Are Chinese international students feeding Seattle’s real estate crisis?

2016-10-11
Seattle

For some Chinese investors who are looking to buy US properties, locations, size or even prices are not a problem. They just buy in afraid of Chinese yuan depreciation. They simply regard their properties in the US as well as investment for their children's education in the US as a safe deposit of their wealth. The rising middle class of Chinese people bring suitcases of cash undeclared to the US. It's no suprising to see a real estate broker team in Seattle processes three to eight deals every week. A cash deal can be closed in only 15 days. Due to the new tax on foreign buyers in BC and the expectation of yuan depreciation, Seattle becomes number one US real estate market for Chinese buyers.  A house listed at $400K will receive offers at $500K or higher right away. Read more here.

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