Foreign Property Helping Real Estate Manhattan
Real estate Manhattan is one of the biggest real estate markets in the world and almost foreign investors who want to invest in this field are taking too much interest in this beautiful part of the New York City. Many countries like Senegal, South Korea, Singapore, and Laos have their home in Manhattan; however, it does not mean that they are in United States of America. Instead, these countries are among all those countries of the world, which are purchasing and hiring offices and residential spaces in Manhattan, which is working like fuel for the market of real estate of Manhattan because in these days real estate Manhattan is passing through the phase of downturn.Most of the time sellers of real estate and property, feel shy when transaction is from foreign investors in foreign currency because these investors take some time to make decision about purchasing of property and similarly their leadership can change which will result into canceling of decision or deal.
There are also some special security reasons behind this, which will be hurdle in the process of negotiations and selling purchasing process. If you see in Manhattan, foreign investors or property purchasers are not in the list of sellers to sell their property when there are height of their business but at the time of downturn almost all sellers of real estate Manhattan would like to sell their property to foreign investors and they wait continuously for them.These foreign investors or property purchasers are mostly governmental persons who come here to purchase space for offices and residential areas, which are mostly for cultural center in Manhattan, as Singapore is building a culture center along East 32nd. This cultural center will have a theatre, traditional amenities, and a beautiful art gallery.Moreover, there are many other countries of the world, which are starting their projects in Manhattan, and even many countries have planned their projects, they are only waiting for the finalization of their deal with sellers, which can be a multi year process.
For example, “The Ivory Coast” took more than three years when they were purchasing an office condominium of 8 million dollars along with Second Avenue and total time of escrow in over one year.In the recent years, a purchase deal was held by the court with Senegal, as owner of the property claimed that this country is misleading with him and they are promising for the payment transaction but they never follow their promises or never pay any thing. After this case, almost two-week later seller got the payment from purchaser. However, this all process ended after lot of headaches for investor along with bad impression and press of his country.From the later example, you can see that sellers are right to not sell their property to foreign investors but when there is downturn to their business, they are ready to take risk of selling their property to foreign investors with some kind of negotiation processes and bargaining.
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