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Where Have All the Chinese Buyers Gone?

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At this point in time, the Chinese economy is changing and the yuan’s recent fall in value has made buying homes in America more expensive for Chinese buyers. America’s economy is more robust, a huge improvement from just 10 years ago, and Chinese buyers are eager to invest in a more stable environment. 

At the same time, Seattle home prices have skyrocketed over the past few years, and the housing market has become much more competitive. For Chinese buyers of U.S. real estate on a currency-adjusted basis, prices are up as much as 54%.

The trend I’m seeing is that buyers line up into two categories, big buyers and small buyers…

Big Buyers
I’ve found that the big buyers ($2 million dollars or more) are quite bullish. They are following the Seattle real estate market closely and they are eager to buy. They know that if they don’t buy now, the prices will just become more expensive down the line. They are willing to take a risk and pay more money for what they want. 

These buyers are also looking for more of an investment. Luxury homes aren’t their primary concern, they are looking for a more profitable enterprise. 

Small Buyers
The smaller buyers are more frightened of the changes that our countries have been experiencing. They tend to be more intent on playing it safe and they follow the real estate market with apprehension. Trade wars and Donald Trump politics are real concerns for these potential homebuyers. 

The green card process was once easy through the EB-5 program, but now these citizens are having a harder time solidifying their permanent U.S. residence. I’ve heard from many people that their EB-5 companies are coming to a halt. 


According to Juwai.com, Chinese investors drove roughly $100 billion in property purchases outside of China in 2016. That same year, Vancouver added a 25% tax on foreign buyers and the Chinese government implemented limits on how much money can leave the country. I was in Vancouver recently and while there is still a lot of cash in that real estate market, they are hesitant to invest in Vancouver or Canadian real estate. They are much more confident in the Seattle/American real estate market.

I was born and raised in Beijing and had the opportunity to work for a Fortune 500 company as a China representative. My background allows me to be well positioned to assist buyers both locally and internationally in sound financial investments in the Seattle real estate market. When investing overseas in the Seattle and Bellevue metro area, working with the right team makes all the difference in the world. Please contact me if you are interested in investing in our real estate market! 

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How are Chinese real estate clients different than American clients?

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How are Chinese real estate clients different than American clients?

I was born and raised in Beijing, but I have traveled all across the world. In my role as a top producing broker at Realogics Sotheby’s International Realty, I specialize in residential and commercial real estate with exceptional experience in navigating international buyers relocating or investing from China. I am a found member of the RSIR Asia Desk in downtown Kirkland and am passionate about sharing my knowledge on Asian cultures with our team. To bridge Chinese and American cultures in business is both challenging and rewarding!

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Market Trends from Around the Sound: Q1-2018

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Market Trends from Around the Sound: Q1-2018

Realogics Sotheby’s International Realty presents a look at the housing market trends for the first quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
 

Seattle  |  Single Family Homes

Seattle home prices remained red hot in the first quarter of 2018, as the median sales price reached $917,000, up over $30K from the final quarter of 2017 and 14.2% year-over-year. 
View report here.

 

Eastside  |  Residential

A shortage of homes available continues on the Eastside, as the average days on market decreased by 5 days to just under one month with the average sales price up 13.2%. 
View report here.

 

Bainbridge Island  |  Residential

Bainbridge Island continues to attract buyers, as the number of homes sold was up just over 28% from Q1-2017 despite a sharp 60.7% inventory decrease. 
View report here.

 

Seattle  |  Condominiums

Condominiums in Seattle continue to attract buyers as the average days on market in Q1-2018 was 15 days, down a staggering 34.8% compared to the first quarter of 2017. 
View report here.
 

More Coverage on Seattle Condo Activity Here 

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Seattle's most trusted EB5 project is looking for great investors!

Seattle's most trusted EB5 project is looking for great investors!

西雅图南港办公园区EB5项目画册

Click below to read report or go to http://www.seattlefamilyregionalcenter.com/news/ to view all of the updates. 

I would love answer any questions you may have about this project. Please contact me. Call Lili Shang +1 206 295 3153 or email me Lili.Shang@RSIR.com or fill out form with questions. I look forward talking to you. 

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Chinese millionaires pick Seattle as No. 2 place in the world to live, survey shows

 An outside view of the five-bedroom, 4,309-square-foot home in Bellevue that is on sale for $2,799,950. (Ellen M. Banner/The Seattle Times)

An outside view of the five-bedroom, 4,309-square-foot home in Bellevue that is on sale for $2,799,950. (Ellen M. Banner/The Seattle Times)

This year, Seattle surpassed San Francisco as the second place in the world where Chinese millionaires most want to live. But critics say the threat of foreign investors could worsen Seattle’s already exclusive market.

By Gene Balk / FYI Guy  

If you could pick anywhere in the world to live, where would it be?

For a lot of Chinese millionaires, the answer is: Seattle.

On a wish list of global destinations, Seattle has surged into the No. 2 spot for well-off folks in China who are hoping to relocate, according to a new report.

Each year, Shanghai-based Hurun Research surveys hundreds of Chinese millionaires who are either thinking of leaving, have already begun the emigration process or have recently made the move. About 12 percent picked Seattle over any other place this year. Los Angeles, the top choice for about 18 percent, is No. 1.

Seattle has been steadily rising up the rankings since debuting as the sixth-most-desired immigration destination in 2014. This year, we knocked San Francisco out of the No. 2 spot.

The survey respondents are affluent — they have an average net worth of about $3 million — but not among China’s superrich. So value is a top priority for them, and that helps explain Seattle’s appeal, says Dean Jones, owner of Realogics Sotheby’s International Realty, who estimates that half of his home sales in select Eastside markets are to buyers from China.

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Being "UnBanked"

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Being "UnBanked"

Many residents of the United States may not realize just how different the lending process is in other parts of the world. Not to say one process may be better than the other; but it may be in the interest of the Western world to start paying attention to those moving ahead of the status quo. The biggest variation from what those in the States may feel is common practice is the change that has occurred in China, India, and Southeast Asia.

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Realogics Sotheby's International Realty 2016 Top 10 Buyer Sales

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Realogics Sotheby's International Realty 2016 Top 10 Buyer Sales

At the end of the year, Realogics Sotheby’s International Realty creates a list of the top 10 buyer sales where an RSIR broker represented the buyers

I was fortunate enough to represent many wonderful clients in 2016, including the buyers of a modern masterpiece in the desirable Clyde Hill area which sold for $2,900,000 and was featured on the RSIR top 10 buyer list.

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Seattle becomes No. 1 U.S. market for Chinese homebuyers

There’s been a large increase this year in Chinese buyers looking for property in the Seattle area, and a new tax on foreign buyers in Vancouver, B.C., is expected to amplify the trend.

By Mike Rosenberg  Seattle Times business reporter

A growing wave of money from China and other foreign countries is pouring into the Seattle-area housing market, helping drive home prices even higher. And since July a new tax on international buyers in Vancouver, B.C., long a popular market for home seekers from China, has focused even more global interest here.

Seattle saw more inquiries from mainland-Chinese homebuyers than any other American city in four of the last seven months, according to Juwai.com, China’s biggest real-estate site for buyers looking in North America.

Historically, Seattle had attracted less real-estate money from China than Los Angeles, New York and San Francisco.

But the region’s upward shift only accelerated after British Columbia enacted a 15 percent tax on foreign buyers in the Vancouver metro area. Searches by Chinese home seekers for Seattle have more than doubled, while they’ve been cut nearly in half in Vancouver, Juwai says.

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Vancouver Tax Pushes Chinese to $1 Million Seattle Homes

Just a few days after Vancouver announced a tax on foreign property investors, Seattle real estate broker Lili Shang received a WeChat message from a wealthy Chinese businessman who wanted to sell a home in Canada and buy in her area.

After a week of showings, he purchased a $1 million property in Bellevue, across Lake Washington from Seattle. He soon returned to buy two more, including a $2.2 million house in Clyde Hill paid for with a single cashier’s check.

Shang says she’s been inundated with similar requests from China and Hong Kong after Vancouver’s provincial government enacted a 15 percent tax on foreign homebuyers in August to help cool soaring real estate values. With Chinese investors -- the largest pool of foreign capital -- looking for a place to put their cash, the unintended consequence of the fee has been to push demand to cities such as Seattle and Toronto.

“The tax was the trigger of this new wave of investment now coming to Seattle," Shang said. “Why pay more for the same thing?"

For Vancouver investors, Seattle is a lure because it’s a waterfront city just a few hours away by car. It’s also more affordable than other West Coast destinations. Toronto, as one of the world’s financial capitals, already has an established base of foreign investment in condominiums and a large Asian population.

“Chinese money isn’t going to sit and wait," said David Ley, a Vancouver-based professor at the University of British Columbia’s Department of Geography, who focuses on housing. “Investors are going to find another city," and Toronto and Seattle are the top two contenders, he said.

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Unique Somerset Custom Home, Listed by Lili Shang & Lisa Woolverton, Winds its Way onto Curbed Seattle

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Unique Somerset Custom Home, Listed by Lili Shang & Lisa Woolverton, Winds its Way onto Curbed Seattle

According to Sean Keeley from Curbed Seattle, “Unique Custom Somerset Home,” listed by Lili Shang and Lisa Woolverton, “Has Curves In All The Right Places.” Beginning with the wrap-around windows boasting “clear views from the hilltop out to Lake Washington where the Seattle skyline looms in the distance,” Keeley notes a number of “curves” throughout the home; from the “coved stain glass window in the bathroom” and “curled shower class” to the “custom counter that practically loops around the entire kitchen” and “spiral cherry & maple staircase leading up into a central atrium full of indoor trees,” the home is truly impressive.

Keeley makes an excellent point, as the home flawlessly fuses indoor and outdoor spaces, offering spectacular views and abundant natural light, using exotic woods and natural materials, and featuring a waterfall and indoor trees. So we can definitely see why Keeley says that “this 5,200 sf home doesn’t corner the market, it curves, meanders and weaves through it.”

More Information About Unique Custom Somerset Home >>>

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What Do the Wealthy Want? Real Estate Of Course!

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What Do the Wealthy Want? Real Estate Of Course!

In a recent article on Think Advisor"Global Wealthy Want More Real Estate," Michael S. Fischer breaks down the latest Savills/Wealth Briefing survey, which reveals that "private bankers and wealth managers found that 91% of global high-net-worth [HNW] investors were looking to increase or maintain the real estate holdings they own directly, and 87% intended to increase or maintain indirect holdings."

Some key statistics, indicated by the chart below, show that 72% of wealth managers' clients plan to purchase residential properties in the next five years and that "North America was the choice investment destination of investors."

Harriet Davies, who wrote a statement for the survey, said "demand for property is not only being driven by low interest rates," which are bound to increase in the current climate, but "structural shifts mean that real estate is likely to grow in importance for HNW investors." Thus "it is crucial that advisors understand the evolving role of real estate in portfolios," and for the real estate industry to embrace these market trends.

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