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thomas.wong87
2009 Oct 15, 3:26pm
HA! anyone who has a foreign accent and has been living in the California or the US for several years/decades is labeled as 'foreign buyer'. Anyone with half a brain who reads WSJ already knows Europeans have been buying near the Mediterranean close to Euro-Rail and Asians have been buying in Australia where the bulk of China raw materials come from and China buying is happening, and where the real economic boom is happening. Besides when its winter in China, its summer in Sydney. Add to that, we are projected to have the lowest GDP growth compared to Asia. Hardly any reason to invest here.
Just another bunch of nonsense from realtors.
http://www.reuters.com/article/domesticNews/idUSTRE59D15L20091014?ref=patrick.net
$1 million+ houses not selling. "High end"? Around here (SF bayarea) that's just yer average DINKs. In my opinion it's WORSE than the article states. I'm sorry, but that little 60's rancher, that 30's 1-car garage plus a couple rooms, that's 80's snoutnose stucco fugly is NOT worth $1 million. Not without no money down teaser rates at 1.5%. Â
"The good news is property is selling, if at a huge discount," she said. "Most of the buyers we're seeing are foreign investors from the Far East and, now that the euro is stronger, we're seeing more Europeans too."
No surprise there. I suppose if this pool of fools never runs out, prices may stabilize at 10x median local income, but you know, I do doubt it.Â