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Do all the good you can and make as little fuss about it as possible.— Charles Dickens
Chinese buyers eagerly buy up homes in Southern California community
In an October 24 interview with the China Daily, Angela Wong, Ewing & Associates vice president of international marketing in Asia, divulged why so many wealthy Chinese buyers are moving to San Marino, Calif. According to Wong, the Chinese regard San Marino as the “Chinese Beverly Hills.” The community is so desirable that buyers commonly bid up the price of a house to ensure they get what they want, Wong shared with the China Daily.
“They like this neighborhood because of the schools – that’s their No 1 priority,” she told China Daily… It’s also very pretty. There’s very easy access to Newport Beach, which is good for the really wealthy Chinese because they can park their boats over there… In that city, the Chinese don’t care. They just want [to be in] that area.
“Prices have never fallen, even during the financial crisis. The prices have increased by the month instead of by quarters or six-months. Whereas in the so-called ‘white areas’ where Americans live, the prices have not gone up so much just because the competition is mostly not from the Chinese. This is a really a Chinese-desirable area and the prices have gone up at least every month 3 to 5 percent,” Wong said in the article.
Ninety percent of Wong’s clients pay in cash, including a $14 million deal she just closed in Hawaii, the China Daily reports.
Perfection is shallow, unreal, and fatally uninteresting.— Anne Lamott
May your choices reflect your hopes, not your fears.— Nelson Mandella
The bad news is time flies. The good news is you’re the pilot.— Michael Altshuler
What if I fall? Oh my darling, what if you fly?— Erin Hanson
We create our fate every day we live.— Henry Miller
Holding on is believing that there’s only a past; letting go is knowing that there’s a future.— Daphne Rose Kingma
Real Estate Market Update by Roger Ewing
If you have not yet heard the news, soon you will. The Southern California real estate market has changed. Since July, sales of existing homes have declined from a year ago. The 2013 double-digit increases in home prices have also diminished. Statewide, the available inventory of homes for sale has increased 20 percent. What does this change mean to you?
Fundamentals for a robust real estate market are firmly in place. Employment in the Golden State is up. Interest rates are at all time lows and holding for now. As a result of significant price increases last year, affordability has taken a hit. However, affordability does not stop people from buying homes. Affordability only causes buyers to change their expectations about how much home they will purchase.
Our company sells homes in upscale neighborhoods throughout the San Fernando and Conejo Valleys as well as the West Side of Los Angeles. The second half of this year we have seen a definite slowing trend in terms of offers and purchases of existing homes. Our clients are asking why.
Here are my observations:
We are in the midst of a recovering real estate market. There will be minor corrections. The road to recovery is never a straight line. We are in one of these minor corrections now.
1. The wars in Israel and the Ukraine had a sobering effect on Americans. I don’t believe Americans like uncertainty. War and the threat of war are disconcerting and cause homebuyers and sellers to pause.
2. Investors drove the strong rebound in sales and prices during 2013. The market has stabilized and the investors have moved to the sidelines. We now rely on homebuyers, which in the long run is a healthier situation.
3. The residential resale market is alive and well and I expect we will see our usual seasonal sales activity between now and Thanksgiving. The sky is not falling. In the long term, prices and interest rates are heading upwards. Now, when the press is somewhat negative and buyers are on the sidelines, is the very best time to consider purchasing a home in Southern California.
Once you awaken, you will have no interest in judging those who sleep.— James Blanchard