From our Coldwell Banker desk:
2015 was another very strong year for foreign
investment in U.S. real estate, especially here in the Bay Area and
particularly from Asian buyers.
The dollar volume of all foreign investment in the U.S.
reached $104 billion for the 12 months ended March 2015, up 13 percent from the
same period a year ago, according to the National Association of REALTORS®.
More than half of that investment went to California and three other states –
Florida, Arizona and Texas.
No one knows for sure exactly how much foreign
investment there is in the Bay Area housing market, but anecdotal evidence from
our agents and managers in the field tell me it is substantial. And it's
probably not surprising, considering the fact that the Bay Area has long been
one of the most sought after housing markets for Chinese investors
and other offshore buyers.
International investors are attracted by the strength
of our local economy, particularly the tech sector in Silicon Valley. They
also favor the stability of the U.S. political and financial systems, our
strong schools and world-class universities like Stanford and Cal, solid
appreciation on homes in the Bay Area, and the relatively affordable
prices - yes "affordable" - compared to many other major cities
around the world.
If you have any doubt about just how fast Chinese and
other Asian investment is growing in the U.S., consider a recent NAR study
that found Chinese buyers were the number one international investors in
U.S. real estate over the past year with $28.6 billion in sales volume,
nearly three times the number two country, Canada. As recently as six years
ago, Canadian investment in the U.S. market was more than double China's, which
also ranked behind India and the U.K. and was at the same level as Mexico.
In recent years, Coldwell Banker has deployed a very
targeted marketing program to reach Asian consumers in a variety of media
outlets, both print and digital. We are reaching out to buyers and marketing
properties on many of the biggest Asian websites and publications. In addition,
our strong international network of offices and agents – the most of any U.S.
brokerage – has helped us attract more offshore buyers. Given the interest in
the Bay Area housing market from Asian investors and others overseas, I don't
see that trend changing anytime soon.
Thank you for reading!
Francis
Detailed, local trends etc...
Current mortgage rates
A worthy local non-profit to remember: Community Services Agency in Mountain View.
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