At yesterday’s East Dallas MLS Meeting, we talked about the changes going on over at Move.com and Zillow’s almost unstoppable growth. Took a little poll: 100% of East Dallas MLS partners do not like Zillow. This morning I learn that Zillow has now partnered with a Beijing-based peer to give Chinese residents access to search home data in the U.S.
This is so smart it hurts. See why consumers love the site? Chinese mainland clients were the second-largest foreign buyers of U.S. homes last year. The Chinese spent $2.3 billion in the U.S. 2013, trailing the $2.6 billion invested in Britain over the same period. Chinese buyers spent $425,000 on average on a home in the U.S. as of the end of March 2013, with 69 percent of deals reported as all-cash purchases, according to Zillow. Can hardly wait to get Robbie Brigg’s take on this!
When I was at Luxury Portfolio in Las vegas, I learned why: the Chinese two-child policy. Here are bullet points from my notes –
-Chinese buyers have been coming in to the US for the last ten years, predominantly interested in the condo market.
-Many times the purchase is for a child going to the University.
-Profile of the Chinese buyer: very sophisticated purchasers, 95% of their children are college graduates with a wealth of culture and experience. They are enthusiastic and have a great curiosity for life. Group tourings are common, and American brokers/Realtors may not be used to this.
-$200 billion dollars will be invested in markets outside of China by Chinese investors.The Chinese buyer is very loyal, they bring back their friends and family.
-In China it is easier to find a spouse than a business partner.
-Awareness of educational opportunities is of prime importance.
-Real estate is less of an emotional buying process, the investment aspect is very important
– Feng Sui!
-Lucky numbers! No new construction tower in Vancouver has a 4th floor. Four in Chinese means death. But it can also mean north, south, east, west.
“Seattle-based Zillow said in a statement on Thursday it has signed a deal with Beijing Yisheng Leju Information Services Co. in a deal that will see a co-branded website translated into Chinese but operated by the U.S. company. The site will operate from early summer this year, giving users of Leju, an affiliate of E-House (China) Holdings Ltd., access to home search data in the U.S. Chinese retail and institutional investors have increasingly sought opportunities in overseas property markets as prices soared in major cities at home. A total of $11.5 billion was invested in overseas property last year alone, according to real estate consultancy Savills.”
Oh no, NAR did not buy Ashley Madison (www.ashleymadison.com) from Avid Life Media for an undisclosed sum. Ashley Madison encourages extramarital relationships, with the tagline, “Life is short. Have an affair.”
That was a hilarious April Fool’s joke over at Rob Hahn’s The Notorious Rob. But on second thought, that may not be such a bad idea. Many affluent couples buy second or even third homes in lieu of getting a divorce — a much better investment!
