Chinese Cash Floods US Real Estate

[spdrun]

I’d argue that virtually everywhere can be “redneck” outside of the big cities — ever been to parts of upstate New York, western Mass., or southern NJ?

Rumor has is that parts of upstate NY even have active Klan 🙁 See below, have to give the guy points for creative Sci Fi storytelling…

http://nypost.com/2015/08/18/kkk-member-built-death-ray-machine-to-kill-muslims-and-obama-prosecutors-say/

‘ALBANY, N.Y. —A Ku Klux Klan member conspired to use a remote-controlled X-ray device hidden in a truck, which he called “Hiroshima on a light switch,” as a weapon of mass destruction to harm Muslims and President Barack Obama, a prosecutor told jurors on Monday.’

[FlyerInHi]

[quote=spdrun]I’d argue that virtually everywhere can be “redneck” outside of the big cities — ever been to parts of upstate New York, western Mass., or southern NJ?[/quote]

Don’t know why but I have a dislike for New Jersey and don’t really want to explore. I don’t really see the garden state. But upstate NY along the Hudson River is quaint — West Point, Hyde Park, CIA (culinary institute).

[The-Shoveler]

The Canadians I know (mostly from the Northeast parts, Ottawa etc..).

They want to retire out of the snow, they are not rich (well maybe one is) so they look for more affordable warm areas.

[spdrun]

NJ has many gorgeous parts outside of what you see from Rte. 1/the Turnpike. West Point isn’t really upstate — it’s 50 miles north of NYC. Roughly the same distance as Camp Pendleton to the SD airport.

Hyde Park/CIA is getting there, though it’s still only about 25% of the way from the city to the Canadian border.

[FlyerInHi]

Another thing to consider is that, unlike Canadians, Asian buyers, especially the part time residents, don’t really understand very high property taxes and HOA. The rich won’t have a problem, the middle class who rode the property boom might get tired of paying a middle class salary (for them) in annual maintenance costs.

[FlyerInHi]

[quote=The-Shoveler]Eastvale CA and Cornoa CA,

These are really the two new hot spots for foreign Asian buyers in SoCal.

Follow the ranch 99

The Rich ones will be found in San Gabriel or Irvine however or Pasadena and Arcadia.

I have not seen them buy condos really they tend to like Big new homes.[/quote]

Follow the 99 is funny. I think the HMart is better. The HMart center in Irvine is the shit to hang out. So many restaurants. Lots of nice cars and few parking spaces.

Irvine is really the ultimate city for Asians. New, clean, master planned, south coast plaza, UCI, and the high school. There is somewhat of skyline of tall buildings. The perfect compromise of the city and suburb.

San Diego is getting there… But we’re provincial.

[The-Shoveler]

[quote=FlyerInHi]Another thing to consider is that, unlike Canadians, Asian buyers, especially the part time residents, don’t really understand very high property taxes and HOA. The rich won’t have a problem, the middle class who rode the property boom might get tired of paying a middle class salary (for them) in annual maintenance costs.[/quote]

I would agree with this, time will tell how that plays out. They do understand HOA’s with condos but the High MR and HOA’s really throw them after they buy new SFH, but they are learning fast.

[The-Shoveler]

Yea EastVale really threw me the first time I heard about it I was thinking WTF LOL.

Corona seemed a lot more logical as it’s just down the freeway from UCR and Rowland Heights the other way.

[flyer]

Makes you very glad you scooped up property in the golden state before the world discovered it.

[Coronita]

[quote=poorgradstudent][quote=flu]

Look at the percentage of Canadian buyers. Even so who the fvck cares..some has money, its legal, buy. Its called capitalism.

Maybe if more people would save and invest instead if spending their paycheck buying useless crap at Walmart, they too could afford a place to live.[/quote]

*hands flu a Snickers*

As for “who cares”, it’s pretty relevant as to answering part of the question of “Why is demand steady even as prices keep rising?”. 20-30% is far from trivial. Also, Chinese demand is likely to fluctuate a lot more than Canadian demand. Yes, if oil prices skyrocket again the Canadian Dollar may gain ground on the US dollar and tip the scales, but Canadian appetites are a lot more steady and stable than Chinese.[/quote]

I would say a good part of the purchases aren’t strictly investments but insurance to escape possible persecution when/if the government goes after the wealthy. Similar thing happened in Vancouver BC with folks from hong Kong. Only this thing, the scale of the wealthy is bigger.

[Jazzman]

[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.

Just another case of envyfluenza when some foreign buyer has more money than some domestic light skinned color person. Sheesh.[/quote]

What blame game? Nobody is blaming anyone. What is interesting is why is happening, not that it is happening. So read the “fvcking” article before you blame the blamers.

[Jazzman]

[quote=FlyerInHi]We live in a globalized world.

In Chinese, America translates as “beautiful country”.
There are thousands of Asian business people who have legit money and they all want an American education for their kids. That want what they call “wall street English” (it’s advertised on bill boards everywhere. British English is a little anachronistic and England is cold (plus only the top universities are widely known). Australia has a bad reputation as a diploma mill. American universities are the best if only to learn English and go back to work for dad’s company. It’s the status factor.

Lots of foreign investors in hotels to qualify for eb5.
It’s really a wonderful deal. Assuming your principal does not dimisnish and you earn a little return, it’s better than leaving your money in the bank + you get a green card for you and your family.

http://www.forbes.com/sites/muhammadcohen/2014/10/22/baccarat-to-eb-5-asian-money-bankrolls-las-vegas-revival/%5B/quote%5D

Crap, bollocks, rubbish and nonsense. What a load of old cods wallop. You really think Asians prefer CA. You are so full of shit is embarrassing. What an idiot. GO FVCK YOURSELF!!!!!

[spdrun]

^^^

Sacred mierda — who pee’d in your wheaties this morning?

[bearishgurl]

When it comes to housing, I think Asians just prefer “new” and “big” if they can get it. And having an existing Asian population (and infrastructure) already there and good colleges nearby doesn’t hurt.

I don’t think they care whether its on or near the ocean or not. Consider the inland heavily polluted and unzoned h@ll (mixed with comm’l and mfg) that they’re coming from. Anyplace looks and smells better than that … and having the oppty to purchase *new* housing is a bonus!

[ltsddd]

[quote=FlyerInHi]

http://www.forbes.com/sites/muhammadcohen/2014/10/22/baccarat-to-eb-5-asian-money-bankrolls-las-vegas-revival/%5B/quote%5D

The author of the article is quite clueless. The casinos, both in vegas and macau, have been taking a beating since early 2014. So, I am not sure what kind of “revival” he’s talking about. The “corruption” crackdowns pursued by the chinese govt had a lot to do with it. As for baccarat, that game has been popular in vegas for as long as….when asians first showed up. The question is if this corruption crackdown is to continue, what kind of affect does it have on the real estate buying by the chinese?

[Author]

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