Foreign Investors Think San Francisco is a Good Deal?
What is amazing to us is the amount of foreign investors coming to San Francisco and purchasing property. And after just coming back from Berlin and Paris, it is no wonder why, what with gas prices in Germany around $8 a gallon and real estate prices through the roof in both cities. They make our City by the Bay look like a steal! And this hasn’t been lost on foreign real estate investors. After selling one unit in One Rincon Hill, one of the premiere luxury highrise buildings in the City, another agent told me he sold 10 units, all to Asian investors. Wow! No surprise though with the dollar so low against foreign currencies, San Francisco and the U.S. is on sale. And it does seem to me that foreign investors do prefer more prestigious buildings in more condo developments than single family homes. And with our favorable financing terms here in the U.S., it is no wonder foreigners love our market here (e.g., many foreigners can’t believe you can get a 30 year fixed rate mortgage, which is unavailable in many countries). So we see this as a very good sign for Cities like San Francisco, which has a world-wide appeal to many!