For the past several years, wealthy buyers from China have been purchasing investment properties and pieds-à-terre in luxurious Manhattan-high-rises. Lately, though, some have moved their portfolios east to the exclusive enclaves of Long Island, springing for the pricey houses of the North Shore’s Gold Coast.
Some Chinese buyers are parking money in what they see as a low-risk investment. Others are seeking a trophy home. Still others are intent on living in these places full time while their children attend the area’s high-performing schools.
The suburbs of Long Island are not the only places growing in desirability among the Chinese.
The Chinese are either the largest or second largest group of foreign property buyers in 46 of the 50 states, according to the National Association of Realtors and Juwai.com, an online real estate marketplace.
Chinese investors continue to seek more and more real estate investments. The turn toward luxury vacation homes may eventually put places like the Outer Banks and Bald Head Island on their radar.
