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by Ben Levisohn, Business Week
Date Published: Monday June 30, 2008
 

1-BR Condo, Priced To Sell—In Euros

By Ben LevisohnSoHo apartments for sale in Euro's

So it has come to this. With the dollar stuck in the doldrums, New York Realtor Nick Spanos is posting apartment prices in euros to appeal to foreigners, who seem to buy U.S. real estate these days the way they used to pick up souvenirs. Spano’s clientele at real estate firm Bapple, in the city’s posh SoHo district, is now 50% foreign, he says. To a lesser extent, foreigners are snapping up property in other U.S. markets, too, says the National Association of Realtors, making up 3% of all home sales for the year ended April, 2007. Lawrence Yun, the group’s chief economist, expects the 2008 number to be higher. Spanos, a 25-year industry veteran, says the euro sign in his window is working. Among recent buyers: “four guys from Finland” who wound up buying a one-bedroom apartment for roughly 360,000 euros ($560,000) while on vacation. “They saw the sign,” he says, “and two days later they’d talked themselves into buying a condo.”

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