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Chinese homebuyers are snapping up properties in … Detroit?

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.

2 Responses to Chinese homebuyers are snapping up properties in … Detroit?

  • Re Boston: If you venture out to any open house on any Sunday and you will see multiple Chinese buyers rushing in and out. I’m referring to Newton and Brookline because that’s what i know. Not sure about other cities/towns. Perhaps the ones I see are Chinese members of America as opposed to being a part of the, in general, “The Chinese”. As for Detroit: Have you ever considered that one can grow food where there once were homes? At least I’m pretty sure that the Chinese ones can.

  • Don’t taunt them today– as they’ll own both bridges soon enough. Scurry across until then, perhaps, unnoticed.