Many Manhattan Luxury Buyers Opt for Mortgages

Many Manhattan Luxury Buyers Opt for Mortgages

Mansion Global

The all-cash buy is far from dead however, according to Ed Mermelstein, a Manhattan-based real estate attorney. Mermelstein attests to the fact that many buyers from China and Eastern European nations still come to the Big Apple favoring the all-cash deal. For affluent Manhattanites and other American buyers, the pendulum has begun swinging to traditional mortgages and other more creative ways of financing a home, Mermelstein said.

“I don’t believe stories about the all-cash deals have been exaggerated,” Mermelstein said. “ For many foreign clients, mortgages don’t make sense. They’re very into wealth preservation.”

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