Chinese going to the burbs
Updated: 2016-02-12 23:49
By Bian Jibu in New York(China Daily USA)
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Realtor Edith Yang sold this five-bedroom, four-bathroom house in Roslyn, New York, for $1.93 million in July 2015 to a client from Shanghai. [Photo provided to China Daily] |
In Manhasset, Long Island, about 22 miles from New York City, it is about great schools. In neighboring Roslyn, Long Island, 24 miles away from the city, it is the same story.
Towns, villages and hamlets on the North Shore of Long Island, often referred to as the Gold Coast, and other so-called bedroom communities of New York City have been experiencing a high influx of Asians, especially Chinese, and with them, real estate sales.
Investors from China spent $28.6 billion on real estate in the US in the 12-month period ending in March 2015, and they represented 27.5 percent of all sales to international buyers, according to data from a June 2015 survey by the National Association of Realtors (NAR).
While Manhattan has its record-setting multimillion-dollar condominium sales to Chinese, the city’s suburbs have become a hot market, too.
About 51 percent of the real estate deals in that 12-month span were in New York as well as California and Washington, traditional points of entry for Asian immigrants. The bulk of those sales, 46 percent, were in suburbs, while 37 percent were in urban areas, according to the NAR.
In an October 2014 article headlined Why Are Chinese Buying Mansions in L.A. Suburbs?, Bloomberg News looked at Arcadia, a Los Angeles suburb of 57,600 at the foot of the San Gabriel Mountains, and answered the question: “For buyers from Chinese mainland, Arcadia offers excellent schools, large lots with lenient building codes, and a place to park their money. ...”
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