Posted on 09/28/2013 9:58:32 AM PDT by ProtectOurFreedom
The continuing influx of well-heeled homebuyers from Asia has Bay Area real estate firms competing for a lucrative and growing slice of the region's residential market. "It has gotten big enough to where people are starting to pay attention to it," said James Yang, an agent with the Sereno Group.
One Palo Alto real estate broker, Ken de Leon, bought a Mercedes-Benz van that seats 14 and is using it for tours of Palo Alto and Los Altos with a Mandarin-speaking agent.
Palo Alto has become a point of interest for many mainland Chinese shopping for a second home or planning to move to the area...people are cashing in on gains from a run-up in real estate values in China over the past decade.
On a recent weekend, the van passed the home of Steve Jobs and the garage where David Packard and William Hewlett founded HP. Each time the van passed a school a second de Leon agent called out its Academic Performance Index score. The tour ended at a home in Los Altos Hills listed at $3.998 million...a week later, it had drawn three offers.
De Leon said he has sold at least 20 homes to buyers from China in the past year, usually in the $1.5 million to $2.5 million range. Roughly half are buying as an investment, a third are buying because of the area's highly rated schools and one-fifth are buying second homes.
"Compared to Asian prices, Palo Alto is considered pretty dirt cheap," said Kenny Weng Kong Lo, general manager of Intero Real Estate Services' Hong Kong office.
Intero agent Jinny Ahn: "People are cashing out their property and moving money to the United States. Three (million) to $4 million is considered not that expensive."
(Excerpt) Read more at mercurynews.com ...
I never said anything about your daughter
Bottom line, sir, is that you don’t know a thing about these schools that you are commenting on. Bless your heart.
I am both shocked and amazed by this statement. Shocked by the visual image, amazed that you have summed up what's going on so well.
Well done, sir.
Well thank you Liz...
I find no other way to describe it.
Wow. You are presumptuous tool, ill informed on economics and a savant to boot.
By your post I infer you have been learning from Mark Levin but, wildly grasp at concepts and having the bare sentience of a newborn.
Go back, read your post and see if this is something you want to show others when you get the 4th grade.
Yes, them that don’t pay taxes have very little vested interest in the outcomes of taxation policy, as they write no checks that would inform them on that regard.
The renters already turn to Fed for its patronage.
We need to reverse that mentality and it can be done through similar programs under Reagan and again under the Contract with America.
Just gotta find those leaders who have the ability to identify what is best for this nation at this time and have the where with all to marshal them to implementation.
I don’t think a bunch of Chinese coming over here and plunking down $1.5-$3 million is so terrible.
How many people can afford those homes? Not many.
And you are just plain wrong about foreign ownership kicking so many people out of the opportunity pool for home ownership.
They have to pay the same taxes as everyone else and in the Bay Area that would amount around 1.25% on a new purchase and is due each year and may also increase due to voter initiatives and re-assement of the value of the property.
On just a $1.5 million dollar home the average tax bill would be $18,750.
Guarantee you there very few people, except 10%’ers, who can afford that tax much less the upkeep on a home that costs that much.
10%’ers also don’t mow their own lawns, do the windows, trim the trees, etc and that’s before we talk about inside the house.
We also don’t do plumbing, electrical, hook up tv’s/sound systems, paint, clean and a whole bunch of other stuff.
We pay people do that crap and their wages have an effect on the economy and provide them a means to live decently or gives them a path, if they are so inclined and motivated, to build a big business and live like the rest of the 10%’ers.
Now, the 50%’ers also pay people to do the same things. Maybe not as much of the things but, they do pay others to do things they don’t want to do.
The bottom 40%’ers can stay there or look to move themselves into the 50% or dreaming big, move to the top 10% and if they are insane, in need of private jet money, move to that 3% group.
Everyone has a shot in this country and the Chinese aren’t exactly invading.
I’m more concerned about a porous border.
Alinski first and formost in your response.
The problem for American citizens is that a hyper global command and control economy created the unaffordable housing. A command economy that American citizens have no say in and are the victims of, due to the ‘free trade’ bomb that vaporized our economy.
California has been the proving ground for your favored outcome which is in the globalist mind, chinese communists are better to own private property in America than American citizens.
You completely disregard the hyper inflation of property values is caused by foreign investment. You also ignore that the globalist corrupted local governments work hand in hand with the ‘foreign investors’ to drive American citizens out of property ownership into soviet housing bloc style ‘smart growth’ apartments.
Only a global looter would find good in this situation. Only a globalist would take pleasure in the fact that chinese communists are now the private property owners, and supposedly free American citizens are blocked out of property ownership.
This is anti Americanism at its most virulent.
Flat out you are a fag.
You don’t even try to hide it.
You’re such a stoopit idiot.
Hyperinflation in the home market was caused irrational people using their homes as banks, taking 2nd & 3res on their homes.
It was further compounded by Congress’insistence on pushing the CAR on business who would have operated on rational basis, requiring a serious evaluation. Of a persons ability to pay and present a responsible down payment of 20%.
No go pound sand and keep cashing your welfare. Checks.
Now that’s a convincing argument for the falsely named ‘free trade’
The fact that foreign communists now have property rights in the United States only means profit for free traitors. You know, of course, you have given the means to the other government traitors who allow non-citizens to vote in elections, to allow the Chinese communists votes in our local politics. Its a grand way to spread communism around the world. No shots fired, but plenty of economic ruin for the United States.
You want to protect your ability to destroy, undermine and weaken the United States and the principles upon which it was founded. The only way you have to do this is to make up falsehoods about people who point out the ruin that the falsely named ‘free trade’ system has wreaked upon the American people.
Pretty sure I could say the sky is blue and you would enlighten me as to what the real color is.
I think we are in a pointless conversation.
LOL
OMG
You are going to cover the gammut of whatever subjects your fallow mind wanders into.
Getting the feeling that more than anything you are so seriously in need of attention.
Prolly a real hoot at parties.
Look, I feel sorry for you. Really, I do.
Why don’t you PM me your address and I’ll send you a real nice bouquet of flowers so you know someone cares.
On the issue of property rights would you propose a $1 lease for foreigners. You know, like Mexico. They hold the instrument in a bank but, you never own the land.
The house yeah. Land no.
We're getting it from every angle and have no power to stop it.
I can hardly bear to read the news or even log on to this website anymore, it's so depressing.
This is FAR more widespread than a “few homes in the Bay Area.” Coming soon to a neighborhood near you. You are myopic to think it is limited to one or two towns in America.
You haven’t responded in any notable way to anything I’ve posted except to throw emotional pejorative riddled fit.
That is my experience with all you free traitors.
The country is nearly completely converted to global communism under the guise of the falsely named ‘free trade’.
The falsely named ‘free trade’ got the job done without Lenin style revolution or Stalin style famines.
So go ahead throw a fit. It doesn’t disguise the fact that the communists now have the property rights and American citizens have lost, in their OWN country.
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