Posted on 04/23/2015 10:12:16 AM PDT by Oldeconomybuyer
Chinese buyers looking to invest off-shore are most interested in San Francisco, according to a report from luxury listing site, which tracked millions of online searches from Chinese buyers in the first quarter of 2015. San Francisco ranked seventh in the survey in the fourth quarter of last year, but in the most recent survey beat out London, Tuscany, New York and Paris.
“For many well-heeled Chinese buyers, the entire U.S. housing market, and even the somewhat pricey S.F. Bay Area remains a bargain versus Hong Kong, New York, London and Beijing,” he said. “Bay Area real estate represents an attractive opportunity for investment or purchasing second homes for themselves or primary residences for family members.”
One year ago, Pacific Union launched its Chinese Service Concierge Desk to cater to this growing segment of the Bay Area marketplace. McLaughlin revealed that his stats show that 25% of buyers in Palo Alto “have a Chinese connection,” versus 20% in San Francisco and just below 10% throughout the Bay Area.
Some Chinese buyers purchase without seeing their new investments, but most get a preview of the properties they are going to see online and then tour the homes and make a quick decision when they come to the Bay Area for a visit, McLaughlin said. For example, just a few weeks ago a Chinese tech executive in the concierge program purchased the $5.4-million Palo Alto home shown in the gallery above. He had sold his start up in China and planned on moving his family to the U.S. to live and go to school. The all-cash deal closed in one week.
(Excerpt) Read more at blog.sfgate.com ...
**S.F. becomes most sought-after location for Chinese buyers**
Why would anybody want to buy Chinese? Isn’t slavery wrong?
The Communist Chinese have been buying up America for decades...
Now they’ve been joined by Muslims and drug cartels using straw buyers to buy of all the franchises etc...
We’ve been betrayed...
Profits regardless of consequences.
Our Irish Italian neighborhood in San Francisco out by the ocean is now 90% Asian - the rest are retired Italians or Irish with a few of us whites. They are closing $1million deals and bringing cash on basic two or three bedroom with 1500 sq ft.
Eventually most young Americans will be renting from and working for the Communist Chinese, Muslims, and drug cartels.
It’s all very real.
The Chinese workers work harder for much lower wages.
China has over one million new millionaires, exploiting the cheap labor pool.
So you get to sell your dump in The City, buy a 4000 sq ft house in a lower cost area, and still have enough money left over to retire on?
I don’t see the problem here, I see an opportunity
After they buy all of San Francisco, it will fall in the ocean.
For decades, they’ve been buying up the former united America...
Trying buying up several 1.8 million dollar homes and a couple of McWhopper franchises all for cash. They buy up entire apartment buildings to house their poor American workers...Covering all the bases.
It’s been happening for decades.
Profits regardless of consequences.
Remember the late 80s, when everyone was freaking out that the Japanese were buying up US real estate?
I had just mentioned in a different thread how the area I grew up in got gentrified by the gays and property values went through the roof.
I went through SF in the early seventies and it was a hole. I imagine someone who bought property at that time would have made a killing.
I haven’t been back, not on purpose, just no reason to go back, but it does look much cleaner than it did in 73-74, as every area does I reckon.
The Japanese buyers were replaced by Communist Chinese, drug cartel and oil soaked Muslim buyers...
Some people have simple failed to notice they’ve been had.
That does explain why I'm seeing a lot of Chinese restaurants with more northern Chinese cuisine around the Bay Area--cuisine that instead of eating rice, they eat instead bread buns and noodles made of wheat.
My last house was bought by a Chinese family for $238,000 paid in cash.
Vancouver real estate became the second most expensive in the world because many Chinese buyers bought a condo for a million to have a place to live if they wanted and secure an investment visa.
Young American's will be working for them. On their own soil.
If they can take the gay out of SF would it be such a bad thing?
Indians are beating the Chinese in the H1b business.
Yes I know its a funny.
This is actually happening.
Not just the Chinese, the current tech boom is piling on.
-PJ
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