[quote=flu][quote=bearishgurl][quote=flu]Oh please… stop the blame game will you? Asian purchases account for 20-30% of new home purchases, and mostly at the higher end where most of you are not shopping.
Even in socal, the concentration of purchases are in the markets that are $1million+. If you want to blame foreign purchases maybe you should get your fvcking facts straight and blame canadians, since as a group, theyve are the largest foreign buyers even more than chibese. And their purchase price points are considerably lower, probably in the submarket where most of you would be looking.[/quote]
I saw that article yesterday. Chinese buyers are also scarfing up condos in CA coastal counties for all cash, as well. These properties aren’t in the $1M+ range. They buy them for their kids future use to go to college. IIRC, there is a couple in that article on the tour bus who brought their 8 year-old with them and stated they wanted it for him to use for college. In the meantime, they’ll lease it out.
I realize that US buyers with minor children really don’t want to raise their own kids in condos but in some (expensive) sub-markets, that’s all they can afford unless they want to add a lot of extra commute time to their workday.[/quote]
Look at the percentage of Canadian buyers. Even so who the fvck cares..some has money, its legal, buy. Its called capitalism.[/quote]
I understand. I believe you. I honestly don’t care because the type of properties the Chinese buyer is attracted to do not generally interest me. So the fact that they’re buying every listing they like in coastal counties which is not nailed down (and immediately contracting them with local property mgrs) doesn’t bother me in the least.
In the SGV, this started happening en masse in early 2009, except that it was Chinese, Taiwanese and Vietnamese buyers (all cash). This subset of mostly prospective small business owners (who already had relatives settled in the area clueing them in that a RE “free-for-all” was going on there at the time) didn’t buy new homes/condos (cuz there aren’t any there) and didn’t pay $1M for 95% of those properties.
Some of them bought 4-6 (distressed) units at once in ONE condo complex.
You’re right, flu. It’s capitalism at work and survival of the fittest.
