A recent article in Forbes Magazine headlined “Real Estate Tourism: Who’s Really Buying America’sHomes,” told the story of Russian billionaires snapping up some of the most opulant homes in the United States. Sometimes overpaying by 100%, like on a $100 million Silicon Valley mansion in 2011. Often buying multiple homes. However, it’s not just the Russians. Sales to buyers from mainland China and Hong Kong account for over $7 billion in sales annually. Second only to the Canadians who are a purchasing in force in sunbelt states like Arizona and Florida. Canadians have also been buying in the Midwest, including Chicago. “Close proximity to Canada makes it an easy place for Canadians to invest money,” Bob Krawitz of RE/MAX Signature in Chicago is quoted in the Forbes article as saying. He says interest runs along all price points, from distressed properties that can be fixed up and rented out to seven-figure mansions along Lakeshore Drive.
Aspen has seen a continued rise in overseas buyers especially from Russia, Mexico and South America. The charm of Aspen reminds those from Europe of their home countries. The international network of The Aspen Institute has been instumental in making those who purchase comfortable in Aspen. consumers aroun d the world recognize the re/max name I’m not sure if the world has just discovered the U.S. real estate market as a great investment — or whether we have just discovered their interest in it. Either way, if the interest continues to expand exponentially, foreign influence on the market is clearly going to have an impact over the next decade. RE/MAX recently welcomed China to its expansive global footprint that reaches throughout Europe, South America, Africa, Australia and beyond. A new global website launched by RE/MAX International features nearly 650,000 property listings in 31 languages and 30 currencies. In 10 months, the site has gained in popularity, attracting more than 1.3 million unique visitors; 25% have been from China.
From The Collection Magazine
by William Hauptman