European buyers make December a busy month for Manhattan real estate
The sidewalks of Manhattan are crammed this month with European tourists on shopping sprees, picking up gifts that cost far less in the United States than they do at home because of the weak dollar. But they are not just crowding into boutiques and department stores. Some of them are also shopping for condos.
“There’s bargains to be had,” said Kerry Miller, who with her husband, Marty, was working through her Christmas gift list by buying sweaters at Abercrombie & Fitch and makeup at MAC, as well as touring 29 apartments. The couple searched for a one-bedroom condo they liked for about $650,000, and were close to making an offer for one in the Chelsea section of the city.
While locals remain wary about real estate and worry about bonuses and the economic climate, tourists are keeping brokers busy with their eagerness to buy up Manhattan apartments.
“The exchange rate is like a gift from God for Europeans,” said Danielle Grossenbacher, the Coldwell Banker Hunt Kennedy broker working with the Millers. “Everybody is feeling they have an opportunity to purchase a piece of Manhattan.”