- Ponte Gadea, Spanish billionaire Amancio Ortega’s real estate investment business bought the two-building Arbor Block complex from the real estate arm of the late Paul Allen for $415 million
- Construction boom, empty apartments and no rent controls in this market
- Rapidly growing Seattle constrains new housing thru Zoning
- Gaw Capital purchase of Columbia Centre for $711 million
- Asians buy Safeco Plaza
- Foreigners like Seattle
- Mercer Island
- Amy's Dad purchase in Downtown Seattle
- PRC group propose development by UW Tacoma
- Facebook leasing big in Seattle
- Chinese investors courted in Seattle
- One developer 'unravelling'
PUBLISHED SEPTEMBER 22, 2014
China's rich flocking to suburban Seattle
Wealthy Chinese are biggest foreign buyers of property in Seattle
[SEATTLE] As the Chinese wealthy stash more of their fortunes overseas, they're bidding up the value of everything from bitcoins and Burgundy to Picassos and pink diamonds.
And, increasingly, China's rich are also offshoring their families along with their cash. That has created a real estate boom in an unlikely corner of the United States: suburban Seattle.
Wealthy Chinese have become far and away the biggest foreign buyers of property in Seattle in recent years, accounting for up to one-third of US$1 million-plus homes sold in certain areas, brokers say. Seattle property agents are hiring Mandarin speakers and even opening offices in Beijing. Builders are designing much of their new construction for Chinese buyers.
Seattle property agents have even added a new term of art to their deal language: "the feng shui contingency". Before closing on a house, many Chinese buyers are asking to have a feng shui master or consultant approve the house as part of a general inspection. Bad feng shui means no deal. Or, sometimes, some last-minute landscaping.
Bellevue
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