forsale_2007, you make it sound like Asians all live in million dollar homes. There’s some truth to what you’re saying but the people you’re talking about are a small minority. I happen to know some Taiwanese people whose parents bought expensive houses for them so they could go to UC Irvine. The parents would visit twice a year.
But the reality is much different. All you have to do it go to Monterey Park and Chinatown to see how the preponderance of Asians live — not very well.
A Taiwanese friend of mine is a doctor at a hospital in Chinatown, NYC. He tells me that many of the patients are illegals with no health coverage. Many of them have chronic disease but show up at hospital only when their health is so bad that they can’t take it anymore. In New York, poor Chinese are all over Chinatown and Flushing. In California you don’t see the concentration of poor people because we live spread out and far apart from one another.
Foreigners, just like American citizens and Resident Aliens have been buying properties because they saw RE as a good investment. The ones who don’t live here will be the earlier sellers, IMO.
