Foreign Buyers Investing in New York Real Estate

The American economy has taken some hits in recent years and so have other nations globally. The value of the Euro has dropped to a four year low, but that does not seem to have affected the foreign investors’ interest in American real estate; especially the interest in the upscale Manhattan real estate market. Properties with prestigious and well-known addresses like Park Avenue and 5^th Avenue seem to be the safe haven foreign investors have chosen to place their money. The fear that the sinking Euro would curb sales of New York real estate has subsided, and the hunt for the properties in demand has begun. The challenge now for individuals with a New York real estate license is to locate what the foreign investor is looking for.

The foreign investors are wealthy and they have high end needs. Properties must not only be at a desirable address, it must have the amenities that a high end client wants. For the most part these buyers are not looking to flip; they are looking for long term properties. They are looking for properties in fully-serviced buildings with two or more bedrooms and if you make a living with a New York real estate license you know that they can be hard to come by. There is a need for qualified New York real estate agents to find these properties and when they do, the commissions are fantastic!

If you are someone considering a career in New York real estate, this is great incentive. The average sales price for a Manhattan condo is well over 1.5 million dollars and the high end properties go for much more. There was a recent sale to a foreign buyer in the Trump International building of a condo with views of Central Park for 8 million dollars. The average commission being a 50/50 split between agent and broker of between 4-6% of the sale price, it does not take a mathematician to see the potential for income.

Real estate is one of the very few career choices someone can make without going deep into debt or taking years of education to get a degree. The real estate courses required for a New York real estate license can be taken through an online real estate school 24 hours a day 7 days a week from anyplace with an internet connection. There are only 75 hours of courses to be completed successfully in order to sit for the exam so in just a couple of weeks you could be on your way to making your first commission. Then there is the added bonus of the cost; for well under $1000.00 you can have an amazing new career with unlimited income potential. No other degree program can offer that level of income without mounting up tens of thousands of dollars in tuition fees.

The real estate market is making its comeback slowly but surely. With the worst of the housing crisis behind us, it is clear that even foreign buyers still find New York real estate a safe and secure investment.