[Dilbert San Diego]

And, there’s not only immigration helping drive up the cost of housing, but also overseas investors buying property.

[roadcat]

And, there’s not only immigration helping drive up the cost of housing, but also overseas investors buying property.

Yup. Half a year ago my wife sold her mother's house in SF. We priced it at $1.2M to match comparable sales over the last year. It sold 1st week of open house at $1.5M, several hundred thousand over asking with multiple bids. Went to a tech couple. Last week, a similar home down the street a couple blocks went on sale at $1.3M and sold for $2.1M, $800 thousand over asking, and was an all cash offer and the home never made it to open house. Most likely an overseas buyer. Crazy shortage of housing with money-bag buyers.

[Zhang Fei]

And, there’s not only immigration helping drive up the cost of housing, but also overseas investors buying property.

The numbers for 2017 alone:

Roughly 5m homes were sold in 2017. Assuming the median price of $200K was the average home sold, total transaction value would have been $1T. In other words, foreign transactions amounted to $153b out of $1T, or 15%. That's a pretty big number. If the units sold mirrored the dollars involved, 1 out of every 6 homes was sold to a foreigner.