[quote=earlyretirement][quote=blueeyedlion]I’m a REALTOR and I can attest to the Chinese buying all-cash! I’ve worked with a client, fresh from getting his Master’s in Mechanical Engineering from Michigan and whose Dad bought him a home, and then a couple of other investment properties.
Also have a former colleague (I was once in Computer Engineering) who is Chinese and helped a friend from mainland China buy a million dollar home in Carlsbad sight unseen. The money is definitely flowing in from China, and is driving up prices.[/quote]
Thanks blueeyedlion. Is there any specific developments or areas you see this happening more than another?
For example, your client that bought whose dad bought him a property… what type of property was it? SFH? In which area/development? Thanks for sharing.[/quote]
ER,
I’ve talked to a few people who were working with Chinese investors, but this was ~2-4 years ago. They (Chinese investors) were pooling large funds (billions) to buy up bulk foreclosures directly from banks, the FDIC (supposedly), and other lending institutions. Also, they were buying foreclosures on the courthouse steps. I’ve talked to people who’ve represented them on the financial side, and also talked to some people who’ve worked in flip/repair crews for these investors. They were buying up mostly SFHs on the low to mid end, here and around the country, to either rent or flip.
