In addition to overseas investors pumping $$$ into Los Angeles' real estate developments, foreign buyers continue their march into our city, snapping up condos like t-shirts. And these foreign buyers aren't afraid to head to areas once considered unpopular. Via the AP: "In Los Angeles, demand from wealthy South Koreans for attractive condo towers and mid-level rise buildings has helped revitalize the once forlorn downtown neighborhood, according to Johanna Gunther, a senior vice president with the Ryness Co. there. [ED: Forlorn!] "Downtown has not been an attractive urban residential market until recently, but Korean demand has been a big factor in the change," she said." Additionally, the newswire points out that South Korean's recently loosened restrictions allow for more foreign exchange transactions. Not to bash the AP, but didn't we read this story months ago somewhere else?
· Wave of foreign homebuyers hits U.S. housing market [AP]
· Persian Persuasian: Gulf Companies Investing In LA [Curbed LA]