On the heels of Tiger Oak Publications and Realogics Sotheby’s International Realty (“RSIR”) releasing Seattle Luxury Living, the first all-Mandarin magazine, the Seattle Times opines on the impact of turbulent equities markets in China. With the Shanghai Composite Index correcting more than 40-percent since peaking in June 2015 coupled with the devaluation of the Yuan against the Dollar, one would imagine the number of Chinese nationals investing in the region would be on a decline, spelling bad timing for the new publication. Yet the scenario is actually quite the contrary.
The common view of RSIR experts and market pundits including John Spear, publisher of Seattle Luxury Living Magazine; Kristi Heim, Director of the Washington State China Relations Council; Holly Yang a leading commercial real estate broker with Kidder Matthews; among others believe the lifestyle, environment, market stability, relative affordability and prospects for capital appreciation of real estate in the Pacific Northwest will only attract more investment from Chinese nationals.
“These investment trends have been a reality for two decades in other West Coast cities but for the past two years they have been increasingly targeted to the Seattle/Bellevue metro area,” said Dean Jones, CEO of RSIR. “The recent downturn in China’s stock market is concerning and for many it will affect the velocity of outbound investment but not the overall trajectory. The economic turmoil in China and the global stock market is just another reminder that real estate remains a stable investment and one that can be enjoyed.”
A recent article published by Luxury Daily also highlighted the magazine and RSIR’s WeChat App. In the feature Forrest Cardamenis notes that while Vancouver, B.C. “has long been thought of as the premier location for Chinese immigrants heading west,” Seattle is gaining increasing favor. Why the Emerald City? The article says it’s “a growing local economy, a credit to the tech boom, and the transformation and development of the Bellevue area” in addition to top-rated universities and schools, the absence of state income tax, and the relative affordability compared to other West Coast cities.
As Cardamenis also points out, “speaking to consumers in their own language is a necessary step in forming strong relationships and converting sales,” an increasingly important endeavor in the Pacific Northwest as “Washington is second only to California in real estate sales to Chinese homeowners.”
On the release of Seattle Luxury Living Magazine, the WeChat App, and the firm’s Asia Services Group, Dean Jones told Luxury Daily, “demand knows no borders in a global city. We observed international home buying trends for 20 years in my home town of Vancouver, British Columbia and now it’s happening here.” The reality is Seattle and its surrounding areas have become a global market and despite the increasing median home prices, the region is still considerably less expensive than other West Coast gateways.
RSIR recently released a video documentary entitled East Meets West to help outline some of the fundamental reasons this trend is compounding year over year.
“It’s become part of our market and our industry is responding,” adds Jones.
As a means to help explain the trends and provide a forum to translate the content in Seattle Luxury Living Magazine, RSIR has partnered with Luxury Home Magazine to host an event on January 25th from 6-8pm at Maison DeLille Wine Bar in Kirkland. The event is open to both real estate brokers and members of the general public, but attendees must RSVP by either calling 206.448.5752 or email Events@LHMSeattle.com