Manhattan real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/challenges-for-foreign-investors-in-new-york/) explaining the challenges for foreign investors in New York. The lawyer mentions that investors, especially foreign ones, are attracted to the New York real estate market. According to various real estate brokerages, there is a decrease in foreign buyers in New York during the pandemic.
According to the Manhattan real estate attorney, “The good news is, according to a Bloomberg News article titled, “Manhattan Luxury-Home Buyers Come Back, Lured by Deep Discounts,” “Contracts to buy Manhattan luxury homes are faring well even in the pandemic, with more deals signed in the past three months than in the same period last year.” Working with international buyers and in light of new regulations, we observed that even with investing billions of dollars in New York’s market, foreign investors still faced several challenges.”
The lawyer explains that one of the challenges foreign investors face is the language barrier. New York City is one of the most populous cities in the United States and also houses a lot of immigrants. Despite the city is home to a lot of different languages, foreign investors can still face many challenges associated with language barriers.
Attorney Sishodia says that another challenge foreign investors may face is the disclosure of identities in All-cash purchases of homes priced at more than $300,000. The government has required real estate companies to disclose names behind cash transactions, and it is likely that this regulation will shake the real estate industry.
“Most foreign investors buy all-cash newly developed properties, but, for example, with 3mln to invest, the same investors could invest in two different properties by putting 50% down and financing the rest. In spite of established banking regulations, challenges remain for potential investors planning to work with banking institutions in the U.S. In particular, new criteria in KYC banking regulations have led to a number of challenges from rising costs to the difficulty of implementation,” says the real estate lawyer.
Lastly, the lawyer also stresses the importance of having an experienced lawyer when negotiating the purchase or sale of real estate, or in any other real estate transaction. An experienced lawyer can help clients understand their rights and ensure they get the best deal possible.
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