Foreign buyers shopping for Bay Area real estate

Represented the Buyers in a multiple offer situation.  Sold $1,800,000.

The fall in the U.S. housing market in recent years is attracting a new
wave of foreign buyers, who are making a dent in the Bay Area and
national real estate markets, the San Francisco Chronicle reports.

Foreign buyers spent $82.5 billion on homes in the U.S. during the 12
months ending in March, an increase of $66.4 billion a year earlier,
according to the National Association of Realtors.

As for the Bay Area, about 6 percent of all property searches by
prospective buyers are from abroad, according to the real estate site
Trulia.com, with San Francisco being the most-popular search location.
“We have an influx of foreign buyers coming into the United States
purchasing excellent properties with cash. Sales are up from last month
and prices have risen. In addition to multiple closings, there has been a
4% increase in sales price vs asking price in July. This is a
substantial increase this year. I feel this market is not going to slow
down given the historically low interest rates, sparse inventory and
pent up demand. We are enjoying a sellers market and it is very strong.
Many homes are selling in record time with multiple offers. This past
month I sold two homes where my buyers were successful bidders over 7/8
offers. Call me to find out how I consistently beat the competition and
win the home for my clients.”—Gina

Garden District Beauty–318 S. Grant San Mateo, California $688,000

This gorgeous, single level condo has it all: two bedrooms, two baths,
plus a bonus room perfect for an office or a computer room. Luxury is
abundant throughout with hardwood floors, crown molding, granite
counters, and stainless steel appliances. There is an in-unit laundry
and a patio perfect for indoor outdoor entertaining year-round. Walking
distance to downtown San Mateo, close to transportation, schools, SF,
and Silicon Valley make for optimal convenience.