I guess I have to put my 2 cents into this thread since I have some qualifications: 1) first generation LEGAL immigrant to this country, 2) educated here and outside, 3)have plenty of friends in San Diego that are NON natives and RE buyers, and 4)I also happen to travel outside (Asia & EU), so I have first knowledge of foreigners’ perception of the US RE market. Ohhhhhhh, did I say my parents have moved here in their late 40’s, so they are still struggling with their English. (yes, indeed plenty of qualifications)
Summary of things worth discussing/adding to the subject:
***In my mind (having lived here for 12 years legally), it is a MUST/MANDATORY that any/all immigrants speak English. As much as I’m trying to enforce that idea in my big head (I realize my parents will never be fully FLUENT, yet they can have a decent conversation & as a result hold the appropriate jobs). Yes, they did sacrifice themselves to bring us to “a better life” (that’s debatable, but it’s the American dream)
*** My Ukrainian friends (too many): One has a decent job in Engineering Mgmt/Marketing with a big Cell Phone company, and makes decent (about 6 figure), his fiancée is a nurse . Bought a place in Carmel (92130 zip). Even though San Diego RE is over inflated, they do visit Ukraine still compare the living wage/RE prices against the OLD COUNTRY ……Conclusion: DECISION TO BUY
*** Another Ukrainian friend, at a BBQ last year, during a conversation he’s told me. I can’t believe prices in Ukraine are going up continuously there. $100,000 or $200,000 doesn’t buy you that much in Ukraine. Hence, my INTREST ONLY, condo in UTC WILL NEVER GO DOWN IN VALUE ………..ouch (I’ve advised against buying more, but with the current globalization….people make decision on MACRO economic perceptions…….not MICRO)…CONCLUSION: he’s loosing his butt trying to sell this UTC condo now………I’d hate to be mean, but I did not want to spell FORECLOSURE for him……….YES, he’s an engineer as well.
*** My Thai friend (now that we’re moving onto ASIA :-), is a business owner, runs his dad’s business……Bought with CASH (2003) a $1million in 92130 (Carmel Valley). Interestingly enough, his neighbors are: doctors (retired), across the street folk that inherited a lot of $, next door a CFO for a big PHARMA organization, next door a jeweler….. & across from his housing complex are only Chinese neighbors who own businesses in China, and purchased 3 houses….next to each other (all in $2 million range)………CONCLUSION: most likely anecdotal data, but ….YES, outside $ buys some RE here.
*** Yes, the devaluation of our currency (US dollar) is allowing folks from outside to buy RE here. Have you looked at the US dollar ration vs. EURO, how about vs. RON, etc. The globalization trend allowed affluent folk from OUTSIDE to buy properties here
Moreover, the emerging markets (Asia: India/China & Europe: Easter European Countries joining that just recently joined the EU: Poland, Hungary, Bulgaria, Romania, etc)… These countries are ON FIRE…their economies are still returning a decent ROI.
In fact, both the US and Western European companies are MATURED (have tapped out their markets) until these new areas have giving them the new market expansion/growth. Until a real break through in technology picks up the slack of our economic growth, these emerging markets are “it”. In fact, they flash their cash everywhere. I don’t know if you traveled recently in EU or more specifically Easter EU…..check out their PRICES lately (I feel poor as an American traveler…..these countries have more & more affluent folk). If we’re looking at the MACRO economic level, the world country wealth is balancing out (rich vs. poor countries). Big American Corporations are taking advantage or that & make the money (the money goes to CEOs and their investors) …Some make the might trickle to us in our stock/401k portfolios.
Hence, everything vis-à-vis the Emerging Markets from the poor or non-existent infrastructure to the high tech Fortune 500 organizations, are pouring big $ in investing there (Cheap labor, opportunity, new market and YES RISKY…..I know….but not FLAT like the market here in the US or Western EU).
These people (emerging markets) make more money, and some (maybe not via the best practices of business found themselves with LOTS OF CASH)..they might be your next door neighbors (again….this is not a scientific research).
