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Asian Buyer Influx for Orange County Real Estate

Sarah Sitar Orange County DemographicsIn recent Orange County real estate news, Chinese homebuyers have been flooding the market in recent years because of good schooling and greater opportunities. A recent article in the “Orange County Register” writes that wealthy Chinese citizens are moving to the United States fearing a burst of their housing bubble or a government clampdown on wealth. There is a booming wealthy Chinese sector, adding 900,000 new millions in 2013. GPD in China grew 9.6%while their national savings rate grew to 16.8%. The wealthy Chinese citizen do not fell that the Chinese government protects their private property rights as well as the United States government. China does not have anything like the Federal Deposit Insurance Corporation in the United States to protect bank deposits. Thus, real estate agents are claiming that protection of wealth is the main motivation for the booming Chinese real estate surge.

A new record of $92.2 billion was spent last year from oversea US real estate purchases, and a quarter of that was from Chinese buyers. Chinese real estate spending rose %72 percent this year to $22 billion, and 35% of that went to purchasing homes in California.

The top three real estate destinations for Chinese buyers were Irvine, Los Angeles, and San Francisco. Most international buyers prefer to live with an enclave of people from their same culture, but local real estate agents are saying that many international buyers are now diversifying and purchasing property in less diverse areas of California. Chinese buyers have an appetite for low crime-rates, good schools, and luxury. This paired along with the desire to live in a similar culture have had Chinese buyers purchasing new homes in developmental areas in Southern California.

Asian buyers make up the top demographic for multiple new housing developments in Orange County. FivePoint Communities’ Pavilion Park in Orange County finds that 75% of their tenants are Asian.

You can read the full length article on the Orange County Register website here.

Vivante on the Coast in Costa Mesa

Sarah Sitar San Mateo Vivante on the CoastA recent article in Healthcare Finance News describes a new financing project done by a large provider of commercial real estate and capital market services, HFF. They have recently arranged $72 million in financing for a brand new 185-unit senior citizen housing community in Costa Mesa, California in Orange County. The building is to be called Vivante on the Coast.

HFF was able to finance the borrower and the borrower’s developer, Nexus, to help secure a 3-year deal with a 3.75 floating rate loan through an unspecified finance company.

The building will be located in Costa Mesa, less than a mile away from Hoag Hospital in Newport Beach. The building was completed in September of 2013 and consists of a variety of independent, assisted living, and Alzheimer’s care units. The amenities in and around the building include an indoor pool, hair salon, putting green, movie theater, community lounge with a sports bar, yoga studio, fitness center, bocce ball court, large courtyards, and a two and a half acre park that includes a dog park. The building includes a 24-hour concierge service, culinary school, chauffeurs, on-site nurses, and a vet.

Newport Beach is one of the more popular beaches in the surrounding area. The area is known for it’s surfing, fishing, and sightseeing. It is home to the largest recreational boat harbor of the West Coast, and boating is immensely popular in the area. There is a 3-mile long concrete boardwalk that is very popular for bicyclist, walkers, runners, and other methods of exercise. There are also two golf courses in the area that rank among the top 100 greatest public golf courses in Golf Digest America. Newport Beach is also home to two popular farmers markets: one in Corona Del Mar and the other in Lido Village.

This is a great area for senior citizens to soak up the sun, relax, and spend time entertaining in their hobbies of choice. This blog post is based off of this article from Healthcare Finance News.

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