From left: Karin Posvar-Picket, SVP at Corcoran, and Gea Elika, founder of Elika Real Estate

After a year of little activity, the foreigners
are back in full force, according to New York magazine. The British,
Italians, Brazilians, French, Australians, Russians, and Canadians are
have resumed buying in the states, particularly in Manhattan, after a
long pause due to the economic downturn and the weak value of the euro
against the dollar. Gea Elika, founder and principal broker of Elika
Real Estate, said he recently went through a stretch where he had four foreign buyers
in one month, and was been busy all fall. Most of the foreign buyers
are wealthy second homebuyers and often pay for the homes in cash,
Karin Posvar-Picket, a senior vice president and associate broker at
the Corcoran Group. [more]

Many buyers interested in modern buildings are looking for homes that
are a few years old rather than units in brand new developments, brokers say.
Developments erected earlier in the boom, before 2007, are getting the
most serious consideration. Brokers say an advantage to a nearly new
building is that it is likely to be sold out, so there’s a better
chance of securing financing. Many banks aren’t issuing mortgages in
buildings that are less than 70 percent sold. Buyers also don’t have to
worry about ongoing construction in a building that might not be
finished, or if a sponsor is going to rent out unsold apartments.
“Everybody I’ve sold to this year has been looking at brand-new and
decided they prefer to do nearly new,” said Karin Posvar-Picket, a
senior vice president at the Corcoran Group who has sold seven units
this year in the Metropolitan, a five-year-old building at East 90th
Street and Third Avenue. [more]