California is #1 State

Judging from the number of homes currently valued at $1 million and over, California and New York boast the biggest number of property millionaires in the US. There are currently around 800,000 multimillion-dollar properties in California, which means that the state has been attracting almost one third of the number of millionaires nationwide. This is also twice the number of property millionaires living in New York.

Check out the map below for the top 10 US states by number of millionaires:

And here are the numbers, crunched by our analysts:

Top 10 Cities with Multimillion-Dollar Homes

Although California is the #1 state by number of property millionaires, the City of Los Angeles counts  for only(!) 100,000 multimillion-dollar properties. In the city category, New York City ranks the highest, with 250,000 multimillion-dollar homes. Everybody knows, however, that the real estate market fell much less in New York than it did in LA, although, according to LA Times, LA is becoming a tough market to find bargains.The only city that has made it onto this list and is not located on either coast is Chicago.

Check out the maps below for county rankings in California and New York State:

LA is #1 county in California, followed by Orange and Santa Clara.

Whereas in NY State, New York, Westchester and Suffolk counties occupy the highest positions. It seems that ocean-front properties are really playing their part in this ranking! PHOTOS! If you’d like to take a look at some of these pricy homes, you can access the slideshow put together by our friends at Huffington Post.

Related Posts:

• Big Mac Puts a Time Stamp on US Real Estate’s Appeal For Foreign Buyers
• Upper East Side is Queen of “Fixer-Upper” Listings
• Priciest Home Sales in Queens in 2012

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Top 3 Priciest Homes to Hit the Market:

#1.       126 Dinnick Crescent, Toronto

Asking price: 2,150,000 CAD
Agents: Marian Neal & Carver Fraser (RE/MAX Hallmark Realty Ltd., Brokerage)

126 Dinnick Crescent, Toronto; 2,150,000 CAD

Situated in the Lawrence Avenue East neighborhood, this 2,980 square foot house has 4 bedrooms and 6 bathrooms. It has many traditional features (as the listing description says), including wainscoting, Brazilian Cherry hardwood floors, and a fireplace. It is professionally landscaped, close to the golf courses and yes, it even has a pool.

 #2.       80 Mcallister Road, Toronto

Asking price: 1,580,000 CAD
Agent : Margarita Khodorkovsky (Homelife Victory Realty Inc., Brokerage)

80 Mcallister Road, Toronto; 1,580,000 CAD

 This house, described in terms  such as breathtaking, stunning, top of  the line, and gorgeous, is situated in the Bathurst/Sheppard neighborhood and it has 4 bedrooms and 5 bathrooms.

#3.         68 Clarinda Drive, Toronto

Asking price: 1,288,800 CAD
Agent Karen Millar (The Karen Millar Team)

68 Clarinda Drive, Toronto; 1,288,800 CAD

Located in the Leslie/Sheppard Avenue neighborhood, this 2,850 square foot house has 4 bedrooms and 4 bathrooms. It boasts newly renovated roof, kitchen, bathrooms and windows; more than that, it also has a super-sized sauna, central air conditioning and central vacuum.

Top 3 Cheapest Homes to Hit the Market:

#1.           715 Don Mills Road, Toronto

Asking price: 140,000 CAD
Agent: Faisal Fiaz (Century21 Green Realty Inc.)

715 Don Mills Road, Toronto; 140,000 CAD

This newly updated 1 bedroom and 1 bathroom condo of 650 square feet is located in the Don Mills/Overlea neighborhood and it boasts ‘move in’ conditions.

#2.               3311 Kingston Road, Toronto

Asking price: 179,900 CAD
Agent: Georgina Kasmetis (Lawlor Realty Ltd.)

3311 Kingston Road, Toronto; 179,900 CAD

This 2 bedrooms and 1 bathroom unit has beautiful panoramic views of the lake, and benefits from a renovated kitchen and bathroom; the outdoor pool, the sauna, the gym and recreation rooms are among the building’s amenities. It is located in the Bellamy/Kingston Road neighborhood.

 #3.                3 Hickory Tree Road, Toronto

Asking price: 192,000 CAD

Agent: Deedar Ghatehorde (RE/MAX Performance Realty Inc., Brokerage)

3 Hickory Tree Road , Toronto; 192,000 CAD

This 1,199 square foot condo, located in the Weston/401 neighborhood, has 2 bedrooms and 2 bathrooms, a beautiful view with windows overlooking the ravines, and also a 24 hour concierge; the building is well maintained, with many amenities:  indoor pool, tennis courts, gym and party room.

Related Posts:

• Priciest and Cheapest Toronto Homes to Hit the Market: April 22nd – April 28th
• Priciest and Cheapest Toronto Homes to Hit the Market
• Top-20 Most Popular Listing Keywords in Canada

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304 Taylor Road, Toronto; 1,250,000 CAD

The house, with an area of 2,101 square feet, has 3 bedrooms and 3 bathrooms. Another major advantage is that it is overlooking the Rouge River and has access to the Rouge National Park. The property offers the unique opportunity of combining the ease of living inside the city with taking advantage of nature’s beauty.

Other features are the two fireplaces, the dining room with walk-out to deck, a large living room with deck window, and a spacious family room with walk-out to patio.

Michael Koson from Remax Quality One Brokerage has the listing.

The second priciest listing is the 4-bedroom and 4-bathroom house on 86 Olsen Drive, in the affluent neighborhood York Mills/404.

The asking price for this 2,800 square foot home is 950,000 CAD. It is located in Prime Donaldo Golf Club Neighborhood, in an ‘extra-large pie shape lot’, according to the listing’s description.

Some of the most important features of this listing are: new hardwood floors, an oversized jacuzzi, a fishpond, an alarm system, surveillance cameras, and also a new furnace; it even has an exercise room and a home theatre.

Margarita Khodorkovsky from Homelife Realty Services Inc. has the listing.

86 Olsen Drive, Toronto; 950,000 CAD

Rene St. Aubin from Royal LePage Signature Realty Inc. has the third priciest home that was listed on the market last week, a house valued at 899,000 CAD. Situated on 49 Wroxeter Avenue, in the Danforth and Donlands neighborhood, the house has 5 bedrooms and 2 bathrooms.

Among its most recent upgrades are the bathroom, the bedroom and the stairs, with the added advantage that the house is also freshly painted throughout. Another strength is the fact that it is located in a friendly community.

49 Wroxeter Avenue, Toronto; 899,000 CAD

The cheapest listing that appeared online in Toronto this week is a condo in a new project –‘Me Living’ – in the Markham & Ellesmere neighborhood (1151 Markham Road).

According to Sutton Realty, all the condos in the new buildings will have prices starting from 149,990 CAD for the one bedroom and one bathroom units.

The project will bring 1000 new units, retail and commercial spaces on the market, boasting water features, a skating ring and a park. Among the amenities there are some pretty noteworthy ones: pools, barbeque areas, terraces, sports rooms, a movie theatre etc.

1151 Markham Road at 149,990 CAD and 100 Prudential Drive at 154,888 CAD

The second cheapest unit is a 3-bedroom and 1-bathroom condo in Midland & Lawerence, on 100 Prudential Drive. It’s on the market at 152,000 CAD and, as the listing description mentions, it is ‘beautifully maintained’ and benefits from the advantage of having recreation and exercise rooms.

This unit is listed by Robert Foo from the Right at Home agency.

So is the third cheapest listing, a 2-bedroom and 2-bathroom condo on 3050 Ellesmere Road, priced at 154,888 CAD. The building is close to transit, supermarkets, stores, restaurants, schools and parks and is equipped with a recreation room and an exercise room.

Related Posts:

• Priciest and Cheapest Toronto Homes to Hit the Market
• Priciest and Cheapest Toronto Homes to Hit the Market: April 29th-May 5th
• Top-20 Most Popular Listing Keywords in Canada

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In case you’ve been out and about Manhattan for a while now, trying to find an apartment for you and your pet, this post may help you decide where to start your search.

Our analysts have looked at listing descriptions and city property records and compiled lists with top-10 neighborhoods, streets and buildings where you can find a place that allows pets.

So, where exactly can you start?

Left: 88 Greenwich St. Manhattan; Right: 205 West 54 St. Manhattan

Although no apartment building on the Upper East Side made it to the top list of buildings, UES ranks the highest on the list of the most pet-friendly Manhattan neighborhoods. There are currently 509 active listings in this category on the Upper East Side and 329 on the Upper West Side.

Zooming in more, Park Avenue on the UES is the street where you can find the biggest number of apartments for you and your pet (57 listings), followed by West 42nd Street on Midtown West (51 listings) and Central Park West on the UWS (48 listings).

Related Posts:

• Top 10 NYC Residential Transactions in 2012
• Upper East Side is Queen of “Fixer-Upper” Listings
• Priciest Home Sales in Queens in 2012

The post Top 10 Manhattan Spots to Find Pet-Friendly Apartments appeared first on Point2Homes News.

Hillcrest Ave, Toronto, Ontario: 1,800,000 CAD

The priciest home to hit the market last week is a house on Hillcrest Avenue, priced at 1,800,000 CAD. According to the listing description, this 3 bedroom home has a lot of investment potential . Yonge and Sheppard was a single-family detached neighborhood, but now, with blocks of condos across the street, the owner thinks it is a ‘good opportunity for investors and builders’. Sheela Choudhari, from Homelife Landmark Realty, has the listing.

The second most expensive unit that came on the market last week is a condo on 180 University Avenue and is listed by Century 21-agent Ken Yeung. Having an asking price of 1,488,800 CAD, this 1,534 square foot condo is located above the Shangri-La Toronto 5 star hotel. This stunning 2 bedroom and 3 bathroom condo has all the facilities a modern home needs. Also, it has access to the hotel’s amenities, services, security and spa (pay per use) and is one of 572 units in this 66-story tower. According to the agency’s website, the prices of the condos here go from 1,000,000 CAD to 9,300,000 CAD.

Listed by Sutton Realty, the third priciest home that has just appeared on the market is located in the center of Boor West Village, on 35 Kennedy Park Road. This is an area famous for having one of the best walk scores in Toronto. With 5 bedrooms and a lot of storage space, this beautiful detached house is for sale at 1,439,000 CAD.

180 Markham Rd, Toronto, Ontario: 114,900 CAD

At an asking price of 114,900 CAD, this 1 bedroom and 1 bathroom condo, located on 180 Markham Road in the Eglinton and Kingston neighborhood is the cheapest unit to hit the market last week.

This condo on 234 Albion Road at 150,000 CAD is the next on the list of cheaper condos that appeared on the market last week. Located in the Weston/401 neighborhood, this apartment has 2 bedrooms and one bathroom.

The third cheapest listing is a bright and spacious condo in the Martin Grove and Rexdale neighborhood; this 2 bedroom and one bathroom condo has an asking price of 169,000 CAD and is situated on 44 Longbourne Drive, Toronto.

All these three listings are represented by Robert Foo from Right At Home.

Related Posts:

• Priciest and Cheapest Toronto Homes to Hit the Market: April 22nd – April 28th
• Priciest and Cheapest Toronto Homes to Hit the Market: April 29th-May 5th
• Top-20 Most Popular Listing Keywords in Canada

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But don’t lose hope, call a contractor and equip yourself with a saw and drill, as there might be an alternative — homes in poor condition, a.k.a. “fixer-uppers,” or simply wrecks. And not just anywhere, but on the coveted Upper East Side! Point2Homes data, provided exclusively to Curbed NY, reveals that the majority of NYC homes for sale in this category are located on UES –14 in total.

According to an article in the New York Times, buyers’ interest in Manhattan homes that need repair work has grown considerably throughout 2012 and is expected to continue to do so. In case you’re wondering what the available inventory is right now, our analysts have crunched the numbers for you.

In New York City there are currently almost 200 active listings described with a combination of more or less creative terms such as “in fair condition,” “in poor condition,” “estate sale,” “wreck,” “needs work,” “improvement needed,” “suffered some damage,” “needs TLC,” “need of extensive repair,” “needs updating,” “damaged,” etc. Out of these, 52 are in Manhattan.

Besides the Upper East Side, other neighborhoods include next-door Carnegie Hill (5 home wrecks for sale) and Upper West Side (4 home wrecks for sale).

Check out this co-op in need of “total renovation” in Manhattan!

10 East End Avenue, Manhattan, New York City, NY 10075

These homes can usually be bought for affordable prices, but, let us warn you, not every place described as “in need of renovation” is necessarily cheap. Judge for yourself from this Carnegie Hill listing, with a price tag of $8,295,000!

Less surprisingly, taking into account last fall’s mega-hurricane Sandy, Staten Island is another borough with a big inventory of fixer-uppers, concentrated especially in Mariner’s Harbor, Great Kills and Clifton.

Related Posts:

• Top 10 NYC Residential Transactions in 2012
• Top 10 Manhattan Spots to Find Pet-Friendly Apartments
• Priciest Home Sales in Queens in 2012

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A while back we published a study in which we revealed the most popular keywords US agents use to list homes. So when our Canadian readers asked us if we could expand the study to cover the Canadian real estate marketplace, we started to mine Point2Homes’ homes for sale in Canada and put together some lists, which were exclusively featured in The National Post.

Now it’s time to show you here, on our blog, what the most frequently used words for advertising homes for sale in Canada are.

Mapping the most popular listing keywords in Canada

After scanning approximately 40,000 listings which were active between January and June 2012, we found that the top 3 words were “hardwood floors” “beautiful,” and “stainless steel appliances.” Except for the difference in ranking, this perfectly matches to the top-3 words used in the US! “Private” and “spacious” are two other common words found in the top-10 lists for both countries.

Nevertheless, location seems to be one factor that ranks higher in the Canadian agents’ list of preferred words. The key phrase “close to schools” is number 6 on the Canadian list, while the most popular location-related key phrase on the US list is “great location,” ranked at number 19.

Here are the top-20 listing terms most frequently used by Canadian agents nationwide:

A breakdown by province reveals a finding that came up in the study done for the US market, too — although agents nationwide use many of the same terms to market a home, certain phrases are used more often in one province than in others. This could be done with the intention of making listing descriptions better answer local buyers’ needs.

For example, if real estate agents’ choice of words truly reflect buyers’ demands, then buyers in Ontario are more concerned about covered front-porches (we’re assuming this is an indicator of the number of cottages in the area as well), “ground pools” and a “wall of windows,” while those in British Columbia are interested in views (“lake views” and “ocean views”).

A home is more appealing if it has a good “wood burning stove” or investment potential (“partially finished”) in Manitoba, a “developed basement” and “parking stall” in Saskatchewan, while in Alberta the must-haves are an “open kitchen” and, again, a “parking stall” (to make winter days pass faster). Folks in Quebec are lured by accessibility (“minutes to downtown”) and warm temperatures (“wood burning stove”). The rest of us can definitely picture those needs!

Check out the map to see what some of the most relevant words for each region are (the bigger the word, the more popular it is). The top-right corner shows you the top-5 words for Canada nationwide.

 The right words for the right price

Judging from our findings, it seems that real estate agents like to keep listing descriptions in line with the asking prices.

Homes priced below C$1 million are commonly listed (besides having those top-3 characteristics mentioned above) as “spacious,” “private,” “close to schools,” homes you can “enjoy,” and as being “bright,” “perfect,” and “quiet.”

Moving to the high-end of the market (homes with price tags over C$1 million), the language definitely changes in places. They are “private,” must have a “pool,” offer “luxury,” and are “huge” and “stunning.”

Here are the top-20 most frequently used listing terms for these 2 price categories:

Related Posts:

• Big Mac Puts a Time Stamp on US Real Estate’s Appeal For Foreign Buyers
• Facebook Reveals What Canadian Real Estate Agents Are Into
• The Most Popular Real Estate Listing Keywords

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We were a little surprised to find that many Barbados homes are listed for median prices close to $2 million.

Point2Homes data shows that these are spread over more than half of the island. Just to make a quick comparison, in 2012 homes in the Hamptons, another preferred destination for Americans (New Yorkers in particular) looking for a second home, sold for median prices lower than $1 million.

What does “pricey” really mean in Barbados?

Barbados is made up of 11 parishes, almost half of which boast impressive home listing prices. This makes the island one of the most expensive real estate markets in the Caribbean. According to a recent New York Times article, Canadians are the second and Americans the third most important real estate investors in Barbados, while British top the list.

Houses are the most common (and expensive) types of property on the market, with a median asking price of $2,032,500 or $520/sqft, although the same article in the New York Times points out that after the financial crisis, home prices have seen a 15%-20% price cut.

Top 3 most expensive Barbados parishes (for houses):

Apart from being the most expensive, St. James also has the largest number of listings and is, along with St. Peter, part of the ”Platinum Coast,” a region in Barbados preferred by the wealthiest of investors.

Have a look at these 10 top-of-the-list houses for sale in Barbados to see what we mean:

Top 3 most expensive parishes (for apartments):

Apartments for sale, although fewer in number, are not that much cheaper. They are listed, on average, for $$1,675,000 or $688/sqft, but in St. Peter and St. James parishes they can sell for much higher prices.

For top 10 most expensive apartments for sale in Barbados, prepare to be amazed below:

The most expensive listing on the market is this 12-room, 12,000 sqft mansion on the Sandy Lane Estate, St. James. Just check out the pool:

Sandy Lane Estate, St. James, Barbados

Related Posts:

• Top 10 Most Expensive Cities for Settling Down In
• Upper East Side is Queen of “Fixer-Upper” Listings
• Top-10 Most Expensive Home Sales in the Hamptons in 2012

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The Economist’s Intelligence Unit (via CNN) has recently released a list of the world’s 10 most expensive cities for travelers and employees based on the cost of several essential everyday items. According to their findings, Tokyo is the most expensive city in the world. But when travelers think about becoming residents of any of these cities, it’s important to know how much they should expect to pay for a home in these cities compared to the average local earnings.

Point2Homes analysts took a look at the same cities from the home buyer’s perspective and got completely different rankings, almost opposite in some cases*. Here’s a sneak-peak: Caracas, #9 in CNN’s rankings, tops the list while Tokyo moves down 4 places.

And this is how our top 10 looks at a glance, next to CNN’s:

10. Melbourne

The Melbourne housing market strengthened at the end of 2012 as both demand and home prices are seeing a rebound. With as few as 40 housing bargains ($200,000 and under) in the year that just passed, Melbourne earns its place among the most expensive cities to settle down in, even if it positions last in our top 10.

Average monthly income: $3,979.

Median home price: $246/sqft.

9. Sydney

As in Melbourne, the housing market is also getting stronger in Sydney. The city recorded its highest ever median home price, which puts it among the most expensive property markets in the world.

Average monthly income: $4,517

Median home price: $404/sqft.

8. Oslo

Oslo, the capital of Norway and the largest city in the country, was relatively spared by the recent worldwide recession. And if you want something that would top the already good news, recent reports also say the residents of Oslo are doing very well financially.

Average monthly income: $4,554.

Median home price: $684/sqft.

7. Zurich

Zurich is the only city in the list that stays on the same spot in both top 10’s. The Swiss government announced it is taking steps to stop a housing market boom running out of control. And with median home prices sky rocketing at $1,089 per square foot due to a very intense mortgage lending activity and very strong monthly income figures, it’s no surprise.

Average monthly income: $6,864 (the highest of the 10 cities in our list).

Median home price: $1,089/sqft.

6. Osaka

Osaka is one of Japan’s most powerful economic centers. The country has been burdened with a financial crisis and 2 devastating cataclysms in the last years, keeping its economy down. Buying a house in Osaka is expensive, but not as expensive as in Tokyo, which is up 2 places in our list.

Average monthly income: $2,671.

Median home price: $547/sqft.

5. Geneva

Geneva has been notorious for its high living costs, ranking frequently in the top most expensive cities in the world. Housing prices make no exception. In fact, the median price per square meter is an astounding $1,102, the highest of the 10 cities. The reason may be that while the population is growing, the city doesn’t allow any construction of buildings over 8 stories high.

Average monthly income: $5,448.

Median home price: $1,102/sqft.

4. Tokyo

CNN ranked Tokyo as number one on its list of most expensive cities for travelers. The city is also located deep in earthquake territory. If that doesn’t make you think twice about moving there, maybe the price of a square meter of housing will: $882/sqft.

Average monthly income: $3,205.

Median home price: $882/sqft.

3. Paris

After signing a five-month deal with French soccer team Paris St-Germain, David Beckham opted to live in a hotel rather than buy a home in the capital of France. And that may be a good choice seeing as how Paris is still one of the most expensive real estate markets in the world.

Average monthly income: $3,159.

Median home price: $1,005/sqft.

2. Singapore

The housing market in Singapore started the year in force as home sales jumped 43% in January from the previous month. There were 2,013 homes sold in January from 1,410 in December. In spite of this, real estate brokers expect demand for homes to decrease in the rest of Q1 2013.

Average monthly income: $2,426.

Median home price: $947/sqft.

1. Caracas

For many years, Venezuela has been confronted with a serious housing shortage. This, added to a volatile exchange rate compared to the US$ has sent home prices through the roof, compared to the local purchasing power.

However, more optimistic reports recently pointed out that Venezuela’s economy grew last year as Hugo Chavez’s Grand Housing Mission Venezuela, a social housing program launched in April 2011, fueled the construction sector. By October 2012, the program delivered over 260,000 homes.

Average monthly income: $800.

Median home price: $303/sqft.

Acording to these figures, one can buy less than 3 sqft of home with an average monthly salary!

And, if you were wondering what kind of home $303 per square foot can get you in Caracas, check out this 3-bedrroom, 4 bathroom beach home in Morrocoy, Gran Caracas, Venezuela.

Asking price: $954,180

2,390 sqft home in Gran Caracas, Venezuela

*Note: In creating this new list we looked at the local average salary (after tax) in US$ (source: Numbeo.com) and median home prices per square foot (source: Global Property Guide and ubs.com)

Related Posts:

• Homes for Sale in Barbados Have Whopping Price Tags
• Top 10 States Where US Property Millionaires Live
• Priciest and Cheapest Toronto Homes to Hit the Market

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Tracking the price variation of the iconic Big Mac across the globe may reveal that what several foreign real estate investors currently pay for a home in the US in their local currency is many times different than what it should cost them. We’ve compared 2013 to 2006 and the differences may surprise you!

Burgernomics and The Big Mac Index

The Big Mac index was introduced by The Economist in 1986 in order to show the volatility of currencies across the globe and, in turn, the (in)stability of national economies.

Let’s see how the price of a burger may help us understand why certain foreign investors are so lured by US real estate. The fact that a Big Mac costs $4.37 in the US but, for example, $5.39 (23.5% more) in Canada suggests that Canadians have stronger purchasing power. This means that when buying a home in the US, Canadians are paying 23.5% less in Canadian dollars than they should if their currency was not so over-valued.

Here’s a table that illustrates how the index currently assesses whether several currencies across the globe are at the correct levels or not :

Note: The “-” symbol shows they are undervalued, while the positive numbers show currencies being overvalued.

Canadians Pay Less for US Homes

Canadians have been constant investors in the US real estate market since anyone can remember, interested especially in purchasing second homes in sunny states such as Florida and Arizona, but also in New York City.

At the current exchange rate, a $1 million home (USD) costs about the same amount in Canadian dollars. In reality, since the Canadian currency is 23.5% overvalued according to the Big Mac index, it should cost C $1,238,000.

What kind of home would C $1 million buy a Canadian now? Something similar to this 1,300 sqft condo at 40 Sutton Place, Manhattan, NY:

40 Sutton Place, Manhattan NY. Credit: Douglas Elliman

In 2006, when the value of the Canadian dollar was 4% lower than the US one, Canadians would have had to be content with a cheaper property while still spending C $ 1 million.

On the other hand, Americans who want to buy properties in Canada are less advantaged. The Big Mac Index shows the US dollar weaker than the Canadian dollar by 19%. This means that US $ 1 million would buy an American a C $810,000-value home in Canada.

Check out this 1,900 sqft home at 467 St. Toronto, Ontario! Asking price: C $719,000.

467 Shuter St., Toronto, Ontario

It’s Also a Good Time to Buy for Brazilians and Europeans

Before the financial crisis, in 2006, Brazil’s currency (the “real”) was weaker by 13% than the US dollar. Now, according to the Big Mac Index, it’s 29% stronger.
This means that a $1 million US home should actually cost Brazilians 2,575,000 reals but according to the current exchange rate it only costs them 1,993,000 reals.

Europeans are also benefiting from the current exchange rates. According to the Big Mac Index they should pay €823,110 for a $1 million home in the US, while they now pay almost €100,000 less.

China and Russia Pay Almost Double to Buy a US Home

Both China and Russia have a significantly weaker local currency compared to the US dollar. According to the Big Mac index, this means that Chinese investors need to shell out 41% more money when buying real estate in the US, while Russians should pay 44.5% more.

But at the current exchange rate, investors in these countries pay a lot more. A $1 million US property costs a Chinese investor 6,220,000 Yuan, while according to the Big Mac index the real value should be only 3,663,000 million Yuan.

In turn, Russians now pay 30 million rubles for a $1 million US home, while in fact they should pay a little more than half that. But with this money, they could only afford this 700 sqft. condo in Manhattan instead of the 1,300 sqft pad Canadians are able to buy.

333 Rector Plaza Manhattan, NY. Credit: Douglas Elliman

Russian and Chinese currencies have always been undervalued compared to the US dollar. In 2006, for example, the Chinese Yuan was 58% weaker while the Russian ruble was undervalued by 49%.

Despite having weaker local currencies, neither Chinese nor Russian investors seem to be turning away from the US real estate market. According to the National Association of REALTORS®, China was the second-most important foreign investor for the US real estate market, responsible for 11% of international transactions in the country. This is not at all surprising, knowing that the number of billionaires in China has grown significantly over the last 2 decades due to the export of low-cost goods.

As for the Russians, they managed to shock the New York real estate market last year when billionaire Dmitry Rybolovlev closed the biggest condo sale NYC has ever seen when he bought the $88 million pad at 15 Central Park West.

Related Posts:

• Expect an Upbeat 2013 Real Estate Market
• Top-20 Most Popular Listing Keywords in Canada
• Top 10 States Where US Property Millionaires Live

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