The reports of Chinese snapping up luxury/trophy properties in major cities, in China and aboard are nothing new, we have been reading them for a few years. But I only get to see it first hand this week when my friend with three friends came to New York on a condo buying spree.
His friends have a New York real estate broker lined up. The group leader asked him at a dinner if he would like to tag along. Initially, my friend has no desire to buy but to visit his kid in US. However, as more home work was done, he began to change his mind, and ultimately, put a deposit down on a condo he found online, before leaving for US – the condo has a sales office in China. The deposit is totally refundable upon the inspection in New York. All without the help of the NY broker the group retained, who gave no information other than a few pictures of two buildings they’d visit. When I heard this and saw the pictures, my thought was, either the broker doesn’t care or the broker deals with too many Chinese buyers (who, in general, require very little since they don’t know what to ask …), taking them for granted.
The broker lined up 10 buildings to visit – the group has no idea/info of the buildings and sequence. At the very first one, the broker said, ” … the condos may be gone by tomorrow …” so two of them bought, one each @ $2.81 million. It’s outrageous. Perhaps this is the reason the broker refuses to provide any info: needn’t to. The buyers buy indiscriminately and decisively.
I thought Carrie Chiang who was recruited by Barbara Corcoran in 1988. She’s still with Corcoran. Her annual property listing is $200-300 million (a little trouble 2009). I doubt that Chiang takes anything for granted.
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