Here they come.
Whether it is in New York or L.A. or Boston or a neighborhood near you, the Chinese are on a shopping spree in this country…a shopping spree for real estate.
According to an ABC News report, more and more wealthy Chinese are coming to America in search of real estate investment opportunities..and they are having no difficulty finding them, what with our depressed market and low, low prices.
In fact, reports ABC, many Chinese recently took a real estate tour of sorts of several major U.S. citizens.
If I were a real estate agency, I would think now is a pretty good time to quickly hire Chinese speaking agents, or, at least, someone on my staff who can speak some of the more common dialects of Chinese.
Is China to Rescue US Real Estate Market?
There’s something like three and a half million homes for sale now in the U.S., according to some estimates. And there are a growing number of Chinese with the cash to buy some of them…enough to , perhaps, start driving up the value of houses on the market.
But I am reminded of an old Chinese proverb–be careful what you wish for, because you just may get it!
At first and even second glance, it would appear as if the Chinese may be the salvation the US real estate market has been searching for?
But we would be foolish not to, at least, give some thought to –at what cost?
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Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
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The Chinese will take advantage of the low price… Either we let them or not, we are not really sure what will be the effect to the real estate. Scary..