Haute Residence hosted its 2017 Luxury Real Estate Summit at New York City’s CORE: Club, on April 28, when the biggest names in the industry discussed what’s next for the New York City and South Florida homebuyers.
The summit featured three panels: the NYC Titans of Business, Florida Titans of Business, and Power Brokers––moderated by Peter Grant of The Wall Street Journal, and Jennifer Gould Keil of the New York Post.
Following the NYC Titans of Business, the panel featuring the Power Brokers––Senada Adzem, Noble Black, Stephen G. Kliegerman, Dolly Lenz, Adam Modlin, Lauren Muss, Neal Sroka, and Cody Vichinsky––spoke about the best neighborhoods for buying property, where the majority of money is coming from, and the election of President Donald Trump’s effect on real estate.
Adam Modlin of The Modlin Group highlighted that more recently, not all buyers are international; most are domestic. “One of the recent trends that I’ve seen is that everyone likes to talk about the foreign buyer,” he said. “I know in discussions with clients and colleagues in the industry, usually every owner that we go to meet with, who wants to sell their home, whether it is worth $50 million or $100 million, they always ask, Do you know a rich Russian? Do you know a rich Chinese guy? Howard Lorbort told me that if the rich Russian or the rich Chinese guy overpaid for every property, then it wouldn’t be a rich Russian or a rich Chinese guy. More recently, I’ve seen that some of the most important buyers are in the market are actually domestic buyers. And that’s what I’m seeing as a trend: fewer of the foreigners at the high-end market and more people domestically.”
Read the full recap on www.HauteResidence.com!
Images courtesy of Jason Malihan
