Just before the holidays, a handful of unusual business
proposals made their way to the desk of Marlen Kruzhkov, an attorney at
New York’s Gusrae Kaplan: Russian buyers were looking to flip closed
real estate contracts.
The half dozen offers were all apartments in Miami and the surrounding area, ranging from $5 to $12 million, initially purchased before the December collapse of the ruble, which shrunk the combined wealth of Russia’s 20 richest men by $10 billion in two days.
Most people in California assume buyers from mainland China will provide an endless source of demand for high-end Coastal California real estate. Everyone knows China’s real estate bubble is bursting, but most assume the contagion will be “contained” in China and won’t spill over to the US.
I think the faithful are wrong; when the Chinese real estate bubble bursts, Chinese owners will sell California real estate to solve their financial problems at home.
When wealthy oligarchs and the nearly-wealthy who support them in exchange for government largess find themselves faced with tough times, rather than exporting their wealth to foreign safe havens, these wealthy players often find domestic concerns force them to repatriate their money to preserve their status at home.
Read more: Wealthy Russians dump high-end US real estate - OC Housing News
The half dozen offers were all apartments in Miami and the surrounding area, ranging from $5 to $12 million, initially purchased before the December collapse of the ruble, which shrunk the combined wealth of Russia’s 20 richest men by $10 billion in two days.
Most people in California assume buyers from mainland China will provide an endless source of demand for high-end Coastal California real estate. Everyone knows China’s real estate bubble is bursting, but most assume the contagion will be “contained” in China and won’t spill over to the US.
I think the faithful are wrong; when the Chinese real estate bubble bursts, Chinese owners will sell California real estate to solve their financial problems at home.
When wealthy oligarchs and the nearly-wealthy who support them in exchange for government largess find themselves faced with tough times, rather than exporting their wealth to foreign safe havens, these wealthy players often find domestic concerns force them to repatriate their money to preserve their status at home.
Read more: Wealthy Russians dump high-end US real estate - OC Housing News
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