Weakening $ spur foreign interest in Manhattan again?

With what money? In case you have not heard this is a global recession. And banks aren't lending overseas either. And many of them have been bailed out by their governments too. And the dollar is still MUCH higher versus the Euro and especially the pound than it was when they came over here shopping for condos.

Are you talking about the global recession that is projected by the Fed to end in the current quarter? Yes, the dollar is still not at the 2007 lows but it's getting there.

steveF, you do need your reality testing checked.

Getting there? High on Euro - 1.59, Low on Euro - 1.26. Current 1.38 is a lot closer to the low than the high

Well, yes, I am noticing that more foreign buyers are coming back, citing the weakening US dollar. Apparently, it has been down significantly over the last few days against Japanese Yen (something like 15% down over the last year?), and there have been some movements associated w/ this, according to my colleagues.

If you listen closely, you can hear the steady thrum of Aer Lingus GE 90 turbofans now....

Jerkstore - LMAO!

I prefer Rolls Royce engines for their cachet.

Yes because foreigners are inherently stupid and think that buying an asset whose value is falling like a rock is a good idea just because their currency is up today.

There can be whatever movement that people want to claim but here are a couple of facts:

Manhattan Inventory as of today (according to the dropdown on SE): 14,380
Inventory this time last year: 7,803
% increase: 84%

This is simple supply and demand. Higher inventory leads to lower prices.

I haven't posted a lot on here but from what I've read over the last month it appears SteveF has some sort of agenda in pushing an optimistic view. At this point I think that almost everything I've read from him is wrong, misstated or just plain ignorant. People should avoid his advice at all costs unless you want to lose a lot of money in the near term.

...and this has implications for the alleged increase in foreign buyers how?

Yep, GettingOut, that about sums it up.

oh we cant be serious with this argument...like the fed minutes, lets stop listening to the fed presidents and focus on the staff comments because those are more positive!

yay, selective hearing is great!!

yes so Getting Out what advice did i give other than to say a weak $ is great for manhattan real estate. It's just a fact. My agend is to counter all the stupid, pessimistic, doomsayer, still renting, going nowhere losers who might influence some potential buyers out of making the best investment decision of their lives. And yes I become wealthier as do they...and not you...:)

malthus..your arguments are soooo played and make no sense.

Oh I see, its not fundamentals driving down prices. Its bad PR.

Sure Steve, MY arguments are played. Keep tilting at those windmills.

SteveF - Unfortunately, foreign investors have also been very badly hammered and credit is more restricted for them --

all your points make sense. they are coming from different angles. weakening dollar cheapens property by just the value of currency looking at it from outside the US economy at the same time the basic law of supply and demand... coupled by scarcity of money, which further drives prices down. when you are confronted with a rent or buy decision, one would tend to rent. rents are so low, or should i say mortgage payments are still too high

you need an average of 40 to 50% down payment in order to have mortgage payments approximate market rents. You need about 200 to 300k to buy a studio to one bedroom in a decent location in manhattan.

"Newsflash: the strengthening economy weakens the USD against the major currencies.
http://www.cnbc.com/id/30833550

This is great for manhattan as a weak $ leads to foreign investment in manhattan assets."

Amusingly, this has been the case for months, and sales are still in the crapper.

Nice try, though SteveF

"With what money? In case you have not heard this is a global recession. And banks aren't lending overseas either. And many of them have been bailed out by their governments too. And the dollar is still MUCH higher versus the Euro and especially the pound than it was when they came over here shopping for condos."

The same money that is chasing gold, oil, silver, copper, zinc, agriculture goods.....

"chasing"

ROFTL.

Gold less than it was a year ago.

Dow Jones-AIG Commodity Idx is down MORE THAN HALF from just a year ago!

If this is "chasing", no wonder why ericho thinks Manhattan RE is going up.

Got to love it...

Wow, some people will ignore all the facts and believe only what they want to believe.