Absentee foreign billionaires buy into Seattle real estate
Like New York, Vancouver and San Francisco, Seattle is now attracting foreign investors who want to buy luxury-priced real estate at the top of the city’s new residential towers. A few actually want to live in Seattle, but many others are merely speculators. Then there are the overseas rich people who need a place to park their money because of instability in their own countries or because their money might need a little laundering. These out-of-country buyers do not really care how much they spend, but the high prices they pay have a trickle down effect that bumps up the cost of even modest homes, condominiums and apartments; another factor in this town’s housing affordability dilemma.
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