In the current Mansion section of the Wall Street Journal, reporter Alyssa Abkowitz studies the trend of affluent Chinese buying homes in the US with the anticipation of their children attending school there or in some cases, a reward for graduating with hopes of setting roots and living a more modern version of the American Dream.
relationships in Asia and was recently announced as the Network Director of North America for Beijing Sotheby’s International Realty. In addition to representing his global realty network at the Asian Real Estate Association of America this weekend at the Global Luxury Summit in New York City, Jones will be representing select markets at the Beijing Luxury Property Show in May.
“The real estate axiom overseas isn’t Location, Location, Location,” says Jones. “It’s Location, Education, Environment. The Seattle area has it all with the closest mainland port to China, renowned public and private schools and of course, fresh air and a culture of health and wellness, not to mention no state income taxes. The Chinese know that they can send their kids here for school with confidence that they’ll graduate with honors, secure a job in quick order and can still afford to buy a home and raise a family without restriction. That’s not all possible in China and increasingly more difficult in other West Coast markets where jobs and homes are just out of reach for many.”
The WSJ article also featured a new Seattle condominium development on First Hill known only as 1321 Seneca Street but is already being singled out as an attractive proposition for overseas families, in part because of its walkability to Seattle University and a new light rail connection to the University of Washington, says Jones.
“It may surprise some that the University of Washington has 20% of its freshman class attending from other countries and more than half are from China,” adds Jones. “It ranks #16 on the Shanghai Ranking System for academics among world universities and culturally, the Seattle area is known as being a melting pot of international cultures and opportunities.”
In-city condominiums are of particular attraction because of their proximity, security and investment quality – especially for presale opportunities, says Jones. The problem however is that among the 20,000 new multifamily units planned or under construction within the urban neighborhoods in Seattle fewer than 1,000 are slated to be condominiums.
According to research by Realogics Sotheby’s International Realty (and others), only Insignia by Bosa, The Residences at Fairview and now 1321 Seneca are announced as being new construction supply in the for-sale segment.