Rich Foreigners Buy U.S. Homes: Unreal Estate | Top 1% | Financial Articles & Investing News | TheStreet.com MIAMI (TheStreet) -- The nation's real estate market is starting to show a pulse again, and international buyers have been partly responsible for its improving health.
Price reductions in the U.S. have made its real estate offerings more attractive to foreign buyers who see an entry point into purchases they have long coveted. On a routine basis, tour groups from China are visiting New York, Boston and San Francisco to scope out potential buys. Investors from Spain and Italy have emerged among their European peers. Latin American countries are taking advantage of bottomed-out prices in Miami.
Rodrigo Nino, president of the global real estate firm Prodigy International, is among those betting on the trend to continue and grow. He recently launched Prodigy Network to purchase residential condominiums for international investors. The company will initially buy approximately $100 million worth of new condominiums on behalf of investors located in Latin America, Europe and Asia.
Replies
16Banned
and? this has been going on since our founding. let me guess, its bush's fault
SoWal InsiderAuthor
and? this has been going on since our founding. let me guess, its bush's faultback to the political forum angry boy
Beach Fanatic
I want more Italians in SoWal. Really.
SoWal Insider
Remember in the 80's when the Japanese were going to 'own America?' They were investing in our real estate then.
Since lending guideline have changed, Foreigners or Foreign Nationals are also paying cash for real estate here - I have no problem with that at all.
Since lending guideline have changed, Foreigners or Foreign Nationals are also paying cash for real estate here - I have no problem with that at all.
SoWal Expert
We may be more likely to get Chinese. They seem to be buying most of America through buying American stocks.
SoWal Insider
We may be more likely to get Chinese. They seem to be buying most of America through buying American stocks.
Yep - if they can sustain, too.
SoWal Expert
They can sustain, because as long as our economy is in the crapper, Americans will continue to buy mostly cheap crap made in China.
Beach Lover
So how do I sell my SoWal property to the Chinese??? Anybody got any marketing ideas?
SoWal Expert
Package it together with a many other millions and find a Chinese intermediary who can package the money from investors for a fee.
SoWal Insider
So how do I sell my SoWal property to the Chinese??? Anybody got any marketing ideas?
...first, ya gotta get it "Feng Shui-ed."
.
SoWal InsiderAuthor
...first, ya gotta get it "Feng Shui-ed."Feng-staged?
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SoWal Insider
So, I learned that if you can see through your house front to back unobstructed, some view this as perfect feng shui and some view this as omen.
Scam-shui'ed or staged.
Scam-shui'ed or staged.
picky
So the tide has turned and rich foreigners are buying US homes? Should anyone be surprised given how cheap it is for them? The exchange rate is in everyone's favor these days. Unless you happen to be American.
We've spent decades buying homes in foreign lands--Provence and Tuscany, as only two examples worldwide, are crawling with American owners of cute little villas. I guess it was only inevitable that the reasons that made it so attractive for us to buy are the same one that turn them on, too. What goes around comes around. We're being invaded!
We've spent decades buying homes in foreign lands--Provence and Tuscany, as only two examples worldwide, are crawling with American owners of cute little villas. I guess it was only inevitable that the reasons that made it so attractive for us to buy are the same one that turn them on, too. What goes around comes around. We're being invaded!
Beach Fanatic
The only foreigners I'd worry about are aliens from other planets. Other than that, I'm open.
Beach Fanatic
So, what can we learn from Hawaii? In the 1940s, Japan bombed Hawaii. In the 1980s, they bought it. What struck me on a visit to Hawaii in the 1980s was how so much of it was foreign owned, and the stories told by the locals were that they could no longer afford to live on the beach and had sold out to the Japanese. Then, I visited or came home to SoWal to watch the next 27 years unfold. Hoping for insight and balance in a more transparent world.
picky
So, what can we learn from Hawaii? In the 1940s, Japan bombed Hawaii. In the 1980s, they bought it. What struck me on a visit to Hawaii in the 1980s was how so much of it was foreign owned, and the stories told by the locals were that they could no longer afford to live on the beach and had sold out to the Japanese. Then, I visited or came home to SoWal to watch the next 27 years unfold. Hoping for insight and balance in a more transparent world.
DuneLaker, it takes no special insight and balance to know that it's all about the money. Always has been, always will. People sell to whomever offers them the best deal for their property. And why shouldn't they if it's legal and above-board?
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