OK people bringing money in from asia : I doubt that. Why ??? Until ~7-10 years ago there where serious restrictions about how much you can bring over from India. In 1992 I was allowed $200. I am sure China and other asian countries are the same. I think they have increased it to ~2000 maybe, but its not gotten un capped I am sure. BTW The dollar used to be as high as 50 against the rupee, but it has recently dropped to ~45. So the weakening dollar, isn't really against the third world really. Of course china has it indexed to the dollar. Now I believe that it has to do with sense of entitlement. I routinely see my fellow co worker Injuns (who are probably making ~the same $$ as me) plonk down 450K+ for a 3000 sqft tract build which is also readily available from a different builder with lesser trim for 180K, and I have to wonder, what do these people know about the economy, demographics and history of this part of the country. Turns out, I have to explain to them what baby boomers are, what the bond market is all about and what the yen carry trade is. Oh yea, we all work at a bank, the largest in the world. I just call it tunnel vision, or the fact that they let their wives decide and the marketing is geared to flummox women. I am there fore lucky … my wife will put the functionality of a plan well ahead of trim and design. Now I have to go find a 1 level house (Ranch) as per her orders. Sheesh. Cool. Cow_tipping.
You really need to go visit places like Shanghai, Moscow, Tokyo, because you have no idea what you are talking about.
Like i said, real estate in places like Shanghai and Moscow have bubbled so much more that places in America, even by American standards. Like I said, people like my sister in law come from China and have no problems buying a home here. Imagine if you were able to buy a place for $400k USD, rent it for $4000/month, and had to pay no taxes on the rental income. That's the current situation in some of these emerging places.
The fact is that a lot of you folks are living in denial. When you think immigrants, you think they can't possibly be coming here with a better quality of life than you. And that's where you're wrong.
Again, I'm not saying all immigrants or all asians coming here are all wealthy. But the ones that end up in areas like CV and LJ, DelMar are.
If you want to keep living in denial go for it. But if you haven't noticed, a good portion of the Companies here have either been started by immigrants or are headquartered overseas.
