WIRE International Realty hosted a state of the market discussion on residential conditions in NYC and Italy at Cipriani Wall Street. More than 60 local real estate professionals and members of the Italy-America Chamber of Commerce were among those in attendance. Angelo Cinel, chairman and managing director of the brokerage’s parent company and consultancy arm, joined via Skype as business partner Luigi Rosabianca walked everyone through the presentation. The analysis’ main takeaway was that while residential buying and selling activity is down 20-25% across Italy and will likely continue to be through 2013, the number of Italians buying property abroad is up 26% when compared to 2012, with many of those transactions taking place in New York City. Following the presentation, guests networked over seasonal cocktails and canapés.
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