WSJ refers to Wei Min’s deal in Foreigners Snapping Up U.S. Properties

Posted by Wei Min Tan on November 14, 2017

Publication:  Wall Street Journal

 

Summary:  The Wall Street Journal’s Nick Timiraos writes about foreigners picking up U.S. properties as prices in the U.S. have been sliding while the U.S. dollar is weakening.  The dollar’s weakness against certain currencies is driving buyer demand from Asia, Canada and Latin America.  The concept of investing in property may seem risky to Americans but to savvy foreigners this is a prudent strategy.  International buyers accounted for 8.9 percent of real estate transactions in the analyzed period.

 

Wei Min’s comments in the article:  To show the foreign buyer frenzy in the Manhattan market, Wei Min gave an example of a client who lost out to a different foreign buyer for a $1.6 million condo in the Financial District.  Foreign buyers realize Manhattan prices are not going lower.



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New York, NY 10022





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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.