Corcoran: Brexit Cost NYC Real Estate U.K. Buyers

The video discusses the impact of Brexit on the New York City real estate market, highlighting the loss of English buyers and the unexpected shift in market dynamics. It contrasts this with the influx of Chinese buyers investing heavily in various types of real estate across the US, including wine estates in California. The discussion also touches on the risks of overbuilding apartment units in NYC, a recurring issue due to long development cycles and early financial commitments. The challenge of predicting market shakeouts is emphasized, with no clear indicators of when they might occur.

What was the immediate effect of Brexit on the New York City real estate market?

• Increase in property prices

• Stable market conditions

• Loss of English buyers

• Increase in English buyers

Why are Chinese buyers significant in the U.S. real estate market?

• They only invest in commercial properties

• They are not interested in U.S. real estate

• They are buying a wide range of properties across the U.S.

• They focus only on New York City properties

What is a potential risk associated with the real estate market in New York City?

• Decrease in property demand

• Underbuilding of apartment units

• Overbuilding of apartment units

• Lack of financing options

How long does a typical real estate development project take to complete in New York City?

• Less than a year

• More than five years

• One to two years

• Two to four years

What is a challenge in predicting the real estate market in New York City?

• Securing financing

• Building regulations

• Finding enough buyers

• Predicting the exact time of market saturation