The chinese are coming and they want to buy your house!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh good! I need to sell my house and move to Florida!

Saw a ton of shuttered beach front condos in Florida and no hurricanes to speak of...I wondered if their owners were offshore investors...

They are off shore investors - mainly from South America.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In 2013, for instance, a Hong Kong woman paid $6.5 million for a two-bedroom in the tallest residence in New York, One57, for her daughter so she’ll have somewhere to live when she gets into Columbia, Harvard or NYU, she told her agent. The daughter, currently, is 2 years old

Know someone whose family bought a couple of houses in the same exclusive gated community so he could live in the same neighborhood as his cousins who were all college age. The parents stayed in the home country and hired maid, food prep and lawn services for the kids. They all drove expensive cars, too. Also knew someone whose family bought a house in a foreign country friendly with the US so they would have an easier time getting student VISAs and citizenship for the kids when it came time for college. And there are people who buy to establish residency and/or to send their kids to elite high schools and then they go onto the Ivies. If they have that much money, why don't they just improve their educational system so their kids can be educated there and help their own country?

So wait, we want don't want the affluent legalimmigrants coming to the US? That doesn't make any sense.

Affluent immigrants coming to the US is one thing - allowing foreign citizens to buy US real estate for investment is another. In many countries (inlcuding China and Japan), a US citizen could not buy and own real estate without a local "straw-buyer" or partner. It is the law.

[Anonymous]

A Chinese-American family bought my first house in NoVa when we decided to move, and I'm praying another Asian family will materialize when we decide to sell our second and retire. Most work very hard and provide liquidity to the market.

[Anonymous]

Some are here for university studies or working as scientists doing science (NIST and NIH has many foreign nationals working there) because they have wealthy parents back at home. They dish out the cash for their kids to buy expensive homes, cars and gadgets. If you are a permanent status, then you can buy a house. Chinese are not the only ones. I see the Russians do it often too in the area. So do the Latin Americans but they can afford only parts of the county. And I observed they mostly do their own renovations to expand the house to have more families live with them causing overcrowding.

[Anonymous]

Anonymous wrote:A Chinese-American family bought my first house in NoVa when we decided to move, and I'm praying another Asian family will materialize when we decide to sell our second and retire. Most work very hard and provide liquidity to the market.

This is a very odd comment. No one is talking about Chinese American families. The issue is non-resident people buying as an offshore investment from their own countries.

I had 12 offers on my house, including a cash offer we turned down. I don't know or care the ethnicity of the people making the offers (although the ultimate buyers turned out to be white) so I did not have to pray for a buyer if a certain ethnicity.

[Anonymous]

Anonymous wrote:Some are here for university studies or working as scientists doing science (NIST and NIH has many foreign nationals working there) because they have wealthy parents back at home. They dish out the cash for their kids to buy expensive homes, cars and gadgets. If you are a permanent status, then you can buy a house. Chinese are not the only ones. I see the Russians do it often too in the area. So do the Latin Americans but they can afford only parts of the county. And I observed they mostly do their own renovations to expand the house to have more families live with them causing overcrowding.

Let's get real, it's not the rich legal immigrants that cause overcrowding issues that drain tax payer resources.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In 2013, for instance, a Hong Kong woman paid $6.5 million for a two-bedroom in the tallest residence in New York, One57, for her daughter so she’ll have somewhere to live when she gets into Columbia, Harvard or NYU, she told her agent. The daughter, currently, is 2 years old

Know someone whose family bought a couple of houses in the same exclusive gated community so he could live in the same neighborhood as his cousins who were all college age. The parents stayed in the home country and hired maid, food prep and lawn services for the kids. They all drove expensive cars, too. Also knew someone whose family bought a house in a foreign country friendly with the US so they would have an easier time getting student VISAs and citizenship for the kids when it came time for college. And there are people who buy to establish residency and/or to send their kids to elite high schools and then they go onto the Ivies. If they have that much money, why don't they just improve their educational system so their kids can be educated there and help their own country?

$20M vs $20B

[Anonymous]

Anonymous wrote:y bought a couple of houses in the same exclusive gated community so he could live in the same neighborhood as his cousins who were all college age. The parents stayed in the home country and hired maid, food prep and lawn services for the kids. They all drove expensive cars, too. Also knew someone whose family bought a house in a foreign country friendly with the US so they would have an easier time getting student VISAs and citizenship for the kids when it came time for college. And there are people who buy to establish residency and/or to send their kids to elite high schools and then they go onto the Ivies. If they have that much money, why don't they just improve their educational system so their kids can be educated there and help their own country?[/quote]
Because money decides where it wants to go, and it doesn't need your opinion.

[Anonymous]

Anonymous wrote:Some are here for university studies or working as scientists doing science (NIST and NIH has many foreign nationals working there) because they have wealthy parents back at home. They dish out the cash for their kids to buy expensive homes, cars and gadgets. If you are a permanent status, then you can buy a house. Chinese are not the only ones. I see the Russians do it often too in the area. So do the Latin Americans but they can afford only parts of the county. And I observed they mostly do their own renovations to expand the house to have more families live with them causing overcrowding.

Actually I've bought two properties without a permanent status.

[Anonymous]

If rich people from other countries want to buy real estate and pay taxes here, I say let them. This is more an issue in places like London or Manhattan where you can have entire blocks of near-empty buildings because units are owned by rich foreign nationals (not just Chinese, but a lot of Russians, Saudis, South Americans, etc. etc.) who spend maybe a weekend or two in those apartments. Its not great for other residents living in those buildings or for the street scene outside -- zero sense of community or activity. Those are truly cases of people using high-end real estate like Swiss bank accounts.

[Anonymous]

I don't know the rules now, but we bought our house when we were on temporary work visas.

[Anonymous]

"Still, you can’t blame them for feeling unsettled at home. Beijing’s aggressive anti-corruption sweep has netted thousands of big fish, and more confiscations are on the way. Pollution has created an asthma epidemic, food safety scares are commonplace, and China’s economic pace ebbs. There is still no true dissent or freedom of expression allowed. So the country’s wealthiest are on the move and want a better life for themselves or their children."



Have you been to McLean lately?

Anonymous wrote:Interesting though. The US is one of a few countries in the world that allows foreign nationals to buy real estate as a matter of right. An American certainly could not go to China and buy property as a matter of right. A lot of the most valuable assests in this country are owned by foreign nationals. You have to wonder about the long term implications.

It is NOT a good thing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:A Chinese-American family bought my first house in NoVa when we decided to move, and I'm praying another Asian family will materialize when we decide to sell our second and retire. Most work very hard and provide liquidity to the market.

This is a very odd comment. No one is talking about Chinese American families. The issue is non-resident people buying as an offshore investment from their own countries.

I had 12 offers on my house, including a cash offer we turned down. I don't know or care the ethnicity of the people making the offers (although the ultimate buyers turned out to be white) so I did not have to pray for a buyer if a certain ethnicity.

I don't care if the buyer is a resident or non-resident, but I know that Asians are hard working and the notion that we need to be imposing restrictions on non-resident buyers that would further reduce demand seems very silly to me.

[Anonymous]

You are a racist

[Anonymous]

How quickly China's problems are becoming ours.....