Why Fat-Cat Foreigners Are Buying Up Manhattan

Attributed partially to the weakening dollar and the strengthening euro, pound and peso, sales are further bolstered by the multiplicity of property choices New York City has to offer foreigners. "Anything you want is being built, and much of what will be sold over the next few months doesn't even exist yet," Sloane adds. And one of the most sought-after real estate options, historically renovated condos, have carved out a comfy niche in the city's foreign-buyer market. Americans are not as secure in their jobs, and company bonuses, which drive the real estate market from Dec. 1 to March 15, are declining, says Sloane. "People in general are reticent about over investing in anything."