Today’s strong international appetite for U.S. real estate is a reflection of investors’ concerns about the instability of emerging markets such as Brazil, Russia and the Middle East, compared to the safety of more developed markets. Perhaps the biggest dollar spenders in the United States today are Chinese, and it’s everyone from medium to super high net worth individuals; they’re worried about the country’s governmental organization, and whether the current system will survive over the long term.
In recent months, more and more wealthy individuals from emerging countries around the world have been investing with us in projects in cities like New York, San Francisco, Chicago and Miami. They want the safety of those markets.
While I’m still very bullish on more developed markets like the United States, there will come a time where I will feel like a bottom has been reached in emerging countries such as Brazil and China, and we will enter those markets as well.