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Foreign investors snapping up choice Silicon Valley property
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2011 Jul 17, 1:39pm 16,614 views 60 comments
by OO ➕follow (0) 💰tip ignore
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Marcos Cronies here and there in California and Hawaii, etc. They did not have their properties here liquidated and did not get sent back
As you will recall Marcos homes and wealth were confiscated and sold at auction. Funds sent back to the Philippine government. There is a legal precedent for this.
Feb 11, 1991 - NEW YORK -- The Crown Building, a Fifth Avenue landmark once owned by Ferdinand and Imelda Marcos, has been sold at auction after five years of court battles, international intrigue and deal-making. But the price will mean little profit for the Philippine government because the winning ...
Dec 24, 1993 - The Philippine government plans to try again to sell the Beverly Hills Calif., mansion once owned by Imelda Marcos. The government first tried to auction off the mansion in 1991 but found no takers at a base price of of the Presidential Commission on Good Government in Manila said ...
http://articles.latimes.com/1988-10-12/news/mn-3268_1_imelda-marcos
Controllio, three months is not a long time to sell a very expensive home. And selling below "asking" price, it is still very expensive. You are proving OO's point.
OO hasn't proven his/her point to any reasonable standard. I never said 3 months is not a long time, but rather that it's longer than 1-2 weeks.
I'm not sure what you're talking about with all the fortress talk. Honestly, you just keep repeating the same thing over and over without really saying anything of substance.
Like the Iranian Elites who were resettling in the L.A. area in the 1970's
You mean when Jimmy Charter shipped the rich Iranian Elite students with deep pockets back to Iran. Are those the ones?
You mean when Jimmy Charter shipped the rich Iranian Elite students with deep pockets back to Iran. Are those the ones?
There may have been some Iranians shipped back, but Los Angeles has a large concentration of Iranians, particularly of Jews from Iran. A substantial portion of the Iranian Jewish population emigrated after the revolution, and a lot of them landed in LA. Some of my Iranian (or Persian, as they generally say) friends refer to it as Tehrangeles or refer to Westwood or parts of West LA as Little Tehran.
B.A.C.A.H.
2011 Jul 19, 11:48am
Controllio, its "Fortress", okay? If you don't read between the lines well that's OK, maybe we can discuss it at City Lights Expresso some time. And, I used to drink expresso before it was Hip to do so. But I don't drink Cool Aid.
Yes, just some here and there...
Most Americans Keep Calm About Iranian
Situation .news.google.com/newspapers?id=4lFCAAAAIBAJ ...
Nov 15, 1979 - Deport! "at a rally demanding action against the more than 40000 Iranian students living in the United States. The International Longshoremen's and Warehouse men's Union called on its members to refuse handle cargo from Iran or service Iranian ships along the West Coast and in Hawaii. ...
No revision. Just look at prior posts on Patnet. Entirely consistent with what I said before. We had this argument before and you're still fighting.
If you would just stop trying to push your BS that you can tell how many houses were cash purchases from DOM, there wouldn't be an argument. You finally admitted it again, but it took some teeth pulling.
Anyone else is free to check out the prior thread where ch_tah conceded: http://patrick.net/?p=822028#comment-745439
Which concession are you talking about - the one where I was nice and called it a misunderstanding to let you save face after you completely backpedaled from saying DOM tells you how many cash offers there were, or the one where I agreed with you that DOM is not enough information to determine whether a purchase is cash or not?
The only one who has definitely made up stuff on this thread is you where you were fighting some fictional opponent who claimed "a majority" of sales were all cash. No one ever said that. At most you have someone who said 2 sales were all cash, and then you presented data of 10 all cash sales. I understand you want to do whatever you can to convince people that there isn't enough money in the bay area to support prices but let's stick to facts, please. There's enough BS for people to wade through coming from real estate agents; no need for you to stoop to their level.
The only one who has definitely made up stuff on this thread is you where you were fighting some fictional opponent who claimed "a majority" of sales were all cash.
Riiiight. Because "I attend several open houses in these towns and to my knowledge several of them have been snapped up by "all cash" buyers from mainland China in the past 8 months that I have been looking there." means that there are only two. Five candidates among 45-55 sales for each city, for one of which you can toss out 2 off the bat, is not really a good way to show that all cash sales within 2 weeks are prevalent. It just means that you went to a highly competitive house and someone beat you to it. There are plenty of houses with much higher DOM.
The record is clear, and it's all up there in context. If you can't accept that, it's your problem.
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http://www.mercurynews.com/top-stories/ci_18495547
Interesting paragraphs cited below:
Foreign buyers are contributing to the large number of absentee purchases in the current South Bay housing market. Absentee buyers, which can include investors who don't intend to live in the house, accounted for nearly 15 percent of all sales in Santa Clara and San Mateo counties in June, according to DataQuick, the real estate information service.
Michael Riese, a realtor with Alain Pinel in Los Gatos, described two types of foreign buyers in the valley these days: One has a purely business mentality, seeking a short- or long-term investment. Another is the newly hired tech executive, "coming from places with bigger problems than we have, seeing a home purchase in the U.S. as a solid investment, compared with what they may otherwise put their cash in back home."
Charmaine Wang, the first agent in Shanghai for the Bay Area's Intero Real Estate Services, estimates that "hundreds" of mainland Chinese bought property in Santa Clara County within the past year. They're buying "in all the high-end neighborhoods -- Palo Alto, Los Altos Hills, Atherton," she said.
The buyers are "very private people," she said. Property records won't reflect the offshore ownership, and they are unlikely to share their stories publicly.
Trulia, the online real estate information service, reports a big jump in searches for Silicon Valley real estate from other countries. Searches for property in Cupertino were up 90 percent in the first quarter of this year from a year earlier, Trulia reported. Palo Alto was up 121 percent; Los Altos Hills up 182 percent; Atherton up 68 percent and San Jose up 86 percent.
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