Category: Archive

Echo Editorial: Buyer beware

February 17, 2011

By Staff Reporter

But the latest wave of arrivals from Ireland are not stopping off at Ellis Island, they are heading straight for their realtor’s office.
Hundreds of Irish investors are on a fall spending spree in New York, often in so much of a hurry they buy off the blueprints rather than
wait for the building to be completed. Their main focus is on luxury apartments, and most are happy to pay a premium for in-house swimming pools, gyms, hot tubs on the roof, and, of course, doormen.
Real estate agents here say the high euro-dollar rate, and the escalating price of property in Ireland, is making New York look like a bargain for people with spare cash. Some are even putting their
pension plans into U.S. property.

The fact that Irish people feel such a strong connection to New York, and feel so comfortable in the city, has added to the buying frenzy.
Some 1.2 million of the Republic’s taxpayers are each due to receive thousands of euros from their government-sponsored Special Savings Investment Accounts over the next 18 months. This may also contribute to the phenomenon.
But to switch for a moment to Latin, caveat emptor; may the buyer beware. New York is indeed a fabulous metropolis, but property ownership in the city can have hidden costs. A series in the pages of
this newspaper over the next couple of weeks will shine some light on those.
In the meantime, if you are a visiting investor and a convincing local offers to sell you a fine-looking bridge leading to Brooklyn, you really should seek some quiet advice, before buying, from one of your compatriots who has been here for a little while.

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