Pamela Liebman, president of the Corcoran Group, said her firm had fielded
Pamela Liebman, president of the Corcoran Group, said her firm had fielded a “huge” increase in inquiries from wealthy Chinese looking for luxury residential properties, “some in the $30-million-plus range.”
“We went from zero to 200 miles per hour in six months,” she said. “This year, it’s the biggest buzz word in real estate: ‘Chinese.’ ”
Xiaolan Shang, an agent with Prudential Douglas Elliman, said that five years ago, she had very few international clients. Now, about 90 percent of her client base is Chinese — and most pay in cash.
“I’ve had people come to New York only for the weekend,” Ms. Shang recalled. “They see the apartment, they make the offer and right away they fly back to China.”
“Cash deal,” she added. “Right away.”
Banks? who needs’em?
More and more cash deals are happening as the banks fiddle around with their higher requirements. No clueless paper pushing appraiser to get in the way either. Keep tightening those requirements banks and watch your profits evaporate.
Those Chinese def. want condo studios. I tested marketed one of my apts late last year/early this year and more than 50% of the buyers were Chinese. Totally not expecting it. Have a great day.