Seattle real estate has recently been the target for a growing number of foreign investors, especially from China. While many of them buy houses or condos using all cash, first-time homebuyers in Seattle are finding it hard to compete.
“Most of the international investments are with cash. And they might seek to refinance later, but a primary objective would be to create that financial safe harbor,” said Dean Jones, the principal of Realogics Sotheby’s International Realty.
Real estate agents across the Puget Sound area share anecdotes of more and more Asian buyers looking at property on the east side. The population of Bellevue in particular, has grown from being 17 percent Asian to 27 percent Asian from 2000 to 2010.
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