Foreigners continue to buy U.S. real estate

New York /
Jun.June 14, 2010 06:30 PM

Pamela Liebman, CEO of Corcoran

The sinking euro hasn’t derailed foreign appetite for premiere U.S. residential real estate such as along New York’s Fifth Avenue, at least for now, top real estate professionals said today. “We thought our foreign buyers would flee, but they haven’t as yet,” said Pamela Liebman, president and CEO of the Corcoran Group, at the Reuters Global Real Estate and Infrastructure Summit in New York, Reuters reported. The next several weeks will reveal whether the market chaos that recently swept the euro to a four-year low will eat away at foreign demand for Manhattan properties, she said. “It still feels as good as it did before the euro crisis, but we’re waiting to see, and it’s nowhere near what it was with the condo boom,” Liebman added. Foreign buyers are looking for a safe place to put their money, and they are finding that in the best-known U.S. addresses, said Jay Koster, president of Americas Capital Markets for Jones Lang LaSalle. “There is tremendous
appetite especially if [the address] says Fifth Avenue or Park AvenueOr Madison Avenue,” he said. [Reuters]

 

Related Articles

arrow_forward_ios
Pam Liebman (Illustration by Paul Kisselev)
Pam Liebman’s lifeguarding days
Pam Liebman’s lifeguarding days
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)
Welcome to Queens: Corcoran opens first borough outpost
Welcome to Queens: Corcoran opens first borough outpost
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...