Chinese Buying Scottsdale Arizona Real Estate
Chinese buying Scottsdale Arizona Real Estate is becoming a real phenomena, More and more Chinese are heading to Scottsdale on a shopping trip, looking not for designer clothes or jewelry, but for million dollar homes in Scottsdale or neighboring Cave Creek or Carefree.
They expect to get a bargain. These buyers are part of a growing number of Chinese who are joining tours organized especially for investors who want to take advantage of slumping U.S. real estate prices amid a financial crisis. Off shore money has been parking itself in Scottsdale for sometime because it is considered a safe-harbor of capital. I had a friend park his money in a money market fund recently and earned a whole $100 on $30,000 last year…But the Chinese buying Scottsdale Arizona Real Estate hasn’t gone unnoticed. Title companies are also having issues with all foreign investments because they are paying with a lot of cash which usually sends up red flags.
It’s a great time to buy because of the financial crisis, and houses in cities like Scottsdale should definitely go up in a fe
w years. While the homes are an investments, they are often used as vacation homes. the Chinese are flush with cash in this decade and Chinese buying Scottsdale Arizona real estate is probably one of their best investments. We see the low prices as a loss, yet one man’s loss is another man’s fortune!
While China’s ultra-rich have been buying property in the U.S. for years, the buying tours are relatively new, made attractive by still-rising Chinese income levels, falling American real estate prices, and the increasing value of the Yen.
Chinese Buying Scottsdale Arizona Real Estate –
the Chinese buying Scottsdale Arizona Real Estate is not a good sign. The Chinese are going to seize the opportunity to take advantage of some great deals. The home-buying opportunities echo a larger trend. Cash-rich Chinese companies are looking to buy resources made suddenly cheaper by the downturn or companies suffering under the global debt problems.
Chinese buyers are looking at commercial property, second homes and homes to rent out or use on business trips. And the U.S. has plenty of unsold property to offer. Chinese buying Scottsdale Arizona real estate should signal that Scottsdale is on it’s way to becoming more and more cosmopolitan.