Who are all these cash buyers in Carmel Valley??

[earlyretirement]

[quote=FlyerInHi]Talking about real estate trends is interesting.

Honolulu has plenty of buyers from the mainland looking for paradise.

Florida, and Nevada attract northern retirees and plenty of Canadians. Canadians are interesting because they blend in just like Americans, until you talk to them. Of course Miami is full of Latin Americans. NY is like the world’s melting pot.

I bought a few properties in Las Vegas. Happy about getting in at the bottom. One complex is about 50% Canadian. Lots of Californians.

In the end we are all Americans from everywhere. That’s what’s great about this country.[/quote]

Absolutely FlyerInHi. I love talking about real estate and watching the various trends around the world has been interesting.

I totally agree with you about Canadians. I have MANY MANY Canadian clients and they are investing all over the world. Especially in South America. Huge investment there by Canadians that like to have a place down there where the seasons are opposite and they go down for their winters and it’s summer down there.

I love that there are more and more Chinese investing here. Yes, as you mentioned FlyerinHi, San Diego isn’t one of the top tier cities for these “glamour” factors but it’s getting more and more exposure now which is wonderful. (Except for probably the locals that still haven’t bought real estate and need to. By becoming a “glamour city” attracting all of these foreigners will drive real estate prices up even higher at a faster pace.)

[njtosd]

Nazzy – we live in cv, and have been through very similar to what you are talking about. First of all, don’t always believe what the seller’s agent tells you. Things are so crazy right now they can say anything and be believed. On the other hand, i know there is a lot of competition. Is it possible for you to let things die down and start looking again in September or October? The competition dies down, and prices also come down (a bit). Because CV is so geared to education, everyone wants to close before the school year starts, and I think sellers get a bit more reasonable in August, Sept. You might be able to rent an apartment short term/month to month in Torrey hillls so that you have residency and can register your kids for school in the fall (although they may have to change elementary schools once you buy). it might be pricey but probably less than a mortgage payment. There are a few tricks to the school registration thing when you are in transition – PM me if you are dealing with that and want my 2 cents. Finally – remember that buying a house is always miserable. CV is a great place to live and eventually you’ll be done with it.

[cvmom]

In our house sale in CV a couple of years ago, we did have one all-cash offer from someone from China. Just a data point.

I agree with njtosd that CV is a great place to raise kids and the schools (middle and high at least) are excellent if you are looking for academic rigor.

[FlyerInHi]

ER, I think there is a growing global upper middle class for whom an American education and speaking American English is a rite of passage, and they have the ability to pay for it. They are not filthy rich corrupt politicians but solidly upper middle class professionals and business people.

That means that large American cities where there are seizable immigrant communities (people like to find familiar stuff from back home) and good quality of life will be attractive.

I’ve met families where mom and kids would relocate to America for education while Dad stays and works back home

Internationally, in developing economies, the middle class is growing. That bodes well real estate prices.

There will be cycles. So my motto is to buy right after a crisis in locations where you know you can manage and/or enjoy the properties. I have a couple more cycles before i die.

BTW, one condo that I wanted to turn VRBO, I will lease out first. Then I’ll use that rental income to remodel after the tenant moves out. The carpet was still decent so I’ll let the tenant destroy it before I rip it out for hard flooring.

[earlyretirement]

[quote=FlyerInHi]ER, I think there is a growing global upper middle class for whom an American education and speaking American English is a rite of passage, and they have the ability to pay for it. They are not filthy rich corrupt politicians but solidly upper middle class professionals and business people.

That means that large American cities where there are seizable immigrant communities (people like to find familiar stuff from back home) and good quality of life will be attractive.

I’ve met families where mom and kids would relocate to America for education while Dad stays and works back home

Internationally, in developing economies, the middle class is growing. That bodes well real estate prices.

There will be cycles. So my motto is to buy right after a crisis in locations where you know you can manage and/or enjoy the properties. I have a couple more cycles before i die.

BTW, one condo that I wanted to turn VRBO, I will lease out first. Then I’ll use that rental income to remodel after the tenant moves out. The carpet was still decent so I’ll let the tenant destroy it before I rip it out for hard flooring.[/quote]

Yep. I totally agree. As a pilot, I assume you have a GREAT experience going all over the world and meeting interesting people from all walks of life in many countries.

Having an office abroad and having lived abroad for almost a decade, I see the same types of things. Really in many countries their government is rife with fraud and abuse. NOTHING compared to the USA. We have NOTHING to complain about compared to these countries.

As well, for many people it comes down to safety. Many of these people want to own a second property in the USA as it’s safe here compared to their home countries. Here again, we have nothing to complain about, especially here in San Diego where it’s VERY safe.

Great about the VRBO property. Feel free to PM me if you have any questions about short-term rentals. I feel like I’m a PRO in that field. Good luck with the rental.

[NicMM]

I am selling my house in 4S Ranch. I rarely got chance to talk to my listing agent at day time, as she seems to always be busy taking groups of Chinese clients to tour house. They are looking at Camel Valley.

[bobby]

We bought our house last year so we don’t go to open houses anymore.
that said, we still stop by an open house in our neighborhood – out of curiosity.
most of the visitors are Asian. The realtors are smattering of Asians.
This was last year. Still going on this year.
My guess is that a lot of these buyers are from China.

[SD Realtor]

Or could it be that there are lots of Chinese and Indians who are successful professionals here in San Diego with well paying jobs and are thus looking for homes in good school districts close to where they work?

Either way, does it really matter?

[bobby]

Houses & money exchange hands, local realtor get paid spending money locally. local economy goes up – everyone benefits. Win-win situation.
doesn’t matter to me who the buyers are.
just adding $0.02 to the topic at hand of who is paying cash. I just observe that lots of Asians are visiting open houses.

[GotFear]

Wow, some of you folks responding on this thread has some serious Chinese xenophobia going on….

One of you even went as far as suggesting the only ones buying from China must be corrupt government officials….WTF? Sounds totally like a redneck baffoon to say…

I’m surprised more people haven’t thought that maybe the reason someone people are buying homes with cash (irrespective of race, gender,etc) is, oh I don’t know, maybe they earned it and/or have more wealth than you do?

Just because someone has the financial ability to do something you can’t do doesn’t mean whatever they did was illegal or “corrupt”, Making such a suggestion is nothing more than a personal reflection of your own fear, jealousy, etc of whatever financial shortcomings you apparently think you have.

[all]

[quote=GotFear]Wow, some of you folks responding on this thread has some serious Chinese xenophobia going on….

One of you even went as far as suggesting the only ones buying from China must be corrupt government officials….WTF? Sounds totally like a redneck baffoon to say…

I’m surprised more people haven’t thought that maybe the reason someone people are buying homes with cash (irrespective of race, gender,etc) is, oh I don’t know, maybe they earned it and/or have more wealth than you do?

Just because someone has the financial ability to do something you can’t do doesn’t mean whatever they did was illegal or “corrupt”, Making such a suggestion is nothing more than a personal reflection of your own fear, jealousy, etc of whatever financial shortcomings you apparently think you have.[/quote]

According to a recent study 68% of San Diego cash buyers are corrupt Chinese officials.

[flyer]

Regardless of who is buying homes, from my perspective, as a native San Diegan who owns a lot of real estate here (especially in CV), it’s been extremely interesting to watch the demand in this area grow over a period of 25+ years.

IMO, this area would not have developed to the frenetic degree it has, were it not for the evolution of companies such as Qualcomm, etc.

In fact, there was no Carmel Valley when I was growing up in La Jolla, and, eventually, when the development of the area was put to a vote, many voted against it.

San Diego has always been a great place to live, but it took jobs to bring the masses here who are in search of housing, and, currently, demand is greater than supply.

Fairly recently, perhaps, different dynamics have entered the picture with more investors, etc., but, IMO, the demand is primarily from families who want to live near their workplace.

[dumbrenter]

[quote=GotFear]Wow, some of you folks responding on this thread has some serious Chinese xenophobia going on….

One of you even went as far as suggesting the only ones buying from China must be corrupt government officials….WTF? Sounds totally like a redneck baffoon to say…

I’m surprised more people haven’t thought that maybe the reason someone people are buying homes with cash (irrespective of race, gender,etc) is, oh I don’t know, maybe they earned it and/or have more wealth than you do?

Just because someone has the financial ability to do something you can’t do doesn’t mean whatever they did was illegal or “corrupt”, Making such a suggestion is nothing more than a personal reflection of your own fear, jealousy, etc of whatever financial shortcomings you apparently think you have.[/quote]

Being too sensitive, are we? Where is the relationship between corrupt chinese officials and xenophobia? These same people had worse things to say about our own government officials.

The only nasty thing I heard here on this thread so far is you using the phrase [quote=GotFear]Sounds totally like a redneck baffoon to say…[/quote]

[Coronita]

who cares…

Anyone seeing any activity on attached homes on this market that isn’t crazy too? Seems still pretty crazy there too….

Anyone that’s in SS that is thinking about backing out in CV…Send me a PM….

Meanwhile…. Lol…

http://www.sdlookup.com/MLS-130029963-12607_El_Camino_Real_C_San_Diego_CA_92130

Welcome back to 2004-5 peak prices + more….
Same 3/3 went for around $620-40k back in 2004/05….

[ocrenter]

[quote=flu]who cares…

Anyone seeing any activity on attached homes on this market that isn’t crazy too? Seems still pretty crazy there too….

Anyone that’s in SS that is thinking about backing out in CV…Send me a PM….

Meanwhile…. Lol…

http://www.sdlookup.com/MLS-130029963-12607_El_Camino_Real_C_San_Diego_CA_92130

Welcome back to 2004-5 peak prices + more….
Same 3/3 went for around $620-40k back in 2004/05….[/quote]

Welcome back flu!!!

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