The New York Times ran an article on Sunday talking about how the Chinese invasion of U.S. real estate is only expanding.
They aren’t just buying condos in Manhattan or McMansions in Silicon Valley – they’re buying properties in new developments in places like Plano, TX, just north of Dallas.
In the market for homes over $1 million, the Chinese make up one out of every 14 buyers – which is huge.
In the top tier markets in San Francisco, Orange County or Manhattan, they can be 50% or more! In the past year, they paid $831,800 on average for an American home for a total of $28.6 billion. That’s more than double their level just two years prior! The next biggest buyers, Canadians, only spent $380,300 on average. The average US buyer: just about $250,000.
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