Our readers who are familiar with Chinese culture (or just enjoy a trip to Chinatown occasionally) know that 2017 is the Year of the Rooster. The rooster is considered to be the most motivated of all the animals in the Chinese zodiac. The Year of the Rooster is considered by some to be a good time to invest in real estate.
One investment professional explains, "For ancestors who had no alarm clocks, the crowing was significant, as it could awaken people to get up and start to work -- symbolic of developers who may need a jump start in launching their project and generating success with Asian buyers."
New York real estate developers are ready for Chinese nationals in the market for property, either to live or invest in. One Flushing condominium development even holds a Lunar New Year Party (Jan. 28 this year) for its owners and family members visiting them from China. Condos at The Grand at Sky View Parc go for anywhere from approximately $750,000 to $2.5 million.
The sales director says that although the party is for those who have already bought units there, "we always sell units at the event or after the event because their relatives have already purchased, and they see it from their eyes."
While it's good to take advantage of times when well-heeled foreign visitors will be traveling to New York with money to spend on real estate, you need to be ready to carry out the transaction efficiently and with a minimum of snags -- particularly if your buyers are only in New York for a limited time. New York real estate attorneys can facilitate these purchases.
Source: DNA Info, "How Lunar New Year Could Influence NYC Real Estate," Amy Zimmer, Feb. 03, 2017