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New Housing Bubble in Palo Alto blown by Chinese money
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by Calder, Crescent Park,
on Feb 1, 2013
Housing prices are going through the roof again. Although people say that Palo Alto prices never go down that is not true. Prices did fall after 2008 and are only now growing higher again. So what is of concern is that over 60 percent of houses in Palo Alto are being sold to mainland Chinese. Now if these people want to stay and invest in our community, to put their kids through school and university, then that will be fine. However many are unable to do so and can only buy in on visas that restrict their stay to the length of their investment in companies. The source of their income remains in Chinese industry or government. If China runs into a period of slowdown then these people may need to repatriate their money and the current housing boom here could fall back 30 percent to 2009 prices. Just sayin.
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