Falling Oil Prices Might Mean Falling Condo Prices!

Posted: March 7, 2016 | Source: therealdeal.com

With economic problems spreading throughout the world, luxury condo prices in the United States glamour cities are likely to share in the pain. Buyers from Canada, Russia and South America, where currency values have been been decimated largely due to plunging oil prices, have been a significant segment of the New York and Florida real estate market with international buyers accounting for 35 percent of the transactions in Manhattan and over 50 percent in Miami. Sales agents report that many of these buyers have almost completely disappeared from the U.S. market.