Real Estate Watch: Asian buyers boost Long Island market

November 12, 2015

On Monday, I left for San Diego on a business trip to attend the National Association of Realtors Major Convention for 2015.

This conference presents the latest technology, pertinent information and the greatest opportunity to network with 20,000-plus agents from around the Globe convergeing upon San Diego.

I have friends from around the world, some (my friend shinji and my other friend Jiong, both spending upwards of $7000-plus to attend this conference., coming all the way from Shanghai and Bejing, China.

They have told me it is the best and most important conference in the world due to the amount of foreign nationals that are relocating here especially from China and India as well as other destinations.

These purchasers and investors have markedly helped the U.S. with increasing our economy and have enabled our real estate market to excel at a very healthy pace.

This past week the U.S. Labor Department came out and said that unemployment is now down to 5 percent; obviously, much less than the 9 percent plus that the previous administration left us.

Real estate has been the locomotive as well as small businesses to begin the slow road back for our economy’s health from the bottom (2007-2011) to now a respectable increase of 3-5 percent increases in real estate around the U.S. This also depends on what states and cities you are living within.

Long Island has greatly benefited from the new influx of Asian purchasers — Chinese and Indian.

They have singlehandedly transformed many markets from under performers to super hotspots.

Some of those areas are Syosset, Jericho, Woodbury, New Hyde, Great Neck, etc.

Schools seemed to be the overriding factor for them moving and relocating into these areas and begin to grow their families and roots in the communities.

They as well as other groups are the “New America” and I am very thankful and extend an olive branch to all who relocate here whether from other countries or from areas such as Brooklyn, Queens and New York City.

Some may not feel comfortable with this change; however, it is no different from 100-150 years ago, when the new immigrants from Italy, Ireland, Russia, Poland, etc. and other countries came here for new opportunities and freedom that they obviously were not experiencing in their own countries.

Well it is no different today, when governments can take your bank accounts or businesses away without notification or due process of law or for any reason at all.

There is a mass exodus out of China of many high-end families and for those that can afford to leave or pay to leave and re-establish themselves here in the “Free” U.S.

Again, schools and opportunity are the factors that are driving our new immigration into the U.S.

Some may think of them as foreigners; but really, who is truly an American, no one, except those that walked over from China or other areas via Alaska, when it was attached to Asia 10,000 plus years ago!

Those are the real original Americans, (Indians too!).

We have to learn to be understanding and compassionate of the transformation of the U.S. and our new immigration. Yes, everyone should come in legally and most, I believe are.

Those that are here illegally for five to 25 years, I believe, should gain legal status, so they will report their earnings, instead of working off the books and hiding their income, as well as trying to be incognito and afraid to be known.

Many are being underpaid and deserve a fair wage for those jobs that most Americans will not do anyway (gardeners, dish washers, service type jobs, nannys etc.)

There is that void in filling those jobs, that they are willing to do, which is beneficial, for the most part, for everyone. The jury is out as to whether a $15 minimum wage is the answer and I do not want to address that in this issue in this column.

However, the current wage that most get paid, especially in the service sector, is not a living wage and no one can afford to purchase any type of real estate, even a coop. It is a windfall for landlords, which I am included; however, the opportunity to own instead of renting will only come from either a higher wage and also from one’s own aptitude to gain the necessary knowledge, persistence and motivation to work towards the “American Dream” in owning their own business, leading to owning their own home.

I have seen and experienced individuals and families within a five-year period of time go from rags to riches. The main reason, I believe, is the fact that they are unstoppable with the fortitude, persistence, motivation, long hours and “never quit attitude” that leads to their success.

Many of the so called “Americans” complain that there are no jobs, “woe is me attitude” that some feel that they deserve the same income as they had previously made, before the almost complete collapse of our financial institutions and economy in 2007-2008.

We had become too comfortable with the “guaranteed job and income mentality” in our country, instead of figuring out how to become more self sufficient, going back to school to learn about the new economy, technologies and potentially learn a new trade.

I personally went from Landscape Design and being an E.P.A. Certified Professional Lawn-Tree-Shrub Applicator for 25 years to into a completely different vocation.

However, I did this on a conscious level, that was fairly well planned out, back in the early nineties. Many of us really need to do some soul searching and decide what direction they want to go in.

However, one must start from somewhere, in order to finish.

As I always, say “Proper, Planning, Prevents, Piss, Poor Performance” and “Winners Never Quit and Quitters Never Win!”

Thanks!

Enjoy a More Healthier, More Happier, & Hopefully More Prosperous 2015!

Sincerely,

Philip A. Raices, Pres.

Licensed Real Estate

Broker Consultant

Past President of the

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Rotary Club Of Great Neck

2011-2012