Chinese buying up California housing

Re: Launch vehicles, I can say with 100% certainty that Space-X will not sign up to fitting some of the larger satellites, nor do they seem at all willing to make the--in my opinion, minor--changes needed to do so.  Apparently they have enough business to make it not worth their while. 

And about private vs. government investment, guess which customer signed Space-Xs largest and most lucrative contract, which provided a sustaining cash flow for *development* of necessary capability at a time when things were, quite honestly, getting pretty rough?  The government.  Who else would sign a contract and pay for services not yet available nor proven?  And guess which customer Space-X is targeting with their current effort?  Don't think Space-X doesn't have lobbyists in DC.  You think it was Obama's idea that he give a photo op on the Space-X launch pad?

I'm not saying Space-X isn't the best in the business, because they really are (by far).  But they are, in large part, funded by the government, which paid for development work and which pays 2-3x what commercial customers will pay for similar services.  Would they still be around without any government money?  I'm really not sure.  Things would be a lot more tenuous at least, and they would not have come as far as they have.
 
They are buying up real estate everywhere.  In Arcadia, a house just sold for over 2.5m for a single story 2600sq. ft single story and the owner isn't even staying there nor does he plan to live there.  Someone is living there "watching" the house.  I guess the purchaser also went to Vancouver and other places to snatch up real estate.

Talk to a real estate agent in Arcadia and San Marino, there should be some good stories about aggressive cash buyers.
 
From what I could see here in NYC the mainlanders are definitely surveying the city before docking their money. They are present at the Upper West Side and upper East Side studying the neighborhoods. As usual they are big luxury good consumers on Madison, Lexington and 5th Ave. The big difference between the Big Apple and Orange County is visibly more poor mainlanders peddling goods and services on NYC streets whereas in OC most mainlanders are cash rich.
test said:
Chinese are snapping up US real estate
http://www.cnbc.com/id/101247298
Click to expand...
 
One of the biggest differences with the Japanese buying spree in the '90s is that there are many Chinese moving their money here due to political concerns:  as such, it is more about preserving ones capital than about finding 'the best deal.'

Regardless, when this much money flows into anything, it 'interrupts' the normal market conditions. In this case, not only are the prices becoming quite unrealistic for the traditional buyer looking to finance a purchase, but the affordability index for all OC buyers is down to approx. 24% - which virtually requires sellers to depend on buyers outside of OC. (I believe I saw recently that over 80% of buyers of a home in OC were residents of OC:  this is rapidly changing.)

I believe agents are to blame also:  buyers agents are coming from out of the area, providing poor representation, with the goal being the deal not finding the best deal - and home - based on the buyers' needs - but rather collecting a commission.

One other unintended consequence is the poor quality of new homes and the small lots being built on. Builders know that, in this market, they can put pretty much anything on the market and it will sell. Recently I toured some new homes in the Portola Springs area:  we're talking about barely enough space to turn around outside - and these were 2,000+ sq. ft. homes! Terrible what it being foisted on the market. (I bet the Five Point, one of the builders at the Great Park, will do everything they can to maximize their profits at the expense of true quality and a reasonable lot size.)

Irvine has become the most bland and nondescript city in Orange County...
 
Irvine was always bland and nondescript.  It didn't just start in 2001.  There were accusations of blandness back in the 90s.  I was driving down Jamboree the other day with a friend from LA.  She said the area was really pretty.  Everything is in it's place and manicured.  TIC is like a massive HOA that makes sure everyone living in the city cuts their lawn and paints their buildings in earth tones.
 
love the comments:


Alex 10 hours ago 4 4
Chinese people would be mad to invest in the US considering the incredibly hostile attitude of the US government. I also think Chinese people are at risk of physical harm as the Jewish owned mass media ramp out the China hatred, endless clashes in the South China sea involving US warships and planes are a recipe for disaster. Chinese would be better off investing in friendlier jurisdictions and not Obama's America with an $18 trillion dollar national debt and atrocious third world infrastructure
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Richard 10 hours ago 4 5
the Chinese nationals here in the united states are predominately illegal too .Chinese nationals are pouring into our country in record numbers on tourist visas thanks to Hillary Clintons stint as the worst most incompetent corrupt secretary of state in our history who ordered embassies in china brazil peru india and other countries to pass out tourist visas to everyone and anyone thus making the trek to the Mexican border for these high offender nations unnecessary . tourist visa overstayers is skyrocketing and more than 60% of illegals here entered this way and are intentionally overstaying .....
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Max-deeeepSouth 3 hours ago 1 3
Can the Chinese government buy some of the private properties and then declare that the properties are China's territories, just like Japan did for the rocky island in the South China Sea?
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Oliver Clotheshoffe 1 hour ago 2 0
Tell them there's a lot of stray cats in the neighborhood to help keep their food bill down.
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dirt 6 hours ago 2 0
Chinese people actually want to live in Atlanta? Interesting. Are they gang members?
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Chinese are not only buying up real estate in California, but everywhere around the globe.  NY, Austraila, Canada, Europe, etc. 
 
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