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The US Dollar is gaining strength, however, international real estate buyers are still important, even though their purchasing activity has decreased by 30-50 per cent since June 2008.

So where does the strength still reside? New developments. The W New York is a great example.

The W NY Downtown Hotel & Residence, the has seen 74 percent of buyers, thus far, come from overseas, 41% coming from Korea, 10% from the United Arab Emirates, and eight percent from Italy. This may come as a surprise if you’ve formed the opinion that the market is dominated by British and Russian buyers.

The 56-story building has 223 residential condominium residences, with prices ranging from $1.2 and $2.4 million. It’s hip, it’s dark, it’s cool, and there’s only a few remaining.

Simon Turner

FYI: Read related articles on New York; or Luxury Homes; or Investors

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In New York City, a buyer has purchased a 1022 square metre, Richard Meier designed apartment for $US33 million, after a $US7 million price reduction.

Meier became a prominent architectural figure after his commission of the Getty Center in Los Angeles, and was in 1984 awarded the Pritzker Prize. His work is clearly defined by his use of shades of white, which of course has been used in many architectural landmark buildings throughout history, including cathedrals and the white-washed villages of the Mediterranean region, in Spain, southern Italy and Greece.


An interesting side note that whilst in no relation to Meier, is equally topical: Simon Turner 
 
The White House, home of the US President is not actually pure white in colour but “whisper white”.   Now there’s a piece of trivia that you now know, but may never get to use.  

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