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They’re Rushin’ to sell their real estate.
Wealthy Russians who own property in the United States are looking to sell out, a high-profile luxury real estate broker told Fortune magazine this week.
One of the highest-luxury condo brokers, told the magazine she has been inundated with requests from Russian clients looking to offload their properties lest they get caught in the international financial crossfire of the war with Ukraine.
And it’s not just oligarchs that are worried they are in the crosshairs. Wealthy non-oligarch Russians are also concerned about having their assets seized.
Since the end of the Cold War, Russians without ties to Vladimir Putin have poured money into high-end properties in places like Billionaire’s Row in New York City and Miami’s Fisher Island, and with things on the world stage being what they are, Lenz predicts those property could soon flood the market.
Luxury Real Estate Developers
Upcoming real estate projects by Russian-born developers along with big-ticket home purchases may also be put on hold.
But some experts say investing in American soil is the right move to make right now.
Engel & Völkers Americas’ Stuart Siegel said instability in Russia could encourage some Russians to hang on to their American holdings — or even buy more.
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“In times of global turmoil, American real estate has always been viewed as a safe harbor,” he told the publication.
Source: [Fortune] — Vince DiMiceliContact Vince DiMiceli
