The Russians are buying up real estate in New York
The Russians and CIS citizens are increasingly buyers of real estate in New York and on Long Island. According to experts, the U.S. demand from the Russian-speaking residents in the past two years has doubled and continues to grow.
A typical Russian buyers of real estate - is married to businessman 35-45 years, having grown-up children. His favorite place - the city of New York and parts of Long Island, particularly fashionable Hamptons. Demand and resort destinations such as Florida.
"It's the wealthy people who are over 40, with children older than 20 years. It is logical that parents are looking for apartments with two or three bedrooms for their children. Often, the initiator of the purchase becomes a wife. The trust is to invest in real estate - one of the features of Russian mentality, "- says Victoria Logvinsky, vice president of Douglas Elliman Real Estate
Edward Mermelsteyn, a lawyer and senior partner of Rheem Bell & Mermelstein, specializing in providing legal services in real estate, said that over 20 years of practice he has never seen such sales activity for the Russians. His firm almost half of the transactions concluded with customers from Russia and Ukraine, and has recently become more buyers from Kazakhstan.
Lodging in Manhattan costs an average of $ 3 million, most in demand luxury apartments in the most prestigious New York City buildings. "Very rarely Russians buy property cheaper than 800-900 thousand dollars", - says Mermelsteyn. Most important for our fellow citizens - a prestigious district. The lawyer, apartment in a good location is 30-40% more expensive than the same for the less popular streets.
"Russian customers often buy property in the best buildings and prime locations, they focus on Park Avenue, the streets of West Central Park South and Central Park, 5th Avenue and 57th Street. They often ask where are the best buildings and apartments, "- says Logvinsky.
Besides the "Big Apple", the Russian-speaking diaspora develops spaces Hamptons region, which traditionally inhabits the New York elite, including former Mayor Rudolph Giuliani, current Mayor Michael Bloomberg, Bill and Hillary Clinton and others.
Logvinsky notes that this year began to show more interest in the Hamptons those Russians who are usually rented during the holidays at home in the south of France. Businessman Igor Sosnin rented a house in the summer for a record $ 850 thousand dollars. Igor Sharp, who already has an apartment in New York's Hotel Plaza, finished building a house in the Hamptons.
Not all Russian buyers are seeking "green card" after the acquisition of housing. According to Anna Gerson, a lawyer specializing in real estate transactions, many customers who already have an apartment in New York, satisfied tourist visas, which allow to remain in the country for six months. Russians often come here for the holidays.
In the U.S., buying real estate does not give the right to automatically receive residence permit, but in buying a home in the amount of 500 thousand dollars you can qualify for a three-year visa.
According to Logvinsky, it became more of our countrymen, who come from the British capital. "I also worked with several Russians who are tired of London, and wanted to move to New York with their families and move the business here" - she said.
Many deal with our fellow citizens, are registered in the company's one-day. According to Anna Gerson, she often had to deal with registration of the company only to have to bargain sale.
Experts believe that now is the time to buy luxury homes. "Obviously, the cost per square meter will rise. Today we are at the level of 2004-2005 ", - says Mermelsteyn. In 2008-2009, it was possible to get a discount of 20-25%. Currently, prices have stabilized, however, according to Logvinsky, it is still possible to slow down the cost by 10%.
The Russians and CIS citizens are increasingly buyers of real estate in New York and on Long Island. According to experts, the U.S. demand from the Russian-speaking residents in the past two years has doubled and continues to grow.
A typical Russian buyers of real estate - is married to businessman 35-45 years, having grown-up children. His favorite place - the city of New York and parts of Long Island, particularly fashionable Hamptons. Demand and resort destinations such as Florida.
"It's the wealthy people who are over 40, with children older than 20 years. It is logical that parents are looking for apartments with two or three bedrooms for their children. Often, the initiator of the purchase becomes a wife. The trust is to invest in real estate - one of the features of Russian mentality, "- says Victoria Logvinsky, vice president of Douglas Elliman Real Estate
Edward Mermelsteyn, a lawyer and senior partner of Rheem Bell & Mermelstein, specializing in providing legal services in real estate, said that over 20 years of practice he has never seen such sales activity for the Russians. His firm almost half of the transactions concluded with customers from Russia and Ukraine, and has recently become more buyers from Kazakhstan.
Lodging in Manhattan costs an average of $ 3 million, most in demand luxury apartments in the most prestigious New York City buildings. "Very rarely Russians buy property cheaper than 800-900 thousand dollars", - says Mermelsteyn. Most important for our fellow citizens - a prestigious district. The lawyer, apartment in a good location is 30-40% more expensive than the same for the less popular streets.
"Russian customers often buy property in the best buildings and prime locations, they focus on Park Avenue, the streets of West Central Park South and Central Park, 5th Avenue and 57th Street. They often ask where are the best buildings and apartments, "- says Logvinsky.
Besides the "Big Apple", the Russian-speaking diaspora develops spaces Hamptons region, which traditionally inhabits the New York elite, including former Mayor Rudolph Giuliani, current Mayor Michael Bloomberg, Bill and Hillary Clinton and others.
Logvinsky notes that this year began to show more interest in the Hamptons those Russians who are usually rented during the holidays at home in the south of France. Businessman Igor Sosnin rented a house in the summer for a record $ 850 thousand dollars. Igor Sharp, who already has an apartment in New York's Hotel Plaza, finished building a house in the Hamptons.
Not all Russian buyers are seeking "green card" after the acquisition of housing. According to Anna Gerson, a lawyer specializing in real estate transactions, many customers who already have an apartment in New York, satisfied tourist visas, which allow to remain in the country for six months. Russians often come here for the holidays.
In the U.S., buying real estate does not give the right to automatically receive residence permit, but in buying a home in the amount of 500 thousand dollars you can qualify for a three-year visa.
According to Logvinsky, it became more of our countrymen, who come from the British capital. "I also worked with several Russians who are tired of London, and wanted to move to New York with their families and move the business here" - she said.
Many deal with our fellow citizens, are registered in the company's one-day. According to Anna Gerson, she often had to deal with registration of the company only to have to bargain sale.
Experts believe that now is the time to buy luxury homes. "Obviously, the cost per square meter will rise. Today we are at the level of 2004-2005 ", - says Mermelsteyn. In 2008-2009, it was possible to get a discount of 20-25%. Currently, prices have stabilized, however, according to Logvinsky, it is still possible to slow down the cost by 10%.
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