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Old 11-06-2015, 12:44 AM
 
3,022 posts, read 2,856,060 times
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Quote:
Originally Posted by cargoman View Post
Holy crap! I do not have the proper words to describe just how much this disgusts me. A bus full of newly "Stupid rich" Asians buying up U.S. Properties and inflating the market to a point where the average American family has to spend nearly half a million or more on a dump just to get a roof over there head. If you sell to one of these "investors" it is a form of treason!
Average families are now competing with a "global" market... we're fooked!
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Old 11-06-2015, 02:56 AM
 
Location: Southern California
4,350 posts, read 4,923,164 times
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Quote:
Originally Posted by Jardinbelle View Post
Can someone please explain what the heck is going on???

I am seriously perplexed!!!
You sound like this guy. Yet he was able to buy a condo for under 500k in the area.

How do people afford to buy a house here?
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Old 11-07-2015, 01:10 PM
 
548 posts, read 587,507 times
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Well, it's not quite that simple or true everywhere, but to some extent, yes. There are now more billionaires in China than in the U.S. Add in the Persian Gulf, Russia, Brazil, and all sorts of places in the world. Most of those countries have higher levels of inequality than the US, so the economic growth you see in them is working especially well at producing a dramatically larger group of global rich than at bringing everyone in the world up to a middle-class lifestyle.

Many of those global new-rich worry about political stability in their home countries, and figure that owning property in the US or similar countries is a good hedge. What you see in CA is also happening in Miami (Latin America), NYC, and even more so in Vancouver, BC or in London. In London, there are huge new luxury condo towers going up marketed entirely at foreign high-net-worth individuals looking for a second home / investment property in the UK.

It is also similar for spots to attend universities -- foreign students pay full tuition, zero aid, so they are hugely profitable. Some public universties in the U.S. now have students from China alone making up 10% of their student body, with 30% or more total overseas students. Admissions standards for in-state students have gone up to reduce the number of local, unprofitable students being allowed in. Again, this is a big move at state universities, not just private ones.



Quote:
Originally Posted by Podo944 View Post
Average families are now competing with a "global" market... we're fooked!
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Old 11-07-2015, 02:21 PM
 
16,439 posts, read 17,452,623 times
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Quote:
Originally Posted by beb0p View Post
Right. Because apparently one single group of foreign buyers can drive the entire market.
.

Not the entire US market but they can certainly have a huge effect on a concentrated area.
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Old 11-07-2015, 04:06 PM
 
629 posts, read 317,050 times
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OP, I don't know what your income or budget are, but the average middle class people I know who work in LA live in the San Fernando Valley or Santa Clarita Valley and commute to their jobs in LA every day. Houses and now even condos in the LA area are completely out of their price point. I've lived all over the SF Valley & Santa Clarita. My hubby commutes to the mid-Wilshire area in LA. If you want a house, those are the communities you should be looking in if you have a $450-$750k budget.
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