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I've seen this, anecdotally, in trying to buy a house in the bay area. I've lost two serious bids to "foreign investors" who pay 10% above asking price, 100% ca
by tfigueroa 11y ago
I've seen this, anecdotally, in trying to buy a house in the bay area. I've lost two serious bids to "foreign investors" who pay 10% above asking price, 100% cash, with no contingencies. I've heard stories of these properties going vacant, as well. It's frustrating.
An acquaintance who works as a wealth management consultant made an interesting point: there are hot markets in other areas of the country, but SFO is right here. The bay's accessibility could be exacerbating our problems, ironically.
He is advising his clients to pull out of real estate in California right now - not so much because of a potential bubble, but because the market is so bizarre.
- karmazeroed 11y agoThis is commonplace in London too. Streets of empty properties. London already has a housing crisis which can't be fixed by ordinary means because the population growth far exceeds the property construction, despite it having been ramped up. What would help of course is Land Value Tax, but that is less desirable the higher up the social pyramid you are.
- dharma1 11y agoAnother way would be forcing empty properties to be let, and fine owners who don't