Ready2Downsize
Well-known member
CalBears96 said:sleepy5136 said:I'm not sure if you checked before, but if you're talking about cash buyers, there aren't that many. But there are a bunch of Mainland Chinese folks that are transferring tons of $$ to scoop up homes here and taking out loans with no income check with 40% down. And also, how many foreign buyers are not Chinese in Irvine? Some areas feel like you live in China.
Dude, you just don't know what you're talking about, so just stop.
Imo, it's good to have people come in with other opinions. Most but not all on this board is opinions anyway.
The guy who taught be how to read stock charts told me one thing in passing 25+ years ago.......... always watch what the Chinese are doing. They are very smart, they watch everything. If you wonder why they would be doing something, there is a reason, keep your eye on things. This was well before they were snatching up properties here, well before China was seen as some economic powerhouse, before we bought absolutely everything from them.
At the very top of the market in 2000, the fiberoptic companies (JDSU had the absolute most amount of engineering talent there was in that day btw, but that talent cashed out their stock options and no longer work or run philanthropic endeavors) were absolutely the rage (along with most everything).
One day some analyst had a phone call with the hedgies and institutions about something "big". He outlined how there was so much demand and product that couldn't keep up that companies were double and triple booking. They were buying from other companies to try to get enough product and their plan was when they got enough to cancel their additional orders and not only that, the telecoms couldn't afford to buy as much as they had orders for and he had the data to prove it. The common thought was they would have to pay "whatever" to get product or they would go out of biz, so they'll come up with the money "somehow".
I knew a hedge fund guy with a fund that had an extremely heavy weight in FO and he said, well it's a little known analyst who doesn't actually cover that area. It didn't really matter. That topped out the FO bigly (and other areas went with it). It turned out his outlier wild accusation was indeed true, orders were tossed and demand was not what it was thought to be.