Chinese buyers have been buying properties for the past dozen years or so-it's just been under the radar. I sold my home in So Cal to Chinese buyers about 12 years ago for what was then over a half-million IN CASH.I know there is an area of Charleston that is being gentrified. There buying older homes and retrofitting if there big enough and decent shape, but often bulldozing them and combining lots so they can build more houses on less dirt. Not sure how all that works, but I drove down there after dark one night just to see what it was really like - didn't used to be a place you would drive at night 10 years ago. The new houses are lit and occupied. Just about 100% of the older houses appear vacant at night. No cars, not lights. They obviously haven't been abandoned, there being taken care of to a degree, just no one living there.
So I have to assume that the area is being bought out by investors. When something comes up it sells immediately. In other parts of Charleston not so much. I also wonder how much is foreign investment. I know its a thing but no one will say how much. For a wealthy person from China or Japan or even Europe its difficult to buy stocks or a business in the USA, but you can buy a single family home. I wonder how many are getting there money in to US dollars this way?
I have considered buying in that area. It would be a very convenient location for us. Charleston is essentially a peninsula surrounded by some islands, so land near the city is scarce. I am hesitant, maybe I shouldn't be?
They have yet to live in the house.......