I really don’t think these are foreign Asian buyers. In all likelihood these are the folks employed in the IT sector around the I-15.
most of the newer immigrants do not know about how the bubble came to be, most don’t evenr realize 5 years ago these same homes were more along the line of $400,000. A lot of these folks get their news from the Chinese World Journal, not the U-T and certainly not Piggington. What they do know is that these homes were $900,000 just a year ago. Plus culturally buying a home means you have made it in the good US of A. it’s something to brag about to folks back home.
So armed with that, you too would be lining up to buy these homes.
we had a neighbor that bought a 1800 sqft detached condo in 4S Ranch for $650,000 in April of last year. he’s a Chinese national that stayed here after he got his phd. the family keeps most of their lights turned off at night to save on utility, does his own trimming of the garden, drives a 15 year old Honda. I know this guy would never foreclose, but from the way it looks that 1800 sqft detached condo will be a forever home for this phd and that Honda will probably be in the family for another decade. But hey, at least he can brag about acheiving his American dream just right out of grad school!
