International shoppers bring optimism to NYC residential market

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Spurred on by a recent rally in the U.S. dollar, more foreign buyers are taking a peek at New York City residential real estate, according to Reuters, causing optimism for some in the industry. Drew Glick, a broker with Brown Harris Stevens, said that international shoppers are ideal buyers, because they tend to be more financially stable than U.S. homebuyers. “The foreigners that are coming to buy now, they’re wealthy, they have all cash, they’re people who have weathered the financial storm that the whole world has been through,” Glick said. Although he said that there are fewer foreign buyers today than there were two years ago, Glick also said that as many as 15 to 20 percent of shoppers at some of his listings are from overseas.