I see a lot of articles that the multi-million-dollar mansions aren’t selling or sell for 20% of the original asking price. I imagine the same is true of the $1MM tract homes.
If everyone thinks the prices are too high, who is the market?
China.
No, I am serious. China is buying up west coast real estate.
Personally I think that we should have a law that non-citizens may only buy US real estate if they are residents of the US for more three years, pay taxes and are in the country nine months out of the year.