soma-properties.info
Although the Bay Area has always attracted foreign home buyers, anecdotal evidence suggests that their numbers are growing, creating even more competition in areas where demand has far outstripped the supply of new homes. The boom is partly because of globalization, but mostly a result of the tremendous buildup of wealth in developing countries, especially China, which had 2.4 million millionaires in 2013, up 60 percent from the year before, according to the Boston Consulting Group.
Many of these millionaires want to diversify their assets outside of what is still a communist country, send their kids to U.S. schools or have a place to escape if China’s smog gets even worse. Buyers from China are reluctant to talk about their purchases publicly, but real estate agents say they prefer new or nearly new homes or condos in good school districts with great views (don’t we all).
More @ SFGate
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