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While the rising dollar may be good some people, some are warning that its strength could hurt NYC real estate and tourism. A former NY State deputy comptroller and NYU professor Rosemary Scanlon tells the Sun, "Europeans are going to start pulling back, to change business and personal vacation planning. [Foreign tourism] has been a really good buffer for us all summer, but now, we'll be much more at the mercy of whatever the local downturn may be." Another interesting scenario is foreigners betting against the Euro: "One international buyer who recently purchased the entire 10th floor of the I.M. Pei-designed Centurion Condominium at 33 W. 56th St., for example, asked to pay the $15.5 million price tag up front rather than at closing, in expectation that the euro would continue to weaken against the dollar, according to the director of sales at the Centurion."
Dollar's New Strength May be Bad for NYC
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Oh, boo hoo. No more Italian millionaires buying apartments they don't even live in for more than a few weeks a year. Meanwhile, I can start thinking optimistically about my ability to travel to Europe. Rise, dollar, rise.
bah, it isn't really moving that much at all anyway. The price of a Euro has gone down from it's high watermark of $1.60 in late April to about $1.48 right now. Big frickin whoop. For the average tourist coming here that's insignificant, especially since our prices are still way WAY cheaper than what they pay at home, even with a slightly lower exchange rate. They are still mobbing the streets, stores and restaurants, living like kings. I'm going to France in three weeks, I am hoping it will drop more, but it seems to be leveling off now. Bastards.
I should also add that the euro is still higher than it was a year ago. So yeah, cry me frikin goddam river.
The euro is still relatively strong and I doubt that tourism is going to decrease that much. It's not like NY didn't have foreign tourists galore when the US economy was booming in the late 90s and various portions of this decade. I'm so tired of all these daily knee-jerk reactions regarding our currency and the impending doom of . At the end of the day, New York City will still be New York City, with maybe less expensive condominiums (that is, condos that the rich can afford, not just the uber-rich).
I meant to say, "impending doom of NYC."
Was talking to a british kid the other night who asked me how much Levi's start at. I told him about $30, which apprently is 1/4 the price they start at in London. So there's still a lot of incentive to come over here even if the dollar's position strengthens.
Is it possible that there's some readjusting going on? Sure, but most long-term forcasting that I've seen shows the dollar staying weak against the euro and pound.
Anyone with that kind of money for an apartment should have 0 difficulty calling their financial advisor and hedging the currency risk away until closing for a nominal fee.
It's going to be interesting when the Federal interest rate rise. The Fed can't keep it at this emergency rate level forever.
Oil jumped today about $6 a barrel because of US-Russia tensions. That will weaken the dollar a bit.
agree with SP.
There are a lot of reasons NYC real estate is probably going to get hit, the small uptick in the dollar is certainly not very high among them.
NYC real estate will get hit eventually.
At what point did the NYC real estate and tourism market become dependent on European investors and tourists? If the dollar continues to get stronger then maybe there will be in increase in domestic tourism. I know that plenty of mid-Americans that would be overjoyed to know that they could afford to take a trip to NYC. Heck, I also know plenty of New Yorker who moved to New Jersey because of the astronomical real estate prices in The City. I'm sure I/they would love to come back. Also, it could be that luring European investors to America is one of the reasons that the dollar is rising. So, maybe this trend will continue long enough for Democrats to get back into office and that is when the dollar will get back to prominence. That's when we can pack our bags and head to Europe.
I meant to say, "lets go Obama."
Thankfully Pb is still cheap.
oops, wrong screen persona!