James Harris and David Parnes have established Bond Street Partners - a real estate agency based in Beverly Hills focusing on California real estate transactions and investments.
Total overseas residential property sales climbed by 24 per cent in the 12 months to March, the NAR revealed, up from $66.4 billion in 2011 to $82.5 billion.
The super-rich investors responsible for London's prime real estate bubble are adding California to their wish lists, lured by bargains offering crisis-defying returns as an overdue churn in the United States property market finally gets under way.
"Prices in L.A. are showing to 60 to 70 percent discounts against their equiva- lent in Manhattan."
Data released this week by the National Association of Realtors showed that international sales reached $82.4 billion (53.0 billion pounds) in the year to March 31, up from $66.4 billion in 2011.
The super rich investors credited with pushing up prices in London are now looking to California as the US real estate market starts to turn around, it is claimed.
Wealthy International Investors Are Buying Large Amounts of U.S. Real Estate in Florida, New York, and CaliforniaHugh Elliott Data Research Network, 06/18/2012
As more international investors seek to park wealth in U.S. property (to diversify their holdings or capitalize on expected future price appreciation), we should continue to see the real estate market improve.
David Parnes, a director at Bond Street Partners, a Los Angeles-based realtor specializing in high-end luxury and investment property, said that Los Angeles is enjoying its biggest influx of foreign capital in years.
For years, cities such as Paris and Shanghai have been the destinations of choice for buyers looking for luxury overseas homes. Now, however, increasing numbers of investors are heading to California which is seen as a safe haven.