Some foreign owners want their money out of 'wherever' and are willing to pay a premium as a store of value. They're not interested in the hassle of 'renting'.

Some foreign owners want their money out of 'wherever' and are willing to pay a premium as a store of value. They're not interested in the hassle of 'renting'. Or, the price is not a big deal, they want a home in LA/NYC much the same as the rest of us might want a cottage/second home on the lake.