I’ve always wondered how in the world do we know how much money the average Chinese visitor to Boston spends when coming here. There are figures for that.
And there are facts, figures and real estate papers showing how much non- resident Chinese spend on Boston real estate and that data is publicly available at the Registrar of deeds.
150,000 Chinese travelers visited Massachusetts in 2013 before non stop flights between Logan and Beijing went into effect.
Boston’s newest Asian express lanes draw real estate buyers who know prices here in the Beantown are far less per square foot than they are in China’s desirable neighborhoods.
Of course, there’s also the education reputation benefit as a plus.
Asian buyers target pricey Central Boston hi-rise condos and are prepared to outbid and out cash other buyers for them – while at the same time, launching their children ‘s sprint to attend Harvard and MIT, someday.
Gentrification is a cuss word in Boston’s Chinatown district. Renters there are being replaced by buyers.
Some welcome this surge. It’s a broker’s paradise if they can rep the right properties to these cash wielding dedicated spenders.