Although Manhattan remains the most popular destination on the East Coast for Chinese real estate buyers, in recent years, Long Island has been edging its way up.
NYC properties are typically bought to be rented out or to maintain the investor’s wealth, but estates in Long Island are actually being bought for family homes because of the desire to invest in a lifestyle.
Chinese investors are looking to secure residences on the North Shore due not only to the affluence of the area— it is affectionately known as the “Gold Coast”—but to invest in their children’s future. Many are flocking to the shore for the great public schools, proximity to the city and beach, and the Flushing District which has a majority-Chinese population.
Linda Zhao, a salesperson with Douglas Elliman, a residential real estate brokerage, told Forbes that she estimates that Chinese clients account for 30 percent of interested buyers at the companies open houses in Long Island. She also notes that they have become favorable clients due to the speed with which they view and make an offer on properties (usually taking only 2 to 3 days to come to a decision).
According to the National Association of Realtors, Chinese purchases accounted for 12 percent of international real estate transactions in the US. They also came in second, only to Canadians, for most international investment in the US last year.
Whether Chinese investors are buying properties in Manhattan, Long Island, or California, one thing is clear: Chinese clients are investing in a lifestyle. Quality education, prosperous neighborhoods, and clean environments are all seducing Chinese clients into purchasing US homes.
image credit: thomas hawk