I admit it is odd at first glance, but I can think of a few possible explanations: 1) they cannot actually afford it, and will find this out in a few years 2)

I admit it is odd at first glance, but I can think of a few possible explanations: 1) they cannot actually afford it, and will find this out in a few years 2) they are being bought as investments by REIT's and such, not by real people 3) they are being bought by foreign money as a way of parking wealth in the US, because it is perceived as a safer place to have your money than the home country There could be other explanations, as well, but these are three that come to mind.