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By STEPHANIE ROSENBLOOM
Published: February 19, 2006
NEW YORK — sung about by Frank Sinatra, chronicled by Carrie Bradshaw and trampled by King Kong — has long had mythic status. Even the real estate is legendary.
Jonathan Player for The New York Times
LONDON Houseboats crowd Regents Canal in Little Venice.
Rents have always seemed exorbitant compared with those in other big cities, and now buying in Manhattan costs a record-setting $1,002 a square foot, on average. Still, there are plenty of properties for less than $500,000, and some dynamic neighborhoods in Brooklyn and Queens have rentals for below $1,000 a month.
New York, though, is not the only city capable of captivating the unencumbered and adventurous. The world is dappled with electric and storied cities — and real estate is staggeringly affordable in many of them.
"There is so much value in a lot of foreign countries," said Nigel Leck, an international property expert on the BBC program "Uncharted Territory." "The capital growth will be very, very good."
Entrepreneurial types should seize the moment in Eastern Europe, where cities like Budapest, Prague and Krakow, Poland, are in need of basic services and programs to propel them into the future. Those who want the privileges of home — a democratic government, a transparent market, the protection of property rights — but want more bang for their buck, should consider Toronto, Montreal and Quebec.
Sun-seekers looking to live and invest in a more tropical climate may want to migrate to one of the many flourishing cities in Latin America. Young executives who want to position themselves for the next decade can get deals in Shanghai, while romantics can embrace a piece of Paris for less than they may have thought.
Jeff Hornberger, manager of international market development for the National Association of Realtors, said that many European and Latin American countries welcome foreign buyers.
But that does not mean the process is devoid of red tape. Information about ownership laws in 24 countries can be found on WorldProperties.com. Click on "Country Info," then "Business Practices." Select a country from the drop-down menu. Where it reads "Select Business Practice," choose "Foreign Ownership." That will note any restrictions. In Mexico, for example, Article 27 of the Mexican Constitution of 1917 prohibits foreigners from owning residential real estate within 30 miles of any coastline or 60 miles of either border.
"As a rule of thumb, countries that were former British colonies have few, if any, restrictions, whereas many other countries restrict and require you to get a special permit to buy," David M. Michonski, chief executive of Coldwell Banker Hunt Kennedy and an international real estate specialist, wrote in an e-mail message. "But in resort markets, the countries often make exceptions."
Renting is a more informal process. "It is always easier to rent in a foreign country than to buy and I know of no restrictions on renting anywhere," Mr. Michonski wrote.
By and large renting is an agreement solely between the property owner and the renter. "If you're going to Italy and you're renting from a mother whose kids have left the home, she probably just wants a down payment," Mr. Hornberger said.
Some property experts say the most challenging part of relocating is finding a job. Yet it can sometimes be easier than buying property. "Many countries welcome American know-how and since Americans rarely compete for the low-paying local jobs, restrictions are often far more lax than to purchase," Mr. Michonski wrote.
At WorkAbroad.Monster.com there are job listings for nearly 200 countries. The site has tips about working papers, corporate relocation and private-sector jobs like teaching English. It also makes mention of risk-takers who, without any business connections, travel abroad to study, work freelance or start their own business and end up making valuable local contacts and securing work for themselves.
Of course, to learn about a country's visa and residency requirements, you will have to contact its embassy or visit its Web site.
Latin American cities are among the most exciting and affordable, especially Buenos Aires, the sultry, party-until-the-wee-hours city known as the Paris of South America. In 2002, the Argentine peso was devalued by the government, resulting in a currency crash. But four years later the city is getting back on its tango-dancing feet.
"This is a city that is getting more expensive because the economy is on the recovery," Mr. Hornberger said, "but it's still at a fraction of the cost."
Dinner for two with a good bottle of wine and dessert is $15 a person in a nice restaurant, said MarÃa Reynolds, who is an owner of Reynolds Propiedades & Relocation
(argentinahomes.com) in Buenos Aires. "If we ever go out and pay more than $18 a person it's like 'wow, that's expensive,' " she said. (In Manhattan it costs $16.95 for a fajita at Señor Swanky's, a Mexican chain.)
The enclave of the moment is San Telmo, a "young, hip urban scene with a thriving arts community and a strong ex-pat community," as Mr. Hornberger put it. The neighborhood is dotted with fine restaurants, bars, boutiques and colonial houses. Property costs between $56 and $93 a square foot, Ms. Reynolds said. Renting is also affordable. There are furnished studios with weekly maid service for $450 a month at www.buenosaireshousing.com.ar. (That is less than the $497 it costs to keep a car in the garage near New York's Museum of Modern Art.)
Real estate is more costly though still reasonable in Recoleta, an elegant downtown tourist magnet. Prices are about $180 to $300 a square foot, Ms. Reynolds said.
Lief Simon, the editor of Global Real Estate Investor, a newsletter published by International Living, likes Panama City with its high-rise buildings, restaurants and some 80 banks. "It's a first-world city," he said, and yet two-bedroom apartments can be had for $60,000 to $80,000.
Adriana Zehbrauskas for The New York Times
MEXICO CITY The Condesa neighborhood is a chic place to live.
Forum: Owning and Renting a Home
Yannick Grandmont for The New York Times
MONTREAL The city with a French vibe has very low prices.
Ed Alcock for The New York Times
PARIS Some consider the Rue de Bretagne a good place to invest.
Mexico City, recommended by some property experts, makes others cringe with its crowded streets and polluted air. Still, "there are a lot of young Americans living down there and they're finding employment," said Mr. Hornberger, who suggested living in Condesa, a chic area that has been likened to New York's East Village. There are two- and three-bedroom apartments in Condesa for about $1,200 to $1,500 a month. Some one-bedrooms in downtown Mexico City are less than $700 a month.
Those who are partial to cooler temperatures but wish to remain on this side of the Atlantic could head north to Canada. "It's a great opportunity for kids today," Mr. Michonski said.
Toronto is the financial headquarters of the country and three of its trendiest neighborhoods are among the most affordable.
"It's a mini-Manhattan, but we're decades and decades behind in terms of where you are with your price points," said Michael Kalles, president of Harvey Kalles Real Estate (harveykalles.com) in Toronto.
The Beaches neighborhood has a lively beachfront boardwalk, volleyball courts and an outdoor swimming pool, yet is close to the city's downtown. Buying at the low end of the market in the Beaches is about $260 to $300 a square foot, said Michael Manley, a director of the Toronto Real Estate Board.
Rent is $690 to $1,210 a month, said Ryan Schwerdtner, managing director of a Canadian rental Web site, Viewit.ca. Rents vary significantly, he said, because properties range from beachfront homes to basement apartments.
Two of the trendiest downtown areas are West Queen West (known for its galleries, dance clubs and shopping) and King West Village (its myriad pubs make it ideal for night owls). New condos in Queen are going for $220 to $330 a square foot and are being snapped up by young people, Mr. Kalles said. Loft and one-bedroom rents in both areas are about $870 to $1,130, Mr. Schwerdtner said.
In Montreal, the "place to be and to be seen" is Plateau Mont-Royal, said Bertin Jacques, a spokesman for Tourisme Montréal. Property in this area — which is popular with young Canadians because of its cafes, restaurants and nightclubs — is about $220 to $240 a square foot and rentals are about $650 to $1,470 a month, he said.
The Gay Village enclave, which can be likened to New York's Chelsea neighborhood, also draws a number of straight people because of its dynamic night life and affordability, Mr. Jacques said. Real estate is about $190 a square foot and rentals are about $780 to $1,210, he said.
If Buenos Aires is the Paris of South America, Quebec City is the Paris of North America. It is divided into Haute-Ville (the upper town) and Basse-Ville (lower town). Haute-Ville is more expensive than Basse-Ville, which, like New York's South Street Seaport, is distinguished by a port (Old Port) along the St. Lawrence River. Warehouses converted into 750- to 2,000-square-foot apartments are about $170,000 to $390,000, said Richard Séguin, a spokesman for Quebec City Tourism.
Speaking of Paris, the city of Renoir and haute couture is far less expensive than New York and San Francisco, a fact that has escaped many would-be expatriates.
"There's a lot that is still way underpriced because it needs renovation and gentrification," said Adrian Leeds, who moved from Los Angeles to Paris in 1994 and is the editor of www.parlerparis.com, a newsletter about Paris, as well as other Web sites about France, including French Property Insider (www.frenchpropertyinsider.com).
Those looking for a deal should skip the Sixth and Seventh Arrondissements, home to the Luxembourg Gardens, Eiffel Tower and Musée D'Orsay. Instead, they might consider buying in developing arrondissements where the city's bohemians and "bobos" (bourgeois bohemians) flock: the 10th, 18th and 19th.
Just be wary of the 10th Arrondissement (one of the city's up-and-coming areas), advised Yolanda Robins, a property manager for French Property Insider who moved from Philadelphia to Paris two years ago. The areas along the tree-lined Canal St.-Martin are beautiful, she said, but those near the train station "can be horrible." The average price per square foot in the arrondissement is about $530 to $670, she said.
The artsy 18th Arrondissement, known as Montmartre, is perched on a hilltop, and the Eiffel Tower can be glimpsed from some of its apartments. Property costs about $670 a square foot on the west side of the arrondissement and about $440 a square foot on the east side, which is undergoing gentrification, Ms. Robins said. Property in the 19th is about $440 to $610 a square foot, she said.
Long-term furnished rentals in those arrondissements are about $320 to $430 a month, according to Ms. Leeds. "It doesn't even come close to London," she said.
As Mr. Hornberger put it: "London is out of reach unless you've got a really good trust fund."
Yet some Anglophiles and English majors remain undeterred. Ryan Benson, director of Dream Properties London, suggested renting in St. John's Wood. But even there, a 270-square-foot studio on the famous Abbey Road is on the market for about $1,470 a month (at www.foxtons.co.uk). Other areas to search are Maida Vale, West Hampstead and Little Venice, though the pickings are slim. Suburbs like Stanwall and Radlett are less expensive but what is saved in rent is paid for in gasoline or commuting time.
Those doing business in China (Mr. Michonski calls it "the land of the future") may want to work and buy in Shanghai. Adrienne Farrelly, general manager of Shanghai Properties (shanghaiprops.com) suggested looking in People's Square, nestled among two of the city's major commercial and retail streets. Nearby is Top of the City, an apartment complex where property is about $350 a square foot and rentals start at around $700 for a 689-square-foot one-bedroom, Ms. Farrelly wrote in an e-mail message. "It's probably the best value in town given that it's at People's Square," she wrote.
Property experts agree, however, that the best values are really in Eastern Europe. There are "huge swaths of land" available for "knockdown prices," said Mr. Leck of "Uncharted Territory."
"That's where the opportunities lie," Mr. Simon said, "and that's where the young person who's entrepreneurial could make some money." It costs about a $110 a square foot to buy in Bucharest, Romania, he said.
"I think the biggie there in Eastern Europe is Bulgaria," said Mr. Michonski, adding that it has magnificent beaches as well as mountains for skiing and that "you can live like a king on $10,000 a year."
But, alas, if the siren song of New York is too mighty to ignore, you can find rentals for about $1,000 a month. Manhattan Apartments (www.manhattanapartments.com) and Mark David & Company (www.markdavidny.com) have some in Harlem and Washington Heights. In Brooklyn, there are a few studios in Park Slope and Kensington for less than $1,000 and in Williamsburg and Greenpoint for about $1,200 on the Craigslist Web site. In Queens, some studios and one-bedrooms in Astoria are less than $1,000.
Those who are cash-strapped but still want to live in Manhattan can rent a room (or a corner of a room) for about $500 to $800 a month. They may lack space and privacy. But they provide a sliver of the Big Apple. And more than one dream in this city began with less than that.
By STEPHANIE ROSENBLOOM
Published: February 19, 2006
NEW YORK — sung about by Frank Sinatra, chronicled by Carrie Bradshaw and trampled by King Kong — has long had mythic status. Even the real estate is legendary.
Jonathan Player for The New York Times
LONDON Houseboats crowd Regents Canal in Little Venice.
Rents have always seemed exorbitant compared with those in other big cities, and now buying in Manhattan costs a record-setting $1,002 a square foot, on average. Still, there are plenty of properties for less than $500,000, and some dynamic neighborhoods in Brooklyn and Queens have rentals for below $1,000 a month.
New York, though, is not the only city capable of captivating the unencumbered and adventurous. The world is dappled with electric and storied cities — and real estate is staggeringly affordable in many of them.
"There is so much value in a lot of foreign countries," said Nigel Leck, an international property expert on the BBC program "Uncharted Territory." "The capital growth will be very, very good."
Entrepreneurial types should seize the moment in Eastern Europe, where cities like Budapest, Prague and Krakow, Poland, are in need of basic services and programs to propel them into the future. Those who want the privileges of home — a democratic government, a transparent market, the protection of property rights — but want more bang for their buck, should consider Toronto, Montreal and Quebec.
Sun-seekers looking to live and invest in a more tropical climate may want to migrate to one of the many flourishing cities in Latin America. Young executives who want to position themselves for the next decade can get deals in Shanghai, while romantics can embrace a piece of Paris for less than they may have thought.
Jeff Hornberger, manager of international market development for the National Association of Realtors, said that many European and Latin American countries welcome foreign buyers.
But that does not mean the process is devoid of red tape. Information about ownership laws in 24 countries can be found on WorldProperties.com. Click on "Country Info," then "Business Practices." Select a country from the drop-down menu. Where it reads "Select Business Practice," choose "Foreign Ownership." That will note any restrictions. In Mexico, for example, Article 27 of the Mexican Constitution of 1917 prohibits foreigners from owning residential real estate within 30 miles of any coastline or 60 miles of either border.
"As a rule of thumb, countries that were former British colonies have few, if any, restrictions, whereas many other countries restrict and require you to get a special permit to buy," David M. Michonski, chief executive of Coldwell Banker Hunt Kennedy and an international real estate specialist, wrote in an e-mail message. "But in resort markets, the countries often make exceptions."
Renting is a more informal process. "It is always easier to rent in a foreign country than to buy and I know of no restrictions on renting anywhere," Mr. Michonski wrote.
By and large renting is an agreement solely between the property owner and the renter. "If you're going to Italy and you're renting from a mother whose kids have left the home, she probably just wants a down payment," Mr. Hornberger said.
Some property experts say the most challenging part of relocating is finding a job. Yet it can sometimes be easier than buying property. "Many countries welcome American know-how and since Americans rarely compete for the low-paying local jobs, restrictions are often far more lax than to purchase," Mr. Michonski wrote.
At WorkAbroad.Monster.com there are job listings for nearly 200 countries. The site has tips about working papers, corporate relocation and private-sector jobs like teaching English. It also makes mention of risk-takers who, without any business connections, travel abroad to study, work freelance or start their own business and end up making valuable local contacts and securing work for themselves.
Of course, to learn about a country's visa and residency requirements, you will have to contact its embassy or visit its Web site.
Latin American cities are among the most exciting and affordable, especially Buenos Aires, the sultry, party-until-the-wee-hours city known as the Paris of South America. In 2002, the Argentine peso was devalued by the government, resulting in a currency crash. But four years later the city is getting back on its tango-dancing feet.
"This is a city that is getting more expensive because the economy is on the recovery," Mr. Hornberger said, "but it's still at a fraction of the cost."
Dinner for two with a good bottle of wine and dessert is $15 a person in a nice restaurant, said MarÃa Reynolds, who is an owner of Reynolds Propiedades & Relocation
(argentinahomes.com) in Buenos Aires. "If we ever go out and pay more than $18 a person it's like 'wow, that's expensive,' " she said. (In Manhattan it costs $16.95 for a fajita at Señor Swanky's, a Mexican chain.)
The enclave of the moment is San Telmo, a "young, hip urban scene with a thriving arts community and a strong ex-pat community," as Mr. Hornberger put it. The neighborhood is dotted with fine restaurants, bars, boutiques and colonial houses. Property costs between $56 and $93 a square foot, Ms. Reynolds said. Renting is also affordable. There are furnished studios with weekly maid service for $450 a month at www.buenosaireshousing.com.ar. (That is less than the $497 it costs to keep a car in the garage near New York's Museum of Modern Art.)
Real estate is more costly though still reasonable in Recoleta, an elegant downtown tourist magnet. Prices are about $180 to $300 a square foot, Ms. Reynolds said.
Lief Simon, the editor of Global Real Estate Investor, a newsletter published by International Living, likes Panama City with its high-rise buildings, restaurants and some 80 banks. "It's a first-world city," he said, and yet two-bedroom apartments can be had for $60,000 to $80,000.
Adriana Zehbrauskas for The New York Times
MEXICO CITY The Condesa neighborhood is a chic place to live.
Forum: Owning and Renting a Home
Yannick Grandmont for The New York Times
MONTREAL The city with a French vibe has very low prices.
Ed Alcock for The New York Times
PARIS Some consider the Rue de Bretagne a good place to invest.
Mexico City, recommended by some property experts, makes others cringe with its crowded streets and polluted air. Still, "there are a lot of young Americans living down there and they're finding employment," said Mr. Hornberger, who suggested living in Condesa, a chic area that has been likened to New York's East Village. There are two- and three-bedroom apartments in Condesa for about $1,200 to $1,500 a month. Some one-bedrooms in downtown Mexico City are less than $700 a month.
Those who are partial to cooler temperatures but wish to remain on this side of the Atlantic could head north to Canada. "It's a great opportunity for kids today," Mr. Michonski said.
Toronto is the financial headquarters of the country and three of its trendiest neighborhoods are among the most affordable.
"It's a mini-Manhattan, but we're decades and decades behind in terms of where you are with your price points," said Michael Kalles, president of Harvey Kalles Real Estate (harveykalles.com) in Toronto.
The Beaches neighborhood has a lively beachfront boardwalk, volleyball courts and an outdoor swimming pool, yet is close to the city's downtown. Buying at the low end of the market in the Beaches is about $260 to $300 a square foot, said Michael Manley, a director of the Toronto Real Estate Board.
Rent is $690 to $1,210 a month, said Ryan Schwerdtner, managing director of a Canadian rental Web site, Viewit.ca. Rents vary significantly, he said, because properties range from beachfront homes to basement apartments.
Two of the trendiest downtown areas are West Queen West (known for its galleries, dance clubs and shopping) and King West Village (its myriad pubs make it ideal for night owls). New condos in Queen are going for $220 to $330 a square foot and are being snapped up by young people, Mr. Kalles said. Loft and one-bedroom rents in both areas are about $870 to $1,130, Mr. Schwerdtner said.
In Montreal, the "place to be and to be seen" is Plateau Mont-Royal, said Bertin Jacques, a spokesman for Tourisme Montréal. Property in this area — which is popular with young Canadians because of its cafes, restaurants and nightclubs — is about $220 to $240 a square foot and rentals are about $650 to $1,470 a month, he said.
The Gay Village enclave, which can be likened to New York's Chelsea neighborhood, also draws a number of straight people because of its dynamic night life and affordability, Mr. Jacques said. Real estate is about $190 a square foot and rentals are about $780 to $1,210, he said.
If Buenos Aires is the Paris of South America, Quebec City is the Paris of North America. It is divided into Haute-Ville (the upper town) and Basse-Ville (lower town). Haute-Ville is more expensive than Basse-Ville, which, like New York's South Street Seaport, is distinguished by a port (Old Port) along the St. Lawrence River. Warehouses converted into 750- to 2,000-square-foot apartments are about $170,000 to $390,000, said Richard Séguin, a spokesman for Quebec City Tourism.
Speaking of Paris, the city of Renoir and haute couture is far less expensive than New York and San Francisco, a fact that has escaped many would-be expatriates.
"There's a lot that is still way underpriced because it needs renovation and gentrification," said Adrian Leeds, who moved from Los Angeles to Paris in 1994 and is the editor of www.parlerparis.com, a newsletter about Paris, as well as other Web sites about France, including French Property Insider (www.frenchpropertyinsider.com).
Those looking for a deal should skip the Sixth and Seventh Arrondissements, home to the Luxembourg Gardens, Eiffel Tower and Musée D'Orsay. Instead, they might consider buying in developing arrondissements where the city's bohemians and "bobos" (bourgeois bohemians) flock: the 10th, 18th and 19th.
Just be wary of the 10th Arrondissement (one of the city's up-and-coming areas), advised Yolanda Robins, a property manager for French Property Insider who moved from Philadelphia to Paris two years ago. The areas along the tree-lined Canal St.-Martin are beautiful, she said, but those near the train station "can be horrible." The average price per square foot in the arrondissement is about $530 to $670, she said.
The artsy 18th Arrondissement, known as Montmartre, is perched on a hilltop, and the Eiffel Tower can be glimpsed from some of its apartments. Property costs about $670 a square foot on the west side of the arrondissement and about $440 a square foot on the east side, which is undergoing gentrification, Ms. Robins said. Property in the 19th is about $440 to $610 a square foot, she said.
Long-term furnished rentals in those arrondissements are about $320 to $430 a month, according to Ms. Leeds. "It doesn't even come close to London," she said.
As Mr. Hornberger put it: "London is out of reach unless you've got a really good trust fund."
Yet some Anglophiles and English majors remain undeterred. Ryan Benson, director of Dream Properties London, suggested renting in St. John's Wood. But even there, a 270-square-foot studio on the famous Abbey Road is on the market for about $1,470 a month (at www.foxtons.co.uk). Other areas to search are Maida Vale, West Hampstead and Little Venice, though the pickings are slim. Suburbs like Stanwall and Radlett are less expensive but what is saved in rent is paid for in gasoline or commuting time.
Those doing business in China (Mr. Michonski calls it "the land of the future") may want to work and buy in Shanghai. Adrienne Farrelly, general manager of Shanghai Properties (shanghaiprops.com) suggested looking in People's Square, nestled among two of the city's major commercial and retail streets. Nearby is Top of the City, an apartment complex where property is about $350 a square foot and rentals start at around $700 for a 689-square-foot one-bedroom, Ms. Farrelly wrote in an e-mail message. "It's probably the best value in town given that it's at People's Square," she wrote.
Property experts agree, however, that the best values are really in Eastern Europe. There are "huge swaths of land" available for "knockdown prices," said Mr. Leck of "Uncharted Territory."
"That's where the opportunities lie," Mr. Simon said, "and that's where the young person who's entrepreneurial could make some money." It costs about a $110 a square foot to buy in Bucharest, Romania, he said.
"I think the biggie there in Eastern Europe is Bulgaria," said Mr. Michonski, adding that it has magnificent beaches as well as mountains for skiing and that "you can live like a king on $10,000 a year."
But, alas, if the siren song of New York is too mighty to ignore, you can find rentals for about $1,000 a month. Manhattan Apartments (www.manhattanapartments.com) and Mark David & Company (www.markdavidny.com) have some in Harlem and Washington Heights. In Brooklyn, there are a few studios in Park Slope and Kensington for less than $1,000 and in Williamsburg and Greenpoint for about $1,200 on the Craigslist Web site. In Queens, some studios and one-bedrooms in Astoria are less than $1,000.
Those who are cash-strapped but still want to live in Manhattan can rent a room (or a corner of a room) for about $500 to $800 a month. They may lack space and privacy. But they provide a sliver of the Big Apple. And more than one dream in this city began with less than that.