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August 20, 2009

Foreign Buyers Find High-End Deals


This 6BR/5.5BA, 4500-square foot home at 45 McLaren Avenue in Sea Cliff was sold last week in a confidential sale for less than its asking price of $4,580,000 (initially listed for $4,725,000 back in January).

The all-cash buyer hailed from China (and made sure to conduct a Feng Shui evaluation as part of the sale). But there’s reportedly a wave of all-cash foreign buyers from countries such as South America, Taiwan, and France who have been snapping up multi-million dollar homes in San Francisco. In many cases, they are are seeing opportunities for building estate portfolios in The Bay Area.

The Pacific Union Web site tracking tool has noted thousands of international buyers looking at properties on our site over the past several months. Indeed, there have been 40 single-family homes and eight condos that have sold since January for $3M or more. I’ll bet many of them were sold to foreign buyers.

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