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Brokerages adjust services for foreign buyers

Paul Gottsegen, president of Halstead Management Company

As more international investors eye New York City real estate, brokerage firms are adding services to their repertoire to assist in the buying process for out-of-country shoppers. Paul Gottsegen, president of the Halstead Management Company, said his group launched Halstead360 so that foreign investors would be able to more easily purchase property. "Someone in Ireland can literally invest in a New York apartment without ever having to leave their own country," Gottsegen said. "They can just wire funds for the closing, and we take it from there." The service includes assistance from legal experts, accountants, and real estate wonks who can anticipate the problems an out-of-country buyer might face. "We've taken this real estate product, which people are frightened of, in a way, because they're thinking, 'who's going to handle it?'" Gottsegen said. "It's a little scarier than a stock." This kind of service could be cropping up in the coming months, industry experts say, as more sellers will start to rely on foreign interest in the down domestic market. [NYT]