Since I work with investors as well as home buyers and sellers, I have to stay up-to-date on the NYC market. I partner with NYC agents and agents in all major metro areas to make sure I can provide a full range of services, not only in the US, but all over the world. I recently had a chat with a colleague in NYC, Cici Cao, to keep my investors in-the-know about Chinese demand.
What is the state of the Chinese buyer market in NYC right now?
As of right now, a lot of high end Chinese buyers are making decisions much slower than a few years ago. Because of the 10 year visa being approved, it’s much easier to get in and out of the US. Some of them will make multiple trips to see properties before deciding on one. Most of the Chinese buyers are still thinking of buying here for their children, either for school or for a residence for them to live while they work in the States.
Aside from the usual marketing venues, what is the best way to appeal to this market when I have a property listing?
Other than the usual staging, video and 3d floor plans we have started to test out another app called “Periscope”. It’s an app where you can do your open house on live stream and people can join in and watch the live house tour. This is definitely something interesting and I just started to test this out so I can’t tell you if it is effective yet. I also have connections with other websites in China where they would advertise my listings in Chinese so this doubles my exposure for my listings.
Are there any specific types of properties that interest Chinese buyers in NYC over others?
Chinese buyers in Manhattan particularly like Central Park view apartments and water view apartments. Also, they typically like newer buildings rather than older structures. If there’s a kid involved, then they would care very much about the schools around the property.
What are the obstacles for Chinese investors in the US?
Getting the money to purchase in the US has always been an obstacle to Chinese buyers since they are limited to transferring only $50,000 per year per person out of China. I hope this will change soon so there will be more buyers that will be able to invest in the States. A lot of them also don’t really know the whole picture for investing since they only are exposed to the things that are being talked about on social media. Some think the only good areas to purchase are around Central Park.
Also, many Chinese buyers don’t really understand the different types of properties in Manhattan. For instance, they have no idea what a co-op is and why it would be very difficult for them to purchase one even though the prices are much lower than a condo. This is why having a good agent is very important for pursuing the right property and getting the best value.
For more information about NYC real estate, contact Cici Cao at firstname.lastname@example.org or at http://kwnyc.com/Yuan-cici-Cao. Make sure to let her know I sent you.