Chinese Americans are optimistic about the future of money and are investing in real estate in the desert.

Chinese Americans are optimistic about the future of money and are investing in real estate in the desert. The real estate market in Southern California has begun to pick up. Housing prices in areas inhabited by Chinese Americans have led the rise in surrounding areas. Investment has begun...

Chinese Americans are optimistic about the future of money and are investing in real estate in the desert. Therefore, many Chinese people with cash in hand have set their sights on the surrounding areas about 80 miles away from the San Gabriel Valley, and some have even invested in the desert areas to the east. According to the latest statistics, Southern California's median real estate price rose 3.6% in April, the largest monthly increase since 2010, and the median price currently stands at $290,000. Analysts said the price increase this time was mainly due to lower sales of foreclosed homes. At the same time, in terms of transaction volume, 19,284 houses were sold in April, an increase of 5.1% from March. Some agents said that more and more people are looking at houses, and in some areas with good conditions, there has even been a trend of grabbing houses. The California Real Estate Association said housing inventory has declined in recent weeks, with just four months' worth of homes for sale. Generally speaking, when there is enough housing for sale for 6 to 7 months, the market is considered normal. However, since 2010, housing prices in areas inhabited by Chinese Americans have led the rise in surrounding areas, causing many Chinese investors to turn their attention to the desert areas to the east. Lin Jing (pseudonym), who bought nine investment houses in the BEAUMONT area, told reporters that this area is located in the area connected by Highway 60 and Highway 10, about 70 miles away from the Chinese community. Because housing prices are cheap, more and more people are living here. However, affected by the recession, the price of houses has dropped a lot, and many houses are less than 100 yuan per square foot. Therefore, it is a good opportunity to invest. With the help of a friend, Lin Jing started buying houses in this area in 2011. She found that the house is very easy to rent. For a house of about 1,500 square feet, the rent is about 1,200, and the investment payback period is about 6 years. Under her leadership, her close friends have purchased more than 40 independent houses and condominiums in the BEAUMONT area. Lin Jing told reporters that now a group of investors take turns driving to these desert areas to view houses. Because they have a "money path", everyone enjoys it, and the beauties are not afraid of the desert sun at all. A friend who went to Las Vegas to buy a house last weekend said it was hard because it took 9 hours to go back and forth. In the BEAUMONT area, you can call back and forth in 2 hours, and there are OUTLETS nearby to meet your shopping needs. Mr. Zhang, who has been a real estate agent in the Diamond Heights area for 8 years, told reporters that the distance from the East District to the BEAUMONT area is the same as that to the San Gabriel Valley. However, the price is so cheap that you won’t be able to pay the construction cost. As a result, many of his clients have long-term interests in homes heading east.