Buyers from Asia sought by condo building’s brokers

October 10, 2018 by  

A condo currently under construction in Northeast Portland will be marketing 25 percent of its units solely to buyers living in Asia.

Per the National Association of Realtors, $30.4bn of real estate in the U.S. was purchased by Chinese buyers for the year completed in March. For large West Coast municipalities, Asians have become a substantial force in the real estate community. Portland has been the exception, perhaps because it has less of a global presence with fewer Asian-American residents.

According to Michael Zhang, a broker with Cascade Sotheby’s International Realty, it is likely that about half of 45 units reserved for Asian buyers will be purchased as an investment. Locals may be able to rent these properties from a manager on behalf of the owner. Other buyers may use their units a couple of months of the year, since their property will be a second or third home.

Generally, once a condo or apartment building’s sample units are completed, brochure printing orders are placed with printing services.

Chinese investors are normally drawn to luxury properties; however, China’s recent restrictions on how much money its residents can remove from the country ($50,000 a person) and Portland’s low real estate prices combined have changed Chinese buyers’ expectations. Moreover, property in the U.S. is viewed as a more secure investment than land in China, which reverts back to the state after seven decades.

The TwentyTwenty building’s units are to be finished in 2019.