Bay Area real estate firms are positioning themselves to compete for lucrative Chinese home buyers, reports the Mercury News.
One broker purchased a Mercedes Benz van that seats 14 people specifically so he could transport buyers around, complete with a Mandarin speaking-realtor.
Ken DeLeon says he has sold at least 20 homes (pictured:$2.5 million home in Los Gatos, CA) to buyers from China in the last year, mostly in the $1.5 to 2.5 million dollar range.
“It has gotten big enough to where people are starting to pay attention to it,” said James Yang, a realtor who notes the many ads in Chinese language newspapers catering to the demographic.
The National Association of Realtors says Chinese buyers from China, including Taiwan and Hong Kong, are the second largest group of International buyers behind Canada.
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About half the Chinese buyers are investors, others are looking to buy in areas with good schools or buying their second home. 53 percent of the Chinese buyers are making their purchases in California.
You can read more about what’s behind this trend in the Mercury News.
