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I don't have the link, but I read somewhere that foreign investors (I think this was data upto last year - things may have changed fast) don't make up THAT much
by kghose 12y ago
I don't have the link, but I read somewhere that foreign investors (I think this was data upto last year - things may have changed fast) don't make up THAT much of the market, and only for the 1M+ homes, which is way above median price in the US.
- lmm 12y agoWay above median for the US as a whole, but according to the article $1M is close to the median in SF.
- michaelochurch 12y agoI read somewhere that foreign investors (I think this was data upto last year - things may have changed fast) don't make up THAT much of the market Price inelasticity. A 1% supply destruction is going to have much more than a 1% impact on prices. Possibly 20%, possibly 2x. and only for the 1M+ homes, which is way above median price in the US. This problem isn't felt out in the Midwest, because you're right: corrupt officials aren't interested in $300,000 houses in Wisconsin. On the other hand, middle-of-the-road San Francisco houses, at $1.5 million, are ideal for a scumbag trying to hide from extradition and reprisal. You're going to have a hard time bringing assets over quickly, so borrowing against your house is how you're going to get your first few years of "living money" while your fixers buy you a resume and references and set up your career (this takes about 3 years, for an executive-level makeover) over here. Bay Area houses are also well-located for general money laundering, for obvious reasons.