Franck Ruimy, investment manager from London, was looking for apartments for European investors when he came to the conclusion from the title of this post.
While wealthy Americans, scared because all that is happening, keep away from investments in trophy real estate, Mr. Ruimy invested in some new apartment buildings in Manhattan. His plan is to buy them as much as possible on a discount and rent while awaiting long-term increase in prices during the next few years. Sounds interesting, right? Well Mr. Ruimy is so confident of success that he has so far spent over 30 million dollars, and it is expected to invest 250 to 300 million dollars in the end!
Happy shopping began as a way of exploiting the euro strength against dollar. It was still before the problems in the market became clear to majority of buyers. Ruimy said that and even then he was able to negotiate significant discounts. Today, the deterioration of the real estate market represents an opportunity for a good job.
Given that Franck Ruimy is one of the famous personalities in Europe’s real estate world, a man who has invested billions of dollars in real estate across Europe for private investors and institutions, whose company now operates a real estate worth more than 9 billion dollars, the advice should not be easily wasted.
And what says Mr. Ruimy in the end?
“I am always everywhere in search for bargaining. Is the right time for business with real estate!”