International investors attracted by favorable foreign exchange rates and record-low interest rates are tapping into the power of the Internet in order to scoop up New York real estate bargains. The city has always attracted deep-pocketed investors from Europe and Asia but "what is new is the ability to use the Internet to connect international real estate investors with local brokers through websites such as CityRealty.com... With Internet based services like CityRealty.com, foreign investors can obtain detailed market and property information (including photos and floorplans) and discuss their real estate investment plans with experienced market specialists before they set foot on a plane."

According to CityRealty.com, overseas buyers now comprise 15% of the total clientele, up from 5% just several months ago.