Numerous foreigners mostly coming from China dreaming for a good home in future have found Bay Area as a good and nice place to invest their capital. Bay Area is really a nice place and is being recommended by some people to their friends, relatives, etc.
As per Luo’s friends, the rates of houses in the area had been much lesser than was expected. Luo added that few of his college friends went China back and had begun their businesses but they never rent out their apartments or houses in the Bay Area.
However, expert opinions had always a different say. They were of the view that owners had been fond of Bay Area owing to combination of real estate globally and politics.
China has grown significantly in terms of purchasing power of people out there. Again, the prices of real estate in United States are just rising of bottom that attracts many Chinese investors.
As per information from a real estate company (DataQuick) – Although it is not easier to keep a track of foreign purchasers yet one-fourth part of Bay Area, which is dual average, dated back to the year 1988. Foreign buyers include China and other economies.
Chinese people are interested to buy houses in the Bay Area due to the following reasons – There are good schools near the area to get children educated well. Also, the Bay Area is a good shopping area and has good climatic conditions.
Amy Sung (an agent of DeLeon Realty in Palo Alto) said that foreign investors had taken the competition into other level. She added that there are people who either go there for study or some with investor’s or visitor’s visa. Even there are buyers who spent weekend in the place only to purchase homes. 30 to 40% offers are being paid in cash. Such purchases made by investors are rising prices up.
David Lo (agent in real estate in Bay) has helped his friends and relatives in Central Valley and Mountain House. Lo said that the need for Bay Area is increasing among rich people in China. They see US as a secured land for a great future.
Another agent Kelvin Kieffer said that investors are targeting good areas for renting and the prices are about $3,00,000.
Jennifer Tasto (a broker, Property services, Burlingame) had done a remarkable job within 1 year along with Chinese purchasers. $5 million had been dealt by the broken and that also in cash, which made her an expert in transferring money globally.
According to Tasto – People from China and other Asian countries have been purchasing lands at lease.
The competition is raising high but is squeezing out fist-time purchasers. It is of great assistance to boost the prices up to persuade more owners to list their houses for sale to others.