Demand for L.A.-area homes among affluent Chinese are pushing
prices past boom-era peaks, generating a subset of property brokers and
mortgage lenders that cater to their distinct needs.
The overflow from China's economic high tide is transforming
the housing markets of suburban Los Angeles.
Affluent Chinese home buyers are driving prices past boom-era
peaks, spawning a subset of property brokers and mortgage lenders that cater to
their distinct needs — and even dictate design details in new subdivisions.
The strongest magnet is the San Gabriel Valley, where
Monterey Park became known as the "first suburban Chinatown" in the
1970s. Selling real estate there now requires familiarity with feng shui, the
ancient Chinese principles of harmonious design.
"People are getting money out of mainland China and
sticking it here," said Mel Wong, president of the West San Gabriel Valley
Assn. of Realtors.
The trend has spilled over into other areas, including San
Bernardino and Orange counties and even Las Vegas, with more acculturated
Chinese Americans seeking homes big enough to host lengthy visits from overseas
relatives.
Chinese buyers bought 12% of all U.S. homes purchased by
foreign citizens last year, up from 5% in 2007, according to the National Assn.
of Realtors. More than half their home purchases were in California. And more
than two-thirds of them paid cash, the trade group said.
Click here for the original article in the L.A. Times.