Chinese property investment in the United Sates is projected to double again this year according to several speakers at the US Property Conference being held in Hong Kong this month. The panelists agree that the correction of the US market is in full swing with inventory levels down, increased demand and rising values across the country.
National Outlook
American property values plummeted 34 per cent after the 2006 market vertex according to the S & P Case-Shiller Home Price Index. Values hit rock bottom in late 2009 and remained relatively flat until this year’s supply and demand imbalance resulted in double-digit price growth in most major markets.
New York
The number of condominium sales surged 22.1 per cent over the previous quarter to 1,132 sales according to a recent report released by Prudential Douglas Elliman Real Estate. The number of sales for the quarter is up 41 per cent compared to 2009. The surge in sales has driven inventory down 36 per cent since 2009 and down 24.3 per cent compared with last quarter. As a result, the median price of a condominium in the Big Apple increased 4.8 per cent this quarter to US$1,100,000.
Florida
Two years ago Florida was reeling from one of the highest foreclosure rates in the country. This year the Sunshine State is experiencing a dramatic correction with single family inventory down 31.2 per cent, the number of closed sales up 25.3 per cent and the median price up 9 per cent. In the condo-townhouse market, the number of pending sales is up 47.1 per cent with the median price increased 20.2 per cent.
Texas