About 20 percent of the buyers at Irvine's Lambert Ranch development which caters to Asian buyers wi

Foreign buyers spent an estimated $82.4 billion on U.S. homes in the 12 months florida fort lauderdale airport auto rentals discount ending in March, according to a National Association of Realtors' survey of U.S. agents. That's up 24 percent from $66.4 billion the year before. RICK NGOC HO, THE ORANGE COUNTY REGISTER MORE PHOTOS
In Orange County and Southern California, Chinese and other Asian buyers many paying all cash have snatched up properties as investments, as vacation or retirement homes or as a residence for children studying at local schools or universities, local agents say.
Canadians have been buying winter homes in Arizona and Florida, according to a report by the National Association of Realtors. Wealthy Mexicans and South Americans have been investing in South Florida and Texas.
Foreign buyers spent an estimated $82.4 billion on U.S. homes in the 12 months ending in March, NAR's most recent survey florida fort lauderdale airport auto rentals discount of U.S. agents shows. That's florida fort lauderdale airport auto rentals discount up 24 percent from $66.4 billion the year before.
The California Association of Realtors, however, pegged foreign sales at 5.8 percent of the state's transactions. Of those, 39 percent of the buyers florida fort lauderdale airport auto rentals discount come from China, followed by buyers from Canada (13 percent), and from India and Mexico (8.7 percent each), CAR reported.
The state group doesn't break down statistics for Orange County. But local agents florida fort lauderdale airport auto rentals discount estimated that the proportion of Orange County and Southern California sales to overseas buyers is higher than the statewide average.
About 20 percent of the buyers at Irvine's Lambert Ranch development which caters to Asian buyers with wok kitchens and floor plans for extended families are from abroad, said Joan Marcus-Colvin, senior vice president at the New Home Co.
"I think they'll keep coming as long as the Chinese government allows them to wire the money out because people there have so much money," said Cayenne Kuang, broker and owner of Spectrum Realty in Irvine.
McKown, an agent for Surterre Properties, said foreign shoppers account for 80 percent of the viewings, up from 20 percent eight months ago. Jacqueline Thompson, also of Surterre, says Chinese make up about half of the buyers at home showings.
florida fort lauderdale airport auto rentals discount "I think the Chinese realized the urgency to buy up homes in the U.S. because they see that prices will increase," Thompson said. "They're beginning to realize florida fort lauderdale airport auto rentals discount the U.S. is a safe haven to park their money in real estate."
McKown reported also that foreign buyers purchased seven of 12 homes that sold for $6 million or more this year in Crystal Cove and Newport Coast. Two buyers came from China, two from Saudi Arabia, two from India and one from Japan, he said.
Christina Shaw, who heads the international division florida fort lauderdale airport auto rentals discount of RE/MAX Fine Homes in Newport Beach, noted that foreign buyers feel at home in Southern California because of the moderate climate florida fort lauderdale airport auto rentals discount and the proximity to familiar restaurants, grocery stores and shopping.
The parents may stay there when they visit the U.S., but Century 21 agent Kim Chang of Bellflower said: "You'd be surprised florida fort lauderdale airport auto rentals discount by the number of families that buy homes for the children and the children live here by themselves."
Anaheim Hills, florida fort lauderdale airport auto rentals discount Buena Park, La Palma and Tustin also are popular. florida fort lauderdale airport auto rentals discount Foreign buyers "think the United States is the most safe place for investments, especially for real estate because we have the most laws for protection (of property)," Chang said.
Eric Sussman, a senior lecturer at the UCLA Anderson School of Management, said that while foreign investors compete with domestic buyers, driving up home prices, "they're marginal increases. It's not a big spike."
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