http://www.dailyfinance.com/2012/06/29/look-whos-buying-america-now/
What is missing is the amount of foreign money that is buying in markets that the US investor had abandoned by and large,,,
which is the ultra low priced rental in the inner cities. Without foreign investment in these areas which the numbers are probably double what the article is talking about I bet 50% or more of the super low end is going off shore….
And its great that 25% are buying for personal use… that would be the Canadians and Europeans and south americans,
Doubt many from OZ are buying second homes in the US…
Interested in any other comments
All I can say is keep those Looneys, Dollars, Pounds, Euro’s coming our way… Its welcomed from my perspective..
Living in California, I saw first hand the Japanese influence.
The owner of Sega systems bought the country club I lived at “Silverado Country Club ” Napa Ca.
he paid 125 million for it and it was probably worth 30 at best….
Johnny Miller the golfer lived there, as well as other notible wine and business people from SF.
Johnny Miller just put a group together and bought it last year for 50 million.
JLH
And the Pebble beach transaction.
was sale to Japanese for 1.5 billion.
bought back 5 years later by a group including Arnold Palmer and Clint Eastwood.. for 800 million … net loss 700 million.
Kind of like buying in the wrong zip code for 50 to 60k in Detroit having your housed trashed not being able to collect rent then wholesaling it off for 5 to 7k to the local guy who bought it and sold it to you in the first place through your marketing companies.
Same theory being presented here… And someone will dig into this bad side of the Off shore investor… Probably already happened with news groups in OZ
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