Investors are scooping up properties en masse. I suspect some of those investors are ChiComs.
You are so right. Chinese money. In the area around MIT and Harvard the Chinese are bidding with cash for a fast closing. They come prepared with a list of their bank accounts to document that they have the cash - a lot of it. They’re bidding way above asking price if it’s what they want - a brick building near Harvard. A one bedroom place in a good building near Harvard Sq went on the market for 895K and was under agreement immediately. Probably for more than asking.