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.