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The Chinese, he says, prefer brand new (or like-new) amenity-rich residences in a short list of U.S. cities that include New York, Los Angeles and Philadelphia. Maybe you could sell an old fixer-upper with "charm" to a European buyer - the Norma Desmond estate, for example, says Umansky, but not to a Chinese buyer.
We have quite a few people from India and Asian nations move here, and they almost NEVER want one of the older homes. Even 1990s is too old for them.
A few of them who have spoken to me about it said the language barrier and lack of familiarity with local contractors and fear of being taken advantage of are also reasons they look for the new homes.
I also have noticed that they will buy homes with more contemporary styling or homes that sit on "odd" lots that don't appeal to more local buyers. Even if a homes sits on the busiest road in town, if it has luxury features, they're in.
here in the san Francisco bay area if it is a desirable area they will buy with all cash. In some of the more desirable areas there is very limited new house stock so they will buy older home for $1million+ with multiple bids.
Even in Portland Chinese buyers purchased a home from an acquaintance. The made an all cash offer, full price + as I recall, conditioned on the sellers leaving the furniture and to be out in 10 days. The huge home and contents were in beautiful condition, maybe 4-5 years old. Nice neighborhood, with a view.
They did not seek out that market, they just listed their home and had it in show room condition.
Part of the reason, and I don't say this to incite, is that they are in a foreign country and prefer to live in a home that has not been 'sullied' by foreigners (that is, those born IN the country). It is similar to some Americans who don't want to buy a house where the cooking smells of another culture are thought to linger. Plus, they have no doubt caught the wave of many Americans who insist on a new house as a sign of success.
My friend is a realtor in LA and she just cringes when she gets a Chinese buyer. I know that isn't PC but she tells stories about how much of a pain in the behind it is to work with them.
Once, she had a place listed at 2.1 million. A Chinese buyer offered 500k. Knowing that they always come in low, really really low, she presented the offer and the seller just laughed and asked if they could just not even deal with them. She said the offer could be rejected but she couldn't block the buyers from making another offer or refuse to sell to them on the basis of their ethnicity. The seller rejected. In short order the Chinese buyer showed up at her office with a suitcase full of the $500k in cash and tried to insist that he was buying the house. He caused quite the scene and they had to call the police to make him leave.
Another time she had a house under contract to a Chinese couple who were buying it for their daughter. The daughter showed up and checked the place out, only to reject it and cause a huge fight with her parents. They tried to back out of the deal and its going to court. Suddenly the parents don't know how to speak English anymore.
They probably wouldn't like any of the properties I own. I tend to go for the Art Deco or Midcentury vice new construction.
Last edited by whatisthedealwith; 12-21-2013 at 07:21 AM..
My friend is a realtor in LA and she just cringes when she gets a Chinese buyer. I know that isn't PC but she tells stories about how much of a pain in the behind it is to work with them.
Once, she had a place listed at 2.1 million. A Chinese buyer offered 500k. Knowing that they always come in low, really really low, she presented the offer and the seller just laughed and asked if they could just not even deal with them. She said the offer could be rejected but she couldn't block the buyers from making another offer or refuse to sell to them on the basis of their ethnicity. The seller rejected. In short order the Chinese buyer showed up at her office with a suitcase full of the $500k in cash and tried to insist that he was buying the house. He caused quite the scene and they had to call the police to make him leave.
Another time she had a house under contract to a Chinese couple who were buying it for their daughter. The daughter showed up and checked the place out, only to reject it and cause a huge fight with her parents. They tried to back out of the deal and its going to court. Suddenly the parents don't know how to speak English anymore.
They probably wouldn't like any of the properties I own. I tend to go for the Art Deco or Midcentury vice new construction.
My friend is a realtor in LA and she just cringes when she gets a Chinese buyer. I know that isn't PC but she tells stories about how much of a pain in the behind it is to work with them.
Once, she had a place listed at 2.1 million. A Chinese buyer offered 500k. Knowing that they always come in low, really really low, she presented the offer and the seller just laughed and asked if they could just not even deal with them. She said the offer could be rejected but she couldn't block the buyers from making another offer or refuse to sell to them on the basis of their ethnicity. The seller rejected. In short order the Chinese buyer showed up at her office with a suitcase full of the $500k in cash and tried to insist that he was buying the house. He caused quite the scene and they had to call the police to make him leave.
Another time she had a house under contract to a Chinese couple who were buying it for their daughter. The daughter showed up and checked the place out, only to reject it and cause a huge fight with her parents. They tried to back out of the deal and its going to court. Suddenly the parents don't know how to speak English anymore.
They probably wouldn't like any of the properties I own. I tend to go for the Art Deco or Midcentury vice new construction.
I think part of this has to do with the fact that civil laws and protections are virtually non-existent in China. Buying can be very cutthroat and many things that are common there would be illegal here. My wife's friends have purchased condos in Beijing and other big cities, they said it was a harrowing experience.
I have sold homes to two Taiwanese families; they were hard bargainers but very pleasant to work with. Exposure and a kitchen vent hood exhausted to the outside were very important to them.
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