between $800,000 and $2 million for a place to live.