Seattle, WA (PRWEB) January 06, 2013
The Real Estate Marketing Insider named Washington’s Puget Sound, which includes Seattle and Tacoma, as its Luxury Market of the Week. REMI announced the award following news from the Puget Sound Business Journal that the Puget Sound area is attracting attention from Chinese buyers, who are paying cash for new luxury properties in Mercer Island, Kirkland, and Bellevue.
Chinese investors and homebuyers are increasingly a higher percentage of the foreign clientele. In 2012, they bought more property in the United States than any other set of foreign buyers, second only to Canadians. Between March 2011and 2012, their total contribution to the U.S. real estate market reached $9 billion. That yearly contribution has been steadily growing since 2009.
Suddenly, Chinese buyers have turned their sights to the Seattle area, particularly the luxurious markets of Kirkland, Mercer Island (which houses the estates of Bill Gates and composer Hummie Mann, among others) and West Bellevue. Chinese buyers largely pay cash, and one realtor at Windermere said that they tend to look at homes priced around $1 million, with many realtors reporting even heftier price tags.
The features that attract Chinese buyers to Seattle and Puget Sound are universal, and can be used in real estate lead generation for any demographic. For example, Chinese buyers look to invest their money in a stable, tangible market like real estate. They also look for good schools, and property to retreat to in case of political turmoil in their home country. Buyers from other international markets look for the same; and buyers from domestic markets are often looking for strong communities and a relatively-safe investment opportunity. Traditionally, international buyers looked at Vancouver for these opportunities. However, the Seattle market has become much stronger due largely to rising prices and new immigration hurdles in Canada.
This means that Puget Sound could be poised to become the next great luxury market, and be a focal point for billions in Chinese real estate money. Seattle realtors are already trying to capitalize on the deluge of new buyers, but there’s much more room in the area for realtors that can effectively use online and internet marketing to draw international buyers. The potential for new clients and commissions in Puget Sound is great, and REMI is happy to name the region its Luxury Market of the Week.
The Real Estate Marketing Insider named Seattle and the surrounding Puget Sound area as its Luxury Market of the Week. REMI examined the market, which is attracting an influx of cash-paying Chinese buyers. The Insider praised Puget Sound’s safe investment, large luxury market, and family-friendly communities as ways to attract both international and domestic clients.
About Real Estate Marketing Insider:
The Real Estate Marketing Insider is an online trade journal for real estate investors, buyers, and sellers. With trend analysis, news reports, and tips from experts, REMI is the best place for realty insiders to get their information.