Want to Live Like Miss Universe? Get a Property in Manhattan
Reports say that now is actually a good time to buy property in the upscale side of New York.
Aside from the title, every newly-crowned Miss Universe gets a plethora of prizes, including a one-year rent-free stay in the Miss Universe apartment at the heart of Manhattan.
Measuring around 1,200 to 1,700sqm, the apartment has a foyer, three bedrooms, three bathrooms, a sprawling living area, and a cozy kitchen and dining area.
Throwback: Miss Universe 2015 Pia Wurtzbach gives a tour of the Miss Universe apartment
Now, living in swanky Manhattan—or in any other part of New York in general—doesn’t come cheap; however, Forbes reports that its real estate market has currently been experiencing changes the past few months due to an increase in listings. WSJ also notes that the real estate slowdown in 2020 due to the COVID-19 pandemic has resulted in a surplus of properties: in fact, in the beginning of 2021, residential prices were down by 11 percent. This resulted low mortgage rates and lower prices on bigger and more premium Manhattan properties.
The market has since started recovering as confidence in the safety of the city has slowly built up due to the vaccine roll-out. As of April 2021, many Manhattan apartments are still selling at good discounts, which is why if you have the money, now is a good time to invest in them as prices may start to rise as the year progresses.
Can a foreigner buy property in the US?
The short answer: yes. If you’re paying in cash, it’s more or less an easy deal. Getting mortgage, however, can be more complicated. As a feature on Washington Post says: “It’s difficult for a foreigner to buy a home in the United States with mortgage, as most buyers would. Lenders generally will require their borrowers to be citizens, residents or nonresidents with visas that allow them to reside in the United States.” There are also other things to think about: ownership, taxes, and a lot of papers.
If you’re not completely moving to the US—and even if you are, actually—leasing can be a bit kinder. A lot of real estate agents can easily help you out. Just make sure to settle your accommodations ahead of time.
Real Living is now on Quento! Enjoy more of our stories by clicking here to download the app.
More on Realliving.com.ph