nw3 to nyc

Observations on moving my family across the Atlantic

Crazy world of the New York property market

Leave a comment

When we left NW3 the property market was mad. House prices just kept going up and up and most flats in the area were going for well over 1,000 pounds per square foot. It was unaffordable to many but very attractive to a lot of foreign money, with many overseas buyers looking for havens for their spare cash. I still subscribe to a few estate agent websites and see the jaw dropping prices of flats near where we used to rent in NW3. It comes as no surprise then that New York is pretty much in the same position: little inventory, lots of demand. There was a front page article in the New York Times yesterday about this. Property selling works a bit differently here. The buyer has an agent and the seller has an agent. So often the buyer and the seller don’t even meet, it’s done through their representatives. Open houses are common, with the seller’s agent arranging viewings with the brokers representing the buyers. The New York Times article talks about 100 buyers crammed into open houses for one bed flats; with dozens of above asking prices offers; and the level of all cash buyers is stunning. It’s  a crazy world. I’m so glad we aren’t buying here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s