The Real Deal New York

From the January issue: Steven Toumbas, an equities investor in London, is a shining example of the type of buyer foreign newspapers are fawning over these days. He’s taking advantage of the tumbling dollar and falling U.S. real estate prices to make his dream of buying a second home in Manhattan a reality. Toumbas planned to buy a 540-square-foot luxury apartment in the Trump SoHo listed at $1.2 million, London’s Financial Times reported Nov. 10. At then-current exchange rates, it would only cost him about £572,000, or 820,000 euros, but he decided to wait for even more of a discount. As the dollar has plummeted in value against foreign currencies in recent months, journalists overseas and across the Canadian border are offering potential buyers advice on how to how to make the most of a rare opportunity.