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DOWNEY - Downey realtor Caroline Gim was among the speakers at the Asian Real Estate Association of America's global summit recently held in Honolulu, Hawaii.
This year's summit attracted nearly 450 professionals from 12 countries, including China, Japan, Korea, Taiwan, Thailand, the Philippines, France, Canada, Australia and the United States.
Visitors received updates on real estate trends and current conditions around the world with an emphasis on the Americas, Asia and Europe.
Gim, of Expert Real Estate and Investment, spoke on real estate market conditions in Southern California for a session called "Who's Buying Where?"
"There are 50 states in this country, yet 11 percent of foreign real estate investment occurs in California, even though our prices are higher than the nation's average," Gim said. "There is a reason for that."
According to Gim, California is popular with Asian investors due to the state's high Asian population, proximity to the investors' native countries, educational opportunities for investors' children and the convenience of air transportation.
"The Southern California real estate landscape has changed significantly in the last 12 months," said Gim. "With the high demand for investment properties, we see multiple offers on most of our listings.
"Foreign investors, hedge funds and local investors are paying cash for homes in all conditions, and median home prices are back up to levels last seen in the summer of 2008. There has never been a better time to sell a worn-out home to a cash buyer who does not require a home to be in minimum 'finance-able' condition."
Published: May 23, 2013 - Volume 12 - Issue 06