“There are a lot of vacant homes, but theyre not on the market. Absentee owners. Its offshore money, largely China, that is driving insane residential real estate prices on the west coast, not any actual domestic supply and demand. When China goes boom economically, west coast residential real estate will too.”
Insane prices compared to what? Tokyo, London, NYC ??
Insane to the point that residents are fleeing to other parts of the country because they can no longer afford to live there.