Chinese buyers are snapping up luxury homes in the Seattle area, with estimates that up to 40 percent of luxury homes on the Eastside are bought by Chinese.
The New York Times reports brokers and analysts estimate up to 40 percent of $1 million-plus homes sold on the Eastside were purchased by affluent Chinese buyers.
Chinese buyers are having other effects as well: Seattle real estate agents are opening offices in China, Seattle real estate companies are hiring Chinese-speaking employees, and custom-home builder Lochwood-Lozier of Redmond is building 10 new homes aimed mainly at Chinese buyers, with prices of $2.5 million to $5 million.
And Masins Fine Furniture reports business from wealthy Chinese buyers is up 50 percent this year.
Story Courtesy of:
Puget Sound Business Journal