|Detroit and Philly, Popular for Chinese Homebuyers|
|by Tom McGregor||Mon, Dec 16, 2013, 07:26 PM|
No joke, Detroit and Philadelphia are enjoying days of plenty in their respective real estate markets. Chinese investors are flooding into the bankrupt Motor City and crime-ridden Philly to purchase houses.
According to the Houston Chronicle, "Juwai.com, a Chinese international property portal, analyzed data to determine the top 10 U.S. cities where Chinese bought property this year. Houston was No. 5 on the list, behind New York, Los Angeles, Philadelphia and Detroit. The greater Houston area is home to more than 70,000 Chinese immigrants."
Chinese realtors believe that they should pay cash down for properties that reside in cities of decay and corruption.
As reported by the Houston Chronicle, "About 70 percent of mainland Chinese buyers pay cash. They also buy higher-priced homes than other buyers and their median purchase price is $425,000. The median price in the U.S. is $199,500, according to data from the National Association of Realtors."
Some Chinese homebuyers think they are buying oceanview properties in Detroit, which means that some realtors are scamming their clients.
To read the entire article from the Houston Chronicle, link here:
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