MANHATTAN — Real estate adviser Justin Stewart has been in deep discussions with a client from China who's determined to buy an an apartment in Manhattan in anticipation of his son attending college here — even though the boy is still four years from graduating high school. With a volatile real estate market in China and restrictions on real estate purchases in many cities there, a flood of... [more]
MANHATTAN — Real estate adviser Justin Stewart has been in deep discussions with a client from China who's determined to buy an an apartment in Manhattan in anticipation of his son attending college here — even though the boy is still four years from graduating high school.
With a volatile real estate market in China and restrictions on real estate purchases in many cities there, a flood of wealthy Chinese investors has been turning its sights to sleek, high-end condos in Harlem, Midtown and elsewhere as a gift to their children who are studying — or hope to — at NYU, Columbia and other schools, many real estate brokers said.
Read more: http://www.dnainfo.com/20111201/upper-east-side/chinese-buyers-flood-real-estate-market-search-of-kids-college-housing#ixzz1fNJTLey6[less]
Response by lobster
over 14 years ago
Posts: 1147
Member since: May 2009
I have a friend whose father bought a condo for her to live in while she attended law school in New York City. The father was in the real estate business so I have no doubt that he got a good deal. It was very small, but in a nice building in a good location. After she got married, she lived there with her husband for a few years and then they sold the apartment. I think that is a pretty common story with even families who are not extremely wealthy.
Ignored comment.
Unhide
Response by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009
It's very common. Probably more than a few examples in most buildings. Parents think they are making a wise investment and helping out the kids start out in life. It is a lot easier to make ends meet when one doesn't have a mortgage to worry about. Surprised this hasn't been written about sooner. And yes, the article is right, foreigners do this alot.
Ignored comment.
Unhide
Response by NYCMatt
over 14 years ago
Posts: 7523
Member since: May 2009
LOL -- watch the Chinese kid flunk out and turn out to be one of those guys who works on the docks unloading fish ...
Ignored comment.
Unhide
Response by jason10006
over 14 years ago
Posts: 5257
Member since: Jan 2009
"watch the Chinese kid flunk out"
Yes, because that is SOOO common.
Ignored comment.
Unhide
Response by nyc_sport
over 14 years ago
Posts: 820
Member since: Jan 2009
I am perplexed that people think this is new or news. Lots of parents bought condos for their kid(s) in the middle of nowhere where I went to college 25 years ago, and lots more bought in NYC when I was in law school 20 years ago. Many of the NYC purchases supposedly were intended to revert to a pied a terre for mom and dad after junior graduated, but in most cases junior never left, mom and dad got divorced, etc., etc. Three or four years ago parents bought a $2MM condo in my building for their two kids (one at Parsons, the other at NYU). Both have since graduated, neither has left the condo, and a significant other of each has moved in too.
Ignored comment.
Unhide
Response by NYCMatt
over 14 years ago
Posts: 7523
Member since: May 2009
"Three or four years ago parents bought a $2MM condo in my building for their two kids (one at Parsons, the other at NYU). Both have since graduated, neither has left the condo, and a significant other of each has moved in too."
Ugh. That's AWFUL.
God invented co-ops to prevent this kind of thing from happening.
Ignored comment.
Unhide
Response by falcogold1
over 14 years ago
Posts: 4159
Member since: Sep 2008
Saw this many years ago when a father bought a 2br condo when the child started school in 1979(college/NYU) and sold when the child finished in 1987(grad school/Columbia). The profits more than covered the cost of education and living expenses.
Just have to get the timing right.
Ignored comment.
Unhide
Response by falcogold1
over 14 years ago
Posts: 4159
Member since: Sep 2008
"watch the Chinese kid flunk out"
HA, Out my way, fatboy, I go to rie-berry, study ass orff, take job (maybe girfriend) from you.
Ignored comment.
Unhide
Response by NYC10007
over 14 years ago
Posts: 432
Member since: Nov 2009
Wow, falcogold1, that was Team America un-PC right there.
Kid right out of college and his girlfriend just moved into the $1.6 million 2BR next door to me. Paid for all cash by the grandparents...while it really irks every one of us who actually paid for our own apartments, and happen to live next door in a much less expensive apartment, it's life, especially in this city.
In this case I'm thinking it was typical estate planning; pass on wealth to the next generation through Real Estate...which is exactly what has been done for centuries by every wealthy family.
So I concur, what's new about this?????
Ignored comment.
Unhide
Response by wanderer
over 14 years ago
Posts: 286
Member since: Jan 2009
faclo, you are a genius. There I said it.
Ignored comment.
Unhide
Response by lucillebluth
over 14 years ago
Posts: 2631
Member since: May 2010
my parents only paid my rent. cheap jerks.
Ignored comment.
Unhide
Response by huntersburg
over 14 years ago
Posts: 11329
Member since: Nov 2010
Lucille, what will you be doing for your kids?
Ignored comment.
Unhide
Response by lucillebluth
over 14 years ago
Posts: 2631
Member since: May 2010
my parents will be paying their rent, too. cheap jerks.
I have a friend whose father bought a condo for her to live in while she attended law school in New York City. The father was in the real estate business so I have no doubt that he got a good deal. It was very small, but in a nice building in a good location. After she got married, she lived there with her husband for a few years and then they sold the apartment. I think that is a pretty common story with even families who are not extremely wealthy.
It's very common. Probably more than a few examples in most buildings. Parents think they are making a wise investment and helping out the kids start out in life. It is a lot easier to make ends meet when one doesn't have a mortgage to worry about. Surprised this hasn't been written about sooner. And yes, the article is right, foreigners do this alot.
LOL -- watch the Chinese kid flunk out and turn out to be one of those guys who works on the docks unloading fish ...
"watch the Chinese kid flunk out"
Yes, because that is SOOO common.
I am perplexed that people think this is new or news. Lots of parents bought condos for their kid(s) in the middle of nowhere where I went to college 25 years ago, and lots more bought in NYC when I was in law school 20 years ago. Many of the NYC purchases supposedly were intended to revert to a pied a terre for mom and dad after junior graduated, but in most cases junior never left, mom and dad got divorced, etc., etc. Three or four years ago parents bought a $2MM condo in my building for their two kids (one at Parsons, the other at NYU). Both have since graduated, neither has left the condo, and a significant other of each has moved in too.
"Three or four years ago parents bought a $2MM condo in my building for their two kids (one at Parsons, the other at NYU). Both have since graduated, neither has left the condo, and a significant other of each has moved in too."
Ugh. That's AWFUL.
God invented co-ops to prevent this kind of thing from happening.
Saw this many years ago when a father bought a 2br condo when the child started school in 1979(college/NYU) and sold when the child finished in 1987(grad school/Columbia). The profits more than covered the cost of education and living expenses.
Just have to get the timing right.
"watch the Chinese kid flunk out"
HA, Out my way, fatboy, I go to rie-berry, study ass orff, take job (maybe girfriend) from you.
Wow, falcogold1, that was Team America un-PC right there.
Kid right out of college and his girlfriend just moved into the $1.6 million 2BR next door to me. Paid for all cash by the grandparents...while it really irks every one of us who actually paid for our own apartments, and happen to live next door in a much less expensive apartment, it's life, especially in this city.
In this case I'm thinking it was typical estate planning; pass on wealth to the next generation through Real Estate...which is exactly what has been done for centuries by every wealthy family.
So I concur, what's new about this?????
faclo, you are a genius. There I said it.
my parents only paid my rent. cheap jerks.
Lucille, what will you be doing for your kids?
my parents will be paying their rent, too. cheap jerks.
Your kids or your parents are the cheap jerks?