There has been a lot of talk over the last few years about demand from foreign buyers. There is no doubt that we continue to see an influx of buyers from around the world. In fact, our website tracks hits from 131 countries around the world. Massey Knakal last tracked that 12% of the buyers came from overseas.
However a new breed of buyers has arrived in NYC – first time domestic buyers. They have been a dominate force as-of-late. These institutional and private buyers have come from California, Colorado, and even such exotic locations as Kansas. Many have substantial national portfolios. Now they have turned their attention to NYC to both diversify and take advantage of the strength of our market.
One of the most noticeable new players has been UDR, Inc. a Colorado based REIT. They have purchased a combined $1.2B in luxury residential apartments buildings, accounting for an astounding 7% of all NYC sales in the first three quarters of the year....
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