Riding a wave of foreign investment in U.S. real estate, international property experts, local Realtors to convene in Manhattan
NEW YORK – The timeliness of this year’s Global Real Estate Summit NYC is significant, as the event is set to take place amid skyrocketing foreign investment in U.S. residential real estate. According to a recently released report from the National Association of REALTORS® (NAR), growth within the commercial sector is promising, as well.
Backed by the premier sponsorship of NAR, the 2017 summit is organized by two of New York state’s most prominent real estate organizations – the Staten Island Board of REALTORS® (SIBOR) and Hudson Gateway Association of REALTORS® (HGAR) – who are co-presenting the symposium with a mission of “Building bridges, crossing borders to expand real estate markets.”
Now in its 11th year, the daylong event will be held Oct. 2 at the New York Marriott Marquis, Manhattan.
“The tools and resources available to real estate professionals for bolstering their ability to succeed is constantly changing,” said Sandy Krueger, CEO of SIBOR. “The international aspects of real estate may be harder to master than more traditional skills – but for those who do, the opportunities are endless. This conference is about learning how to identify and use those tools and resources to be a more successful practitioner.”
The summit is expected to draw 500-plus attendees, including visitors, presenters and vendors. The event will feature more than 25 speakers and participation by prominent global real estate professionals, such as: Top brokers, investors, developers, legal and technology experts, and government officials addressing issues impacting the international market.
“This is our first year participating in this exciting event and we are looking forward to providing a wealth of valuable information for all of our members in the Hudson Valley and Manhattan,” said Richard Haggerty, CEO of HGAR.
Summit speakers are associated with a variety of notable businesses and organizations, such as: American Homes Group; Sotheby’s International Realty; Brown Harris Stevens Residential Sales; Wells Fargo Home Mortgage; China Construction America; Global Property Systems; Global Properties Realty & Investments; The Jills® Group; Douglas Elliman Real Estate; HomeSmart Connect; ECI Development; NAR; Bespoke Global Property Group; RE/MAX; Century 21; BLOC Residential Corp.; Compass; Christie’s International Real Estate, and the New York Wheel.
Additional summit sponsors include a variety of distinguished organizations and enterprises, such as: New York State Association of REALTORS® (NYSAR); HSBC; RE/MAX; Freedom Mortgage®; Empire State Bank; The Nicotra Group; Dolgetta Law; ShowingTime™, and the law firm of Merlino & Gonzalez.
WHERE AND WHEN
The Oct. 2 conference will take place 8 a.m. to 5:30 p.m. at the New York Marriott Marquis, 1535 Broadway, Manhattan. The event includes a day filled with information and networking opportunities for real estate professionals and entrepreneurs seeking to work with foreign buyers.
U.S ATTRACTS INTERNATIONAL BUYERS
“This year, our conference will focus on the emerging trends in today’s changing global landscape,” said SIBOR director Ron Molcho, chairman of the Global Real Estate Summit. “Real Estate professionals will provide insights on new opportunities for investments in the United States and abroad, amid the challenges and uncertainties facing today’s changing political, demographic and financial landscape.”
According to NAR’s recently released 2017 Profile of International Activity in U.S. Residential Real Estate, foreign investment in U.S. residential real estate has skyrocketed to a new high.
The survey found that between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of residential property, which is a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high. Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases accounted for 10 percent of the dollar volume of existing-home sales (8 percent in 2016).
“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” said Lawrence Yun, NAR chief economist. “While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest.”
In the commercial sector, 47 percent of REALTORS® reported an increase in the number of international clients over the past five years and 40 percent reported that they are confident the increased sales and leasing activity will occur in 2017, according to NAR’s recently released 2017 Commercial Real Estate International Business Trends report. “REALTORS® in many middle-tier and smaller markets stand to benefit from the increased interest from foreign and domestic commercial property investors,” Yun stated.
TICKET INFORMATION, AND MORE
For tickets, exhibitor or sponsorship registration, or to learn more about 2017 Global Real Estate Summit NYC, log onto http://www.globalrealestatenyc.com, or contact Gary Connolly, HGAR’s director of Multiple Listing Service and Information Systems, at 914- 681-0833, or via email: Gary.Connolly@HGAR.com.
About the Staten Island Board of REALTORS® (SIBOR)
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
About the Hudson Gateway Association of REALTORS® (HGAR)
The Hudson Gateway Association of REALTORS® (HGAR) is a not-for-profit trade association consisting of almost 11,000 real estate professionals doing business in Westchester, Putnam, Rockland, and Orange counties, as well as Manhattan. It is the second largest REALTOR® Association in New York, and one of the largest in the country.
The Hudson Gateway Multiple Listing Service (HGMLS), owned by HGAR, offers more than 16,000 properties in the Bronx, Westchester, Putnam, Dutchess, Rockland, Orange, Sullivan and Ulster counties. It is among the top 50 largest MLSs in the country.