That’s good ... let those Chinese buy high and sell low ... LOL ...
$500,000 is not the luxury market.
We are so fortunate.
Any money that comes into the US from the outside is “free” money. It did not have to be raised from taxes, payroll, asset sale within the US which is more like (not quite) a zero sum game.
Outside money like this is adrenaline.
All that Walmart money coming back. They will buy high, sell low, and the difference we will keep. And we get to keep the cheap plastic junk we bought at Walmart too.
Some of the Chinese investment is simply funds parking, but a lot of the motivation behind the Chinese purchase of homes in the US is to give them a safe home to flee to when the Chinese economy implodes.
It’s a serious vote of confidence in America, strange as it seems
I remember in the early eighties before Mexico had a massive devaluation of their currency what happened when I sold my house in San Antonio.
I never meet the man that bought my house. I listed it with a realtor and it was sold in just a few days. The purchaser was a business man from Mexico with money. He knew a massive devaluation was coming. My realty agent said this man was purchasing many houses day after day. He was trying to protect his money in Mexico from a devaluation that he knew was coming.
Oddly enough I was in Cozumel when the devaluation happened. I normally paid in cash but because of the devaluation and a freeze on exchange from the banks I put it on my credit card. My hotel bill became half of what it would have been if I had paid in dollars.