Hi,

As the dolllar is so weak i would like peoples opinion on investing in New York in America. Also if people have areas and advice then that would be helpful. Thanks

Looks like you didn't get a huge response!! - pity as I have also been thinking along the same lines - like me you're probably bored reading about France, Eastern Europe and Dubai in the Sunday papers - the U.S. is one of the very few places I would feel safe even thinking about buying overseas property.

I hear and read that New York is booming like never before - if you have any information since your post please share it on here - the lack of response was no doubt due to lack of knowledge

I Know nothing of New York but there is a programme scheduled for Friday evening on ITV about the property market in Florida, which may or may not have some relevance.

Hi Padd21,

I used to live in NYC for 4 yours and know the city quite well. The best strategy in my opinion, now that price increases have slowed down in Manhattan, would be to invest in areas outside Manhattan, but within a reasonable distance e.g. a 30 min subway ride, such as certain (nicer than you would expect) areas in Harlem / uptown NY / Queens / Brooklyn or even accross the Hudson in New Jersey. As prices are high, for many yup´s it is unaffordable to purchase a home and they are forced to rent, and even to rent outside Manhattan. I used to live in Astoria, Queens, for example, and was surrounded by many young professionals from Europe in their late 20´s early 30´s. I had a great job in the management team of one of NYC best 5 star hotels, however preferred to be in a spacious apartment at 15 minutes from Midtown instead of in a tiny studio in Manhattan.

One of my best friends is a NYC real estate veteran with www.corcoran.com and might be of help if you wish so.

Fulton or Dekalb County in Atlanta GA is a very good play right now and worth a look at especially an older house with a decent lot that can be rented short term. I have bought one there so do have a vested interest.....................


Fulton's property values skyrocket amid growth

By D.L. BENNETT
The Atlanta Journal-Constitution

Published on: 05/24/07

Anyone who drives across Fulton County can tell the past 12 months have been booming: new subdivisions in north and south Fulton, infill housing in neighborhoods across Atlanta, and residential and office towers in Buckhead and Midtown.

All that construction is finding its way onto tax books, with property values rising most everywhere in the county.

Early figures show the property value in Georgia's largest county grew by a remarkable 10 percent in the past year.

But the number most Fulton property owners are interested in is the one that will be at the bottom of their tax bill this fall.

How many of the county's 13 cities are planning on reaping the windfall of higher values?

A number of local governments plan to maintain or only slightly decrease tax rates — Alpharetta, College Park, Fairburn, Mountain Park and Palmetto. Officials in East Point, Roswell, Atlanta and the Fulton County Board of Commissioners plan substantial rollbacks.

Sandy Springs, Johns Creek, Milton and Union City don't know.

Hapeville expects to raise the tax rate 3 mills to offset about $1 million the city expects to lose from the closure of its Ford plant. Other counties have not yet released preliminary numbers or reported significantly smaller increase, such as Cobb with a tentative 6 percent increase in property values.

Sam Williams, president of the Metropolitan Atlanta Chamber of Commerce, said the region should continue to defy any predictions of national slowdowns or collapsing real estate markets.

"The underlying strength of this economy is its diversity," Williams said. "We are the undisputed king of this region. Our biggest challenge is not our economic growth, but our quality of life."

The numbers compiled by Fulton tax assessors show bustling growth across the county with 11 percent growth in Atlanta, 9.5 percent in the northern suburbs and 8 percent to the south of the city.

They also show the remarkable shift in south Fulton, where annexations have reshaped the landscape preceding the June 19 vote on incorporating the city of Chattahoochee Hill Country. A similar vote on the creation of the city of South Fulton has been delayed, leaving the only unincorporated area in the county.

But before the two new cities could scoop up all the land in unincorporated south Fulton, agitated leaders of adjoining cities went on an annexation tear. The land grabs doubled the size of Palmetto, Union City and Fairburn, contributing to their amazing jumps in land value.

Tax assessors show Union City's tax digest jumped 42 percent, Fairburn's by 57 percent.

Terrell Jacobs, Union City manager, said his city isn't sure whether it will lower taxes with all the new money the city should receive. The city gained more than 5,000 new acres and, though much of it is undeveloped, the city still has to provide public safety and other services there.

"With every gain, comes new responsibility," Jacobs said.

On the other hand, the numbers look less exciting for the proposed city of South Fulton. It showed a flatline on values for fast-developing unincorporated south Fulton because so much property was taken into the existing cities.

That could imperil the finances of the planned new city and the area if it remains unincorporated.

With the annexation period now over, Commissioner Bill Edwards said his south Fulton district will prosper.

"I'm excited about the growth and the potential for south Fulton," Edwards said. "They didn't kill us. That's what I've been telling people."