The Irish Are Coming, The Irish Are Coming : The Real Estate Bloggers

The Irish Are Coming, The Irish Are Coming

May 8th, 2007 • Related • Filed Under

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Irish_New_York150+ years ago, when the Irish were arriving in New York, after being chased out of Ireland by the Potato Famine, there was a prolific bigotry against them. Signs in business through New York City would say “No Irish Allowed” were fairly common. Those that arrived typically lived in the meanest of tenements with folks preying on them constantly.

Fast forward to today. Ireland lowered their taxes and is having a boom period in their history. Flush with cash and a strong currency, they are coming now to New York and buying up apartments like crazy. And New York is the home of the largest population of Irish outside of Ireland.

Now prices in New York are a bargain compared to what they are used to back home, and now New York City businesses, and especially Realtors, are loving that the Irish are coming. They Irish are buying apartments sight unseen, snapping up excess inventory that is keeping New York City real estate values up.

It is amazing how the world works.

Drawn to Manhattan by a weak dollar that makes New York a bargain compared to Ireland and Britain _ and armed with an infusion of cash from a long economic boom back home _ real estate experts say the Irish are clamoring for a piece of the city, The New York Times said.

“Its an Irishman’s dream to be able to go to Manhattan and be able to buy property there,” said 36-year-old Belfast entrepreneur Neil McCann, who signed a contract to purchase a one-bedroom apartment near Gramercy Park for $600,000.

Anne Marie Moriarty, of the Corcoran Group, said most Irish purchasers she deals with are buying one or two apartments at a time. She said they also put down money on apartments long before they are completed.  via Newsday.com.

Other Posts You May Be Interested In:



Previous Post: Buffett on Real Estate - Market is Sick | Next Post: Houston Real Estate Site Shut Down After Virus Attack



 

If you enjoyed this post, we can deliver daily content from the Real Estate Bloggers.

Subscribe using your RSS Reader

Or Get Updates Delivered Daily By E-Mail:


There Is 1 Response So Far. »

  1. Pingback by Is This A Trend: Irish Investors Buying Up Chicago Real Estate — The Real Estate Bloggers on 24 June 2007:

    […] my post, The Irish Are Coming, The Irish Are Coming I focused on the increased spending on New York City by Irish buyers. Now reading an article out of […]

Post a Response