I wanted to take a moment to share an interesting article from the Los Angeles Times. Essentially, a market of high-end luxury homes geared towards wealthy buyers from China has slowed significantly due to increasing pressure from China’s State Administration of Foreign Exchange. Multi-million dollar homes that previously sold in a matter of weeks after multiple all-cash offers are now taking months to find a buyer.
The article explains a trend that I’ve noticed happening locally, especially in Arcadia and San Marino. There are still Chinese buyers in the market but they are now looking for lower priced homes. They are buying in other areas like Monrovia and parts of Pasadena.
For local buyers, this is good news. Now, without the cash offers from these wealthy Chinese buyers bidding up the price and driving them out of the market, they have more opportunities to find high-end luxury homes at more realistic prices. Chinese buyers were willing to pay higher prices for luxury homes because in comparison to prices in large cities in China, LA real estate is still a bargain. Another result is that without the hordes of all cash offers, buyers wishing to finance their home purchase now have a chance.
If you would like to read more about this, here is a link to the article.
Nancy has been licensed to sell real estate since 1991. This includes sales experience in residential, land and investment properties. Due to her vast experience and expertise in the handling of complicated real estate transaction, she as the chosen as the Official Real Estate Sponsor of the Pasadena Bar Association for 5 years.
Nancy approaches each home sale as a new work that will be given a glorious Premiere! The staging, set design, and presentation all result in her listings being the “buzz” all over town. Nancy harnesses the power of the Internet to give her listings a competitive edge. She sees the Web as the most valuable way to respond to the constantly changing real estate climate. Nancy has the experience, knowledge and flexibility to harness the power of the Web in real estate transactions to get her sellers’ properties the best exposure, worldwide.
Like most people in this field, Nancy had another career before entering real estate. After graduating from Northwestern University School of Music, she attended the Juilliard School. Nancy went to Europe for the summer to continue her vocal training and stayed for 12 years! She sang professionally as a lyric soprano soloist in Austria, Switzerland, and Germany. Nancy is fluent in German and has a very good ear for languages! Her years of living abroad have given her a deep understanding of Buyers and Sellers from varying cultures and traditions. This experience is a valuable tool in understanding client needs and translates into a superb skill in negotiating on behalf of her clients. The experience of living in Europe as well as recent trips to visit family in Asia, she has a deep understanding of varying architectural and decorating styles.