Leading realtors in that area report between half and 3/4 of purchasers are from communist China, with the local tech companies playing a distant second as source of buyers. Also included are some folks from other foreign countries. But it’s mostly PRC — communist factory managers and the like who are being permitted to leave — and with suitcases of money. Both were prohibited or restricted just a few years ago. Now the escrow companies give out Chinese language instructions (which include request to not bring cash Into office but to use bank drafts or wires please Instead). Leadjng realtor goes to shanghai and Beijing to hold sales seminars in big fancy hotels there. Realtors giving guided buying tours with Chinese guides and Chinese translated purchase forms. Realtors holding sales meetings in expensive country clubs with Chinese narration. Entire neighborhoods filling up with Chinese and other foreigners as American food groceries are replaced by Asian specialty food stores. And yes the ownership group at big tech companies can also buy. Almost everyone else cannot afford Tricky tacky sixty year old tract houses now at a million dineros in average areas and 2 million in preferred districts.
Anything under a million is usually called a “ starter home”. Or a “ fixer- upper special “ if it’s a dog. The nice houses that you’d like to live in, not necessary luxurious or very large, can go much higher than two million in a number of decent to good areas. Realtors advise that mostly Chinese bidders can often compete against each other so that our commie friends are giving themselves a high priced. Costly introduction to the operation of a free market as they buy up most of the housing. .
They may be from communist China but it is raw capitalism that is putting so much money in their pocket.
They are rich and buying property and more often than not they are paying cash. Interest is a dirty word to Chinese.
On the other hand, Americans put a big screen TV on their credit card and make payments that nearly double the cost of the TV.
Question. Are you complaining about people working hard, saving their money, taking risks to start a company and succeeding?
Interesting. Here around DC there were numerous Arab buyers, not sure how many there are now, but there is enough Muslim infrastructure to support them along with their sleeper terrorists. Developers here favor the extreme high end since there seems to be no upper limit on what those jokers will spend.