It is all over the West Coast. When I moved to Vegas 10 years ago and the entire city was bankrupt, there were still bidding wars on houses. And if you wanted a cheap house (<$150k), every house had 20 cash offers on it (all Chinese money). You had to bid 10% above the selling price to have a chance.
Fuck them. I hope they take it in the ass and I can buy up a house at half price (though I hate to see my fellow citizens lose value on their homes).
Citizens of adversarial nations like China buying up property and driving up prices on American citizens ticks me off.
They are fucking up Canada like this, I hear. They have bought up a huge chunk of Vancouver and skyrocketed prices.
Edit: The inflated prices are supposedly because the Chinese are using the property purchases to launder money.
Canada is a hotbed of Chinese money laundering. They bring in counterfeit money and launder it in Canada.
It is all over the West Coast. When I moved to Vegas 10 years ago and the entire city was bankrupt, there were still bidding wars on houses. And if you wanted a cheap house (<$150k), every house had 20 cash offers on it (all Chinese money). You had to bid 10% above the selling price to have a chance.
Fuck them. I hope they take it in the ass and I can buy up a house at half price (though I hate to see my fellow citizens lose value on their homes).