Daughter and husband searched for two years in San Francisco - in the city (don't ask why).
Every time they put in an offer, a Chinese person would make a far better offer - in cash - and write a check for the full amount. They were being out-bid by tens if not hundreds of thousands of dollars (these properties are over a million and up).
They were about to give up, discouraged, when husband liquidated some stock and used that as a cash sweetener on a property they wanted - and were accepted, finally. They have a shared backyard and a walk-up, no elevator (not good for my arthritic knees). Lots of homeless around, even though it is a nice, pricey area.
They wonder why I haven't visited in over a year.
The non ChiComs from Hong Kong are still buying with cash.
At first they bought a lot of homes in Vancouver, BC.
Then, they started buying here in the counties, north of Frisco. They buy every type of home from 2 BR post Korean war houses to very expensive homes.
Often they are not in their new homes for months at a time.
Now, they are being out bid by Americans leaving their dangerous blue cities.