Foreign Investors Paying Big Bucks for Condos They Never Inhabit

by Isaac Benmergui, Esq on February 13, 2013

cosmic energyImagine paying $90 million for a condo you only visit a couple times a year. That’s what many foreign investors are doing with their big bucks. Across America’s ritzy cities, foreigners are buying up luxury condos as safe havens for their money and rarely returning to take advantage of their investment.

Regular full-time residents see advantage of foreign-owned condos

The benefit to the full-time residents of the prestigious addresses is two-fold. One, they don’t have a lot of neighbors whose noise they have to put up with year round, and two, extra attention from the staff. Each venue carries a full staff to be ready for residents to return at any time.

One New York realtor who makes her home at in the Plaza Hotel condominiums says the suites have only about 15 or so that are occupied by full-time residents. Some condo owners say they only see their next-door neighbors once or twice a year. It can make for a lonely existence, others claim.

One new resident of such a building claimed he liked the hustle and bustle of constant resident traffic in his old building, “like living in a large dysfunctional family… but it was still nice knowing everybody.”

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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