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Foreigners Buying U.S. Real Estate

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  • Description

    Douglas Elliman CEO Dottie Herman on foreigner's impact on the real estate market.

  • Duration 2:52
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Every case a little hope there wouldn't.

-- the -- -- -- becoming the foreigners are coming and they're gobbling up US homes and apartments last year foreign buyers purchased 82 billion dollars worth of US housing.

Joining us presidency of Douglas element real estate.

Dottie Herman thanks for being here so at the high end especially foreigners are you told me comprising -- -- 20% of purchases that's up from before the bubble.

-- at least and and it's.

Not -- fat it's amazing.

The -- looking at probably 203040.

Million dollar apartments in the city that a question not gonna live -- -- year.

I have them in the city I have -- in Miami they -- new.

They like high -- I thought the richest properties.

-- state insulated from declining in value during a slump did did this time to even the richest properties go down in value.

Well -- looked.

Everybody got -- and the last couple years but New York was last -- to -- hand on the first one back that's a nice that.

And the hot spots where foreigners buying.

Well they're buying high rises -- a very new construction they like knew a lot of the -- -- said -- -- you know 5560 million dollars 157 which is on.

They're put down millions -- -- for stuff that -- bought yet back.

Miami's South Beach -- we have been projects there the abating of 35 million dollar penthouse parents.

They wanna move -- -- here as crazy as this sounds better all the stuff that goes on the US if you ask them -- Why they they still feel their money is safer here.

Exactly in a panic that the US can create.

Money is applying back into the US at the least panicky -- how much of the foreign buying.

Is individual investors vs these institutions like Norway's sovereign wealth fund has been buying up some stuff here how much institution -- The big institutions -- buying up lots of foreclosed properties in Arizona and -- of California.

At -- However those a much cheaper properties they're buying into next to nothing and the you can buy houses -- -- less -- a thousand dollars here.

And there renting -- They're gonna hold them and then they'll sell them on the market gets -- again however be.

Flip side to that.

And -- read it you know you're reading about well -- you know the best is buy them and they're not you know homeowners cannot live in them.

That would -- it really starts to go up.

They're -- gonna dump them at the same time and people are afraid that that could create another who lit you know all of got again.

And rightly reacted instantly prices will fall again yes but -- I think like nothing like the torture we've been through I mean you must feel like -- -- -- I have -- and -- I can say is congratulations on that thank you for being with us Dottie Herman of Douglas -- thank you all right.

-- speaking of us to tell you let nearest zero stayed at -- New York mayor my.

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