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Increase in domestic real estate sales to international buyers via online services
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Added: 04/10/2004
Type: Summary
Viewed: 832 time(s)
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Increase in domestic real estate sales to international buyers via online services.
Like Paris, Tokyo, London and Hong Kong, New York City is renowned as having some of the most expensive real estate in the world. However, the dollar’s recent decline versus most major currencies and with interest rates near a 40 year low, New York City stands apart as being more attractive than ever to foreign investors. Taking advantage of favorable interest and exchange rates is not a new phenomenon. What is new is the ability to leverage the Internet to connect property buyers from abroad with local brokers through such services as CityRealty.com.
In the past six months, while apartment prices in New York City have not fallen, favorable exchange rates have made them far more attractive to international buyers. With the decline of the US dollar around the world, the relative cost of a Manhattan apartment have dropped by as much as 20-30% for foreign buyers. In the past, few people could take advantage of this due to the time and travel required to search for an apartment to buy. However, with internet based services like CityRealty.com, foreign investors can meet broker-specialists, discuss their real estate needs, and even view apartment photographs and floor plan before they even set foot on a plane. “CityRealty has seen a 30% increase in international visitors and registrations in the first quarter of 2004. And with 100 new registrants every day, it is substantial.” Says Daniel Levy – President of CityRealty.com.
CityRealty is a networked real estate service that has leveraged the Internet to connect apartment buyers with experienced brokers who specialize in specific areas and types of apartments. “We have been seeing a marked increase in international buyers in the past six months who we are able to connect to a broker who understands their unique needs, tastes, likes and dislikes before they even arrive in Manhattan. Before, buying an apartment in Manhattan meant staying in a hotel for several weeks while hunting for an apartment. Now, most of that work can be done from their home country. We make it easier to buy an apartment while living in another city or country, and create a very positive buying experience when they arrive.” Says Mr. Levy.
Together with favorable exchange rates and low interest rates, CityRealty.com is helping change the way people buy property in New York City. This has been accomplished by creating a network that crosses over international borders and that provides an inside track to the complex New York City real estate market.
Since its inception in 1995, CityRealty has steadily grown into one of the largest and most popular websites for New York City residential real estate. It has created a marketplace for New York City real estate, and an exchange that connects consumers with brokers to help them easily and efficiently buy, sell and rent New York City property. A re-design is scheduled to launch in April, indicative of their efforts to continually respond to the needs of their members and create a truly user-friendly experience for buyers and sellers of Manhattan real estate.
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