South American Purchases 8 NYC Apartments

[Brad D.]

This is interesting. 

https://www.wsj.com/articles/south-american-family-buys-eight-new-york-apartments-to-stash-cash-amid-coronavirus-11586952028

Let me be clear. I definitely think real estate will drop in almost every city across the board. Everyone from zillow to your barber was calling for a recession in early 2020, and then we got the shutdown. 

But we'll have to see just how far this type of thing goes, just how much will it do toward foaming the runways. I was counting on foreign money drying up, if nothing else via the lowered amount of chinese dollars flowing in. However, the great thing about the US is no matter how bad things are, they are almost always less bad here. So we in the US are worried, about how much will real estate fall, and how many years will it take to bounce back. Other countries are worried about currency destruction and possible revolution. Peru had been doing well for 10 years before dissolving their congress late last year. Still a third world country but with almost double the per capita GDP of India, people from peru and other countries are looking at buying an asset in the US almost certain to drop in as their best option available.