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Luxury Manhattan condos pile up as foreigners lose buying power

Weakness in economies outside of America, a plunge in oil prices and surging dollar hurting demand from international buyers

Luxury-home sales have slowed in Manhattan amid a surge in construction. While foreigners account for about 15 per cent of total sales, they make up about 30 per cent of high-end condo purchases.


MANHATTAN real estate agent Lisa Gustin listed a four-bedroom Tribeca loft for US$7.45 million in October, expecting a quick sale. Instead, she cut the price this month by US$550,000.

"I thought for sure a foreign buyer would come in," said Ms Gustin, a broker at Brown...

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