Posted on 10/23/2015 6:40:48 AM PDT by smartyaz
There is still a large amount of foreign money flowing into targeted markets for the direct purpose of purchasing real estate. Not cheap real estate but trophy properties.
“(Bloomberg) Buyers from China and Asian-Americans purchased about 80 percent of the 47 houses sold at Tri Pointe Homes Inc.’s Arcadia at Stonegate community in Irvine, about 40 miles southeast of Los Angeles, according to Tom Mitchell, president of the Irvine-based builder.
Almost half of the buyers paid cash for houses in the development, at prices starting at $1.16 million, he said. The company has been surprised by how word travels among overseas buyers. “A Chinese national bought one of our houses at Arcadia in Irvine after reading about it on a blog,” Tri Pointe CEO Doug Bauer said in a telephone interview. “It was a Chinese blog. We couldn’t even read it.”
If anything this shows how even a working professional couple is going to have a tough time buying that $1.16 million new home in Irvine. And these places are built right next to each other. But these builders know their audience. And that audience is probably not you unless you are prepared to buy with a suitcase of cash. On the other hand, there is now a trend in Irvine of people listing their properties on AirBnB and VRBO so you might be living next to one of these homes that suddenly turns into a high priced rental. Of course this is probably (very likely) against most HOA rules. Of course current residents aren’t taking too kindly to their “quite safe” neighborhood turning into a high priced hotel:
(Excerpt) Read more at doctorhousingbubble.com ...
Very appropriate and very accurate and not racist at all. Just fact.
PS: Asians are THE most racist people on the planet.
Why, do you suppose? A little background would help me understand your statement. Do you have two heads? Were you wearing a "Vote for Trump" button? Are you Black?
Regards,
And what is your source for this comment?
I can confirm that this is true.
As a reservation agent for a company that serves 900 taxi companies across the U.S., I get a good dose of who’s who and what’s what. Of course, I am able to discern the nationality of those who are immigrant or first generation just by being on the phone with them a few minutes.
This trend does not bother me too much. These folks are educated (I’m including my many Indian passengers in the area on this), very polite, albeit a bit formal. They all seem to have good jobs as professionals. We never have problems with them, ever.
I am hoping that the local GOP is engaging with this new population.
I take it that “Asian” is not a code word for Muslim as it is in the UK...
I misspoke. I meant to say 900 cities across the US, not 900 cab companies. I apologize.
Must be time for me to go to bed!
Absolutely true.
Note the numbers from The Motherland:
“The Han Chinese are an ethnic group native to East Asia. They constitute approximately 92% of the population of Mainland China, 93% of the population of Hong Kong, 92% of the population of Macau, 98% of the population of Taiwan, 76.2% of the citizen population of Singapore, 24.5% of the population of Malaysia, and about 19% of the entire global human population, making them the largest ethnic group in the world”
In China, being an “ethnic minority” means you’re still Chinese genetically, just not Han, except for perhaps the Uighars. Many of whom are in fact mixed Caucasian/Asian.
There is no racial equality movement there. It would be considered absurd: you couldn’t possibly be part of The Nation.
And they don’t come here for that either. They are looking to expand their nation, and its wealth. Which is why they stick together, work with each other. Because their collective wealth = their individual wealth.
Nothin’ wrong with that. We used to do that too.
But don’t tell me that any of my relatives who did the dying were doing it for that. Ain’t true.
As for my statement being “racist”....as CVa said...just the facts. And it takes one to know one, spud.
Same with my neighborhood here in Cypress, California. A number of Asians and surprisingly Whites continuing to come in. Very few Hispanics. We have had a few Black families but that has dropped to I believe 1 in the whole tract.
I am familiar with Cypress.
Nice community from what I’ve seen.
Attractive community, population mostly white and Asian.
My guess is too expensive for most blacks and Hispanics to consider.
I live in L.A. My street has everything. Whites, Hispanics, Asians (increasing it seems)and one black person-—he is married to white lady. The higher you go up the hill, the more white it gets. Typical in L.A. neighborhood I guess-—for northeast LA.
That racial dot map is amazing.
Very depressing on one hand, and yet there are bright spots where I could see myself living.
Among my own kind.
In San Francisco a lot of Chinese are buying homes and paying all cash. These are all million dollar plus homes. Many times they never move in but just hold on to the vacant homes. I guess this is an investment in case they have to flee to a safe haven from where ever they live.
No, I am an average, ordinary, middle class white man. Not one of them, I suppose, is the reason !
I wonder then why they are choosing the most prohibitively expensive city in the U.S. to purchase a home, especially if it is going to be vacant most of the time.
Invest $500K in the U.S. and you get a green card. Most buyers in Seattle are Chinese as well.
In S.F., the average price of a single home is north of $1 million.
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