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Came across this thread from 2012. Good prediction
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2014 Feb 9, 4:28am 17,116 views 49 comments
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Have you been to open houses lately? How many buyers are Asians? How many of these buyers are loaded with funny money?
There's lots and lots of Chinese and Indians who came as students, got jobs in tech, worked, and buy houses now. So just because someone is speaking a foreign language doesn't mean they are newly-arrived holders of funny money. Yes, there are some newly-arrived rich people buying houses with cash, and more than 5 years ago. But don't assume that all foreign-language speakers are newly arrived.
REpro
2014 Feb 10, 4:27am
There's lots and lots of Chinese and Indians who came as students, got jobs in tech, worked, and buy houses now.
I was working with one to make newly purchased house ready for rent. He still lives in low quality apt. close to his job. He did not purchased house for cash flow (Cap rate no more than 3%). He purchased just to follow the crowd and to impress family back in his country.
rooemoore
2014 Feb 10, 5:14am
Do you really think the Chindians buying SFBA real estate today will fair better?
In a word, yes.
"This time, it's different"
Four most dangerous words in investing.
You are comparing Rockefeller ctr and Chrysler with SFBA real estate?
Instead of comparing apples to oranges - the list of foreigners buying American companies and real estate is long with results that run the gamut - how about just looking as SFBA real estate performance over the past 160 years?
You are comparing Rockefeller ctr and Chrysler with SFBA real estate?
Those were the most infamous examples of how foreigners got taken to the cleaners for purchasing US bubble assets. Around the same time when the Rockefeller Center building was purchased by Mitsubishi, Japanese individuals also bought in the late 80's and early 90's a lot of Hawaii real estate, which soon took a nose dive that did not recover until the latest bubble this past decade.
Instead of comparing apples to oranges - the list of foreigners buying American companies and real estate is long with results that run the gamut - how about just looking as SFBA real estate performance over the past 160 years?
The Dow Jones average looks beautiful over 110 years. However, just don't think the shoeshine boy buying in 1929 would profit nicely.
New Renter
2014 Feb 10, 12:12pm
Bmwmans million dollar dream house quickly turned nightmare before he could even move in, when he realized the neighbors kid was psycho. Hopefully, he is ok. But I fear the worst,,,,,
I'm sure he's fine. He's probably been busy catching up on all the deferred maintenance left by the previous owner. As I remember he also had a dream of a speaker building workshop.
It would be nice if he'd check in once in a while though.
Of course he may also have a bad case of buyers remorse...
rooemoore
2014 Feb 10, 12:31pm
The Dow Jones average looks beautiful over 110 years. However, just don't think the shoeshine boy buying in 1929 would profit nicely.
Can we stay on SFBA real estate? Most of the foreign investors that I said would be fine with their purchases bought a couple of years ago. Perhaps the reason they aren't buying now is because prices are too high. That is why I said they would be fine. Most didn't overpay.
The Dow Jones average looks beautiful over 110 years. However, just don't think the shoeshine boy buying in 1929 would profit nicely.
Can we stay on SFBA real estate? Most of the foreign investors that I said would be fine with their purchases bought a couple of years ago. Perhaps the reason they aren't buying now is because prices are too high. That is why I said they would be fine. Most didn't overpay.
I was talking the ones buying in SFBA now . . . as some other members of the forum reporting seeing many of them at recent open houses.
The Dow Jones average looks beautiful over 110 years. However, just don't think the shoeshine boy buying in 1929 would profit nicely.
The shoe shine boy would not have lost money as long as he held the stock seventeen years or more according to the Merrill Lynch reps who used to present 401k plans.(I know, I know...)
The Dow Jones average looks beautiful over 110 years. However, just don't think the shoeshine boy buying in 1929 would profit nicely.
The shoe shine boy would not have lost money as long as he held the stock seventeen years or more according to the Merrill Lynch reps who used to present 401k plans.(I know, I know...)
To put 17 years in perspective, in soviet union, the maximum penalty besides the death penalty was 15 years in prison...
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bmwman91
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I also think that this summer will be hot for RE in the Bay Area. All of my coworkers, and many acquaintances I have met at parties, are talking about RE and how "now is the time." It sounds like 2010, except instead of cash subsidies driving things, it is "low interest rates, I have been waiting 2 WHOLE years, and everyone is buying again and I don't want to be priced out!"
I do not expect any improvements in affordability this year almost entirely because it is an election year. So many people are either underwater or have their entire net worth staked on an inflated paper value for their house that our fearless leader's reelection can't risk making houses more affordable for people that aren't currently house poor. There are more loan owner voters out there than not.
With the general election coming in 2014, I also suspect that our legislators will also be fighting a against affordability to keep the votes of the house poor masses. I could be entirely wrong (hopefully) since much of this is based on anecdotal evidence and some cynicism, sooooo I guess we will just have to wait and see.