FutureCast Forum Members Array Top Ten Reasons Why Seattle is So Popular
Ni Hao, Seattle! We’re number one in the eyes of mainland Chinese homebuyers exploring overseas investment in real estate. That’s according to Juwai.com, a popular home search site within China, and this finding is tracking with other data points according to local brokers that specialize in international homebuyers.
A recent Property Report in Wall Street Journal explores the impact that China government-issued capital controls are having on Chinese investors, using insight from Realogics Sotheby’s International Realty broker and Asia Services Group member Dehlan Gwo for his expert insight. As the article reads, “individuals have long faced curbs on overseas investments, but have figured out ways around such limits.” Will the same be said for buyers facing the latest round of controls?
Local Leaders in Global Real Estate Position for Further Growth; Expand Operations with Downtown Seattle Annex
Representatives of Realogics Sotheby’s International Realty (RSIR) announced today the appointment of Stacia Smith to Director of Sales / Seattle Branch Manager overseeing approximately 85 licensed brokers in Seattle with plans to double in size by 2020.
“We are elated to welcome Stacia to help lead the next generation of real estate professionals in our Seattle-area offices,” said Dean Jones, President and CEO of RSIR. “Our brokers will greatly benefit from her nearly 30-years of experience in all facets of real estate while programming a caring and collaborative corporate culture within our fast-growing firm.”
According to a recent Geekwire feature, Baidu, the top search engine in the Chinese language, has opened an office the Seattle area as an effort to expand its reach in Artificial Intelligence and Cloud Computing. Situated in downtown Bellevue, the new office reportedly has space to accommodate upwards of 40 engineers within one year, depending on the rate at which they are able to bring top industry workers to the company. The move comes as Baidu continues to expand beyond the bounds of search, “in areas ranging from financial services to artificial intelligence – seeking breakthroughs in computer vision, speech recognition, deep learning and natural language understanding.”
Keynote Address Highlights FutureCast Forum’s Findings About Seattle and Bellevue into 2020 and Beyond.
In alignment with the Golden Week holiday season, Dean Jones, President and Chief Executive Officer of Realogics Sotheby’s International Realty (RSIR) was invited as a keynote speaker for Cathay Bank on October 5th to share his knowledge on the Seattle and Bellevue markets, and discuss foreign investment trends coming from Asian homebuyers overseas.
This year, Mainland Chinese citizens and residents have been enjoying a double holiday: the Moon Festival was immediately followed by China’s National Day holiday this year, making it an eight-day Golden Week for this fall. The last incidence of an eight-day Golden Week was in 2009; the next will be in 2020.
In a recent visit to Seattle, May Lee of CGTN discussed the growing interest in Seattle with Dean Jones, President & CEO of Realogics Sotheby’s International Realty (RSIR), who told her “the secret is out and the Chinese know it.” Jones cited the state’s lack of income tax, top-ranked schools and relative affordability compared to other West Coast peer markets as contributors to the rise in foreign investment. And the Seattle appeal is certainly evident, as Lee reports that “according to a property website in China, searches for real estate here [in Seattle] have more than doubled beating out other favorites like Los Angeles, New York and San Francisco.”
Event Draws Dozens of Invited Guests to RSIR’s Kirkland Branch Office for Book Signing and Lake Washington Boat Tour
On Wednesday, July 26th author Ben Briggs of Briggs Freeman Sotheby’s International Realty and resident of China, visited the offices of Realogics Sotheby’s International Realty on the Kirkland waterfront for an impromptu book signing of his book Chinese Institutions Definitive Guide to USA Commercial Real Estate. The book, written in Chinese, is currently offered for sale on Amazon.com and includes chapters written by twelve other co-authors including RSIR’s Dean Jones, representing the Seattle / Bellevue metro area.
Mike Good, Chairman Emeritus of Sotheby’s International Realty, Leads Executive Leadership Experience
On July 11th, Dean Jones, President and CEO of Realogics Sotheby’s International Realty (RSIR) was among four selected panelists from the Realogy franchise network to present on a panel “Successful Brokerage Models” at Realogy’s corporate headquarters in Madison, NJ. The multi-cohort leadership experience, led by Mike Good, Chairman Emeritus of Sotheby’s International Realty, helps prepare next generation leadership within Realogy companies.
According to the newly released Hurun Report and a CNBC news article that followed, “half of Chinese millionaires are considering moving overseas, and the U.S. remains their favorite destination.” Top considerations among potential buyers include education and living environment, and of the top destination cities in the U.S., Seattle was second only to Los Angeles, a sign that the Emerald City has arrived as a global gateway city. The flurry of foreign investment is largely the result over growing concerns regarding the devaluation of the yuan, cited as a concern of 84% of Chinese millionaires.