Rancho Santa Fe Real Estate has always been a hot commodity. From luxurious mansions to historic residences once, or currently, owned by the rich and famous, the community has it all. But now, in an unprecedented new turn of the U.S. housing recovery, investors from overseas, particularly China, have taken a great interest in U.S. luxury real estate.
According to a recent report by Les Christie of Money.cnn.com, California is the largest target for the acquisition of U.S. properties by foreign investors. Writes Christie: “Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate. Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out. Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.”
California, and particularly the southern half of the state are becoming hotbeds for these purchases. Areas like the Rancho Santa Fe community commonly become favorites of foreign luxury real estate investors who are looking for a home away from home, or a solid investment to cash in down the road.
So will this affect the Rancho Santa Fe Community? Likely not overly much outside of expanding the diversity of the community even further than its already far-reaching horizons. However, the next time you think Rancho Santa Fe luxury real estate, know you’re not alone.