In CNBC's latest episode of "Secret Lives Of The Super Rich: Mega Homes," which aired last night, three Chinese buyers fought over one $4 million New York City apartment.
CNBC reporter Robert Frank gave the perfect analogy for what foreign buyers are actually doing with real estate. He said:
The reason it's raining money on Manhattan real estate right now is because of the foreign super rich. They are trying to stuff as much money as possible from overseas here. These aren't apartments they are buying; they are safe deposit boxes with views.
Because of changing laws and economic turbulence overseas, the foreigner buyers see New York City real estate as a solid investment. Glitzy new buildings like the still-under-construction One57 building in Midtown are especially popular with foreigners.
All three of the buyers on CNBC's special were trying to snatch up the apartment for their college-aged students, so that besides a safe deposit box, it would also serve as a "luxury dorm in the sky."
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