The Chinese have a lot of money to invest these days, thus explaining their huge residential real estate investments in New York and Las Angeles.
But the Nos. 3 and 4 markets are head scratchers, to wit: Philadelphia (No. 3) and Detroit (No. 4).
Boston doesn’t make the top ten. OK, it’s expensive here already and we really don’t need the extra buyers jumping into the market here anyway.
But, really, Detroit? Apparently, there’s a “renaissance” going on in Detroit and Chinese are making “bulk purchases” of really cheap properties there, expecting the city’s downtown resurgence (or that’s what they’re calling it) to ripple out to outer neighborhoods.
And we have a Brooklyn Bridge — or Zakim Bridge — to sell them too.