Many of you will be intimately familiar with the massive real estate bubble still in the process of inflating in certain parts of Canada, particularly Vancouver.
The insanity of it all recently received a great deal of public attention when the following home was listed for $2.4 million earlier this year (it has since sold). Continue reading
Downtown Detroit has long been one of the nation’s worst housing markets. Home values have plummeted. Vacancies abound. And foreclosure numbers are through the roof. Not that that’s surprising; who’d want to live in a neighborhood with soaring unemployment and the highest rate of violent crime in the US?
That might deter most prospective home buyers. But some look at Detroit’s hard times and see profit.
Specifically, bargain-hunting Chinese investors. Since the bankruptcy was announced on July 18, talk of snapping up Detroit housing for a pittance has picked up on Sina Weibo (link in Chinese), reports Sina Finance. And it appears to be translating into real interest; Caroline Chen, a real estate broker in Troy, Michigan, says she’s received “tons of calls” from people in mainland China. Continue reading