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

[Anonymous]

Interesting article. I wonder if this is legit and how it will affect the DC market

http://www.washingtonpost.com/posteverything/wp/2014/07/15/the-chinese-are-coming-and-theyd-like-to-buy-your-house/

[Anonymous]

It has been affecting the DC market for years.

[Anonymous]

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

[Anonymous]

and they pay cash!

[Anonymous]

They are everywhere! They've been driving up the market in CA for years, so I'm surprised it's just hit the DC area. They pay all cash and invest!

[Anonymous]

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

I bet they buy there too.

[Anonymous]

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

[Anonymous]

Anonymous wrote:and they pay cash!

Have your listing agent make sure that that cash is in a bank in the US, not in China. Cash in the bank in China can take a month to be available here.

[Anonymous]

Hah, man when the Japanese were buying crazy real estate, everyone panicked. Now everyone celebrates? Is it really healthy to have our fundamental housing market distorted by embezzled money from corrupt Communist officials in china trying to shelter their money from their homeland?

[Anonymous]

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...

[Anonymous]

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?

[Anonymous]

Anonymous wrote:Hah, man when the Japanese were buying crazy real estate, everyone panicked. Now everyone celebrates? Is it really healthy to have our fundamental housing market distorted by embezzled money from corrupt Communist officials in china trying to shelter their money from their homeland?

Haven't some states tried to pass legislation that limit or regulate the sale of property to foreigners?

[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?

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

[Anonymous]

We have friends who just sold their old falling down house in Arlington to Chinese investors for $1.2 m cash. It wasn't even on the market, but they were approached and they took the money and ran since they didn't expect they'd ever get that much. The investors plan to tear it down and build two new houses on the lot.

[Anonymous]

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.