Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
yes there will be more foreign buying... in certain very small desirable areas such as manhatton, miaimi waterfront, etc...
Will it "rescue" the US real estate market? Nope not at all.
Pretty soon we will be slaves to Chinese and Middle easterners. Our government keep borrowing money for us to go to war with Iraq. Banks keep asking for money from sovereign wealth fund. America will be just another third world country due to our arrogance and self gain behaviour.
nice try to post a positive spin spot. let us see the volume of such buyers and *cheer*. it can't be one in miami, one in LA & one in newyork. we still have sales down, inventory up and prices down in all places.
Russian Mafias keep buying good properties in New York areas and Miami. Chinese are swooping in in Bay Areas and Los Angeles areas. So yes, more and more foreign buyers are acquiring real estate. Foreign investors are gaining more politically and socially is this what we want? As time goes by, we will be just another employees to foreigners in our own land.
What, home valuations are only down 15%...that's only $45,000 off the price of a $300k house. LOL
Can't wait until the next wave of foreclosures hit later this year. Apples ripe for the picking.
When hubby and I travelled to Europe and Asia, we told them we were Canadian, not American. We were warned by our friends of the anti-american sentiments in those places since the Iraqi war. You can hear the criticism on the plane before landing.
And the chinese no longer take $hit from the outsiders. A few years ago they boycotted the Japanese due to a series of events that they didn't like. Things got violent. This time they are boycotting the French over the Olympic torch relay disrupption. The indians will follow suit. Their middle-class are expanding, whereas ours is shrinking. It's the middle-class that's behind the leading bleeding techonology and innovation, but suddenly the American middle-class are denied home ownership and worried about food and gas.
Pretty sad is it when you have to deny your nationality. Yes our middle class are shrinking by huge numbers. Our greedy Corporate executives keeps outsourcing our jobs overseas. Our gov't should start taxing higher bracket to corporations if they outsource local jobs. They should increase tariffs to foreign goods. How can we pay our mortgage if they keep sending our jobs overseas?
carmel - very valid point. american middle class should wake-up and stop making the rich more rich. the problem now is jobs can be outsourced very easily. if the middle class fights against the upper management for pay like our auto industry your jobs will go to china or india. even there it is *not* the middle class which is getting rich. i know chinese outsourcing firms which charges american companies $20/hour for a job and pay their employee $5/day for doing that work. i feel it is just going to get worse and american middle class will loose all the higher wages we enjoyed for decades.
The middle-easterners already bought up half of the West Los Angeles since the fall of Shah. They hear the disasters in US everyday. They don't get rich and stay rich by being reckless with their purchases. Our middle-class european friends are buying properties in Thailand, China, vietnam, South Eastern European countries. etc. Not here. They are investing in countries on the way up, not down.
S-O, we know what we want, but how do we get there?
This prevailing no shame, no anxiety, no action over debts from white house to ghettoes is the cause I believe.
I wonder how the change of the $ vs EUR conversion rate influences this.
Assuming someone buys all cash, $320k in Miami. That's EUR 200k. (1 EUR = 1.6$)
3 years later. The property value fell to $240k. And the $ recovered. (1 EUR = 1 $)
The European owner sells for $240k and converts it back to EUR 240k.
Still 40K profit (either currency)
I know that most German banks won't give you a loan against a property outside Germany, that's why I assumed a cash purchase. The math gets even more fun when you consider the lower mortgage rates that you may get over there. 4.63% for 10 years fixed, 80% LTV.
-Peter
peter, you are better off doing carry-trades instead of buying an asset. there are many middle-eastern currencies which are pegged to dollar and most of them are looking to adjust like 10 - 20%. that is a better bet than using your hard-earned euro and putting it on us housing market.
"Pretty sad is it when you have to deny your nationality."
"We are living in a dangerous time." Condi Rice or somebody like that once said. The irony is: Just under their watch, they priced out those who design and build satelites, guilde missile, submarines to protect the US sky, waters and soil.
Stronger Dollar Boosts Stocks-
this foreign investor would loose money on DAY 1 of their investment.
"Pretty soon we will be slaves to Chinese and Middle easterners. Our government keep borrowing money for us to go to war with Iraq. Banks keep asking for money from sovereign wealth fund. America will be just another third world country due to our arrogance and self gain behaviour."
The funny part is I used to think I was a doomer. You sir have doomed me right out of the ballpark!
Sellers are doomers in essence. If they believe their property value will go up next month or next year, why are they selling? You sell when you are bearish, you buy when you are bullish. Believe what they do, not what they say.
There is nothing screaming more doom and gloom by the act of selling itself.
"If they believe their property value will go up next month or next year, why are they selling?"
Um, because people's circumstances change. Why did peopel sell in 2004 when hosues would continue appreciating for 2 years? Because things change!
BREAKING NEWS: Callista is officially a Cheerleader!
To former doomer Callista, I applaud you for coming out in your doomer tunnel. Bravo, you've finally seen the light in your doomer tunnel!
Aint nothing like history to get some folks even headed.....
For some that dont know.... WE here in the USA exported 50% of our oil
back some 50-60 years ago to the rest of the world ... we had both the
oil and the refinaries to handle it.... today we cant afford to do that again
because the avg worker is too expensive ...
We became beggers for oil for what ever the price is set on the world market,
Have some forgotten how we faced an oil embargo back in the early 70s.....
If you think being a cheerleader and swapping homes is going to get us out of that
mess your sadly mistaken...
Here in Silicon Valley we already lost 80% of the world production of Semiconductors
to the Japanese and Koreans...
pop open your PC, TV, DVD or what ever and it wont say "Made in the USA"
"There is nothing screaming more doom and gloom by the act of selling itself."
I sold because I could buy a nicer home. Prices are incredible. Nothing Doomer about it. Unaffordable homes became affordable. Our down payment was the ton of sweat equity we put in the previous home.
"WE here in the USA exported 50% of our oil back some 50-60 years ago to the rest of the world ... we had both the oil and the refinaries to handle it..."
Yup.
We peaked waaaaaay back in 1970.
china and europe are too different places. In Spain, 90 percent of the population, in some surveys, have a bad opinion about Americans as people, as well as current american politics. I get asked "how the heck can you live there?" all the time when I go back.
The "love it or leave it" philosophy plarusa espouses is lowclass trash thought process... It is OK to love America and believe its on the wrong track. If everybody who wants to see this country improve leaves, only the trailerpark crowd will be left to set America's future direction.
azrob; i totally agree with you. Its downright embarassing! "love it or leave it" lololo; stupid frickin hillbillies
Thank you, guys! Couldn't have said better myself. Azrob, you are my hero...
You know sometimes I wonder why dudes like crazy nightmarish plarusa hang around the board tirelessly telling others buy buy buy. If ithey were a true buyer, the last thing they want is a bidding war or competition. What's in it for them? It can't be altruistic because they are so hostile. Are they agents without a tag? Are they sellers who just can't sell?
And why must doomers patrol Zillow 24/7 telling people not to buy??? Don't you guys have a life?
I am American, but I live in Finland and the anti American sentiment is rather strong her despite Finland being " one of the most American like countries in Europe". That was what they proudly proclaimed when I moved here almost 10 years ago.
Now, the resentment they, as well as other EU nations, have for us is crystal clear.
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
A weakening Dollar and falling home prices... what did you think was going to happen?
sponsored by
Spotlight
Real Estate Agent
Contributions: 180
View full profile
Foreign investment to the rescue?
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.