The Real DealSeptember 14, 2012Latin American countries have been a consistent source of buyers for Manhattan’s luxury condominium market through the downturn, but the New York Times pointed out that the specific country producing these buyers continues to change.
In a story that focuses on Argenties surpassing Brazilians as the largest buyer of luxury condos in Miami, Prudential Douglas Elliman broker Maria Velazquez told the Times that a similar shift has occurred in New York City. Last month, Velazquez sold six apartments for $8 million to Argentines she escorted through the city, including four at One Museum Mile. She said many of the buyers already have multiple apartments in Miami.
But the shift is ongoing. Argentina is now being surpassed by Venezuelans. In the past year Velazquez sold $35 million in real estate to Venezuelan including the three $7 million penthouses at the Aldyn, at 60 Riverside Boulevard.
The Times said Venezuelans are concerned about the Oct. 7 elections. A legitimate challenger to President Hugo Chavez has arose in Henrique Capriles, and the wealthy are desperate to get their cash out of the country. In fact, many are employing expensive and illegal methods to do so.
Last year, Stribling & Associates said foreign buyers make up one-third of city’s condo purchasers. [NYT] – Adam Fusfeld