[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.
