The Russians are coming - hopefully to a luxury high-rise near you
With Boston luxury condo sales dragging, maybe the developers of some of these pretentious new addresses could take a page from their Big Apple cousins.
Some multimillion-dollar New York apartment owners, unable to find any buyers domestically with a job and the dough needed to cut a deal, are managing instead to get scooped up by wealthy, oil rich Russians, Bloomberg reports.
Edward Mermelstein, a lawyer based in Moscow, tells the news service he has closed two deals on behalf of Russian clients for New York apartments at pricetags of $1 million and nearly $4 million.
By his estimation, real estate prices in the U.S. are now down 30 percent to 40 percent.
For Russian buyers, it’s a happy confluence of events, with oil on the rise again even as luxury apartment prices in New York have started to fall.
Of course, the same thing has started to happen in Boston’s luxury condo market as well, with units sitting unsold at posh addresses like the Mandarin.
So Russian buyers, what are you waiting for? Come on up here to Boston and start spreading some of those petro rubles around.
