At the end of the year, Realogics Sotheby’s International Realty creates a list of the top 10 buyer sales where an RSIR broker represented the buyers
I was fortunate enough to represent many wonderful clients in 2016, including the buyers of a modern masterpiece in the desirable Clyde Hill area which sold for $2,900,000 and was featured on the RSIR top 10 buyer list.
With attractive skyline, lake, and mountain views, this home features a unique modern design with an elegant open floor plan. The main and upper levels were completely renovated in 2008 to update the cohesive modernity of this 5 bedroom, 4½ bath stately home. I was very happy to represent the buyer in this sale as it was just the type of property they were looking for.
I worked with the buyer to gain insight into the property type and furthermore what style of architecture and design they favored. In these types of sales, every detail must be carefully and meticulously accounted for; from the initial stages of presenting the ideal property to match the buyers wants and needs to finalizing the deal in an effective manner.
With my expertise in residential and commercial real estate, I’m able to offer a breadth of local market knowledge with exceptional experience in navigating international buyers relocating or investing from China.
If you are in the market to buy or sell a property, I would be happy to assist you with your real estate needs.
Please contact me today: RSIR | Contact Lili Shang
To read the full article on the top 10 buyer sales, please visit: RSIR | Top Ten Buyer Sales 2016
There’s been a large increase this year in Chinese buyers looking for property in the Seattle area, and a new tax on foreign buyers in Vancouver, B.C., is expected to amplify the trend.
By Mike Rosenberg Seattle Times business reporter
A growing wave of money from China and other foreign countries is pouring into the Seattle-area housing market, helping drive home prices even higher. And since July a new tax on international buyers in Vancouver, B.C., long a popular market for home seekers from China, has focused even more global interest here.
Seattle saw more inquiries from mainland-Chinese homebuyers than any other American city in four of the last seven months, according to Juwai.com, China’s biggest real-estate site for buyers looking in North America.
Historically, Seattle had attracted less real-estate money from China than Los Angeles, New York and San Francisco.
But the region’s upward shift only accelerated after British Columbia enacted a 15 percent tax on foreign buyers in the Vancouver metro area. Searches by Chinese home seekers for Seattle have more than doubled, while they’ve been cut nearly in half in Vancouver, Juwai says.
Just a few days after Vancouver announced a tax on foreign property investors, Seattle real estate broker Lili Shang received a WeChat message from a wealthy Chinese businessman who wanted to sell a home in Canada and buy in her area.
After a week of showings, he purchased a $1 million property in Bellevue, across Lake Washington from Seattle. He soon returned to buy two more, including a $2.2 million house in Clyde Hill paid for with a single cashier’s check.
Shang says she’s been inundated with similar requests from China and Hong Kong after Vancouver’s provincial government enacted a 15 percent tax on foreign homebuyers in August to help cool soaring real estate values. With Chinese investors -- the largest pool of foreign capital -- looking for a place to put their cash, the unintended consequence of the fee has been to push demand to cities such as Seattle and Toronto.
“The tax was the trigger of this new wave of investment now coming to Seattle," Shang said. “Why pay more for the same thing?"
For Vancouver investors, Seattle is a lure because it’s a waterfront city just a few hours away by car. It’s also more affordable than other West Coast destinations. Toronto, as one of the world’s financial capitals, already has an established base of foreign investment in condominiums and a large Asian population.
“Chinese money isn’t going to sit and wait," said David Ley, a Vancouver-based professor at the University of British Columbia’s Department of Geography, who focuses on housing. “Investors are going to find another city," and Toronto and Seattle are the top two contenders, he said.
According to Sean Keeley from Curbed Seattle, “Unique Custom Somerset Home,” listed by Lili Shang and Lisa Woolverton, “Has Curves In All The Right Places.” Beginning with the wrap-around windows boasting “clear views from the hilltop out to Lake Washington where the Seattle skyline looms in the distance,” Keeley notes a number of “curves” throughout the home; from the “coved stain glass window in the bathroom” and “curled shower class” to the “custom counter that practically loops around the entire kitchen” and “spiral cherry & maple staircase leading up into a central atrium full of indoor trees,” the home is truly impressive.
Keeley makes an excellent point, as the home flawlessly fuses indoor and outdoor spaces, offering spectacular views and abundant natural light, using exotic woods and natural materials, and featuring a waterfall and indoor trees. So we can definitely see why Keeley says that “this 5,200 sf home doesn’t corner the market, it curves, meanders and weaves through it.”
In a recent article on Think Advisor, "Global Wealthy Want More Real Estate," Michael S. Fischer breaks down the latest Savills/Wealth Briefing survey, which reveals that "private bankers and wealth managers found that 91% of global high-net-worth [HNW] investors were looking to increase or maintain the real estate holdings they own directly, and 87% intended to increase or maintain indirect holdings."
Some key statistics, indicated by the chart below, show that 72% of wealth managers' clients plan to purchase residential properties in the next five years and that "North America was the choice investment destination of investors."
Harriet Davies, who wrote a statement for the survey, said "demand for property is not only being driven by low interest rates," which are bound to increase in the current climate, but "structural shifts mean that real estate is likely to grow in importance for HNW investors." Thus "it is crucial that advisors understand the evolving role of real estate in portfolios," and for the real estate industry to embrace these market trends.
Park Lane is officially open again and brings one thing with it: the promise of a bright future for summer events in the city of Kirkland!
Back in November, we highlighted the renovations that were ahead, and recognized that “this development promises to bring greater economic vibrancy and diversity by providing open spaces,” envisioning a place where “families, couples, tourists, and professionals” would “be able to gather.”
Now, that dream has become a reality, as months of construction were completed and last weekend introduced the new Park Lane. On Friday night, those at the grand opening were treated to a performance by Geoffrey Castle, a speech by Kirkland's Mayor Walen, and an official ribbon cutting ceremony to commemorate the occasion. Then on Saturday, a number of people took to the streets to dine up and down the lane and enjoy the open-air market, and have been doing so ever since.
This landmark locale means much fun lies ahead for the city of Kirkland, particularly as the following events, which will take place on or around Park Lane, are set to benefit from this much improved location:
The Kirkland Wednesday Market, a weekly farmers market held from 2-7p at Marina Park through September.
The Art Walk, which takes place every second Friday of the month from 5-8p at various participating local businesses.
Summer Concerts, that will bring music to Kirkland all summer long at both Marina Park and Juanita Beach Park.
The Kirkland Wine Walk on June 26th and August 28th, when local vintners bring premium wines to the downtown area.
A Classic Car Show, which parks unique automobiles, all over the downtown area on July 25th.
And Summerfest 2015, held August 7th and 9th, which brings vendors, activities, music, dancing, and more to the streets.
I would like to cordially invite you all to my next Real Estate Salon on May 28th at the Realogics Sotheby's Kirkland office.
My previous event was a hit; To attend my next one, I kindly ask that you RSVP first. Luxury vendors, media and fellow friends will be present, so be sure to bring your business cards! Hors d'oeuvres and wine will be served accompanied by live music and great conversation.
Be sure to visit InvestWithLili.com in order to RSVP and learn more
The April edition of 425 Business Magazine featured a cover story entitled “East Meets Eastside,” which was headlined by comments from Lili Shang, a Founding Member of RSIR’s new Asia Desk. The article is a continuation of recent press that has brought mainstream awareness to the trend — Asian investors are increasingly targeting real estate opportunities in both Seattle and Bellevue.
“It has just been crazy. This is a very exciting market, and a very exciting place to be today in the U.S.,” Shang says in the article. “I’ve been lucky. There is a lot of investment coming from Asia and China, and it’s going to change the area tremendously.” Immigrants, competing with thriving companies’ other new hires in the midst of a severe housing shortage, have helped push area home prices to record highs.”
Shang says the recent Obama Administration action to extend (multiple entry) tourist visas from one year to ten years for Chinese nationals has helped spur additional interest in the region because overseas buyers don’t need to immigrate or hold additional status in the US to enjoy a second home here. This is similar to Canadian buyers — known as snow birds who for years have been buying destination properties in the southern US. According to the National Association of Homebuilders, Chinese buyers are now the top international buyer interest in the US in terms of total dollar volume but until recently were second to the Canadians for total unit volume purchased. With it’s strengthening currency, most experts believe Chinese buyers will lead all countries in US home sales into the foreseeable future.
Born and raised in Beijing, Shang is extremely well traveled. Prior to real estate, Lili worked for a Fortune 500 company as a China Representative in Beijing and is well positioned to assist buyers both locally and internationally. She is a graduate of Beijing Normal University in Library and Information Science. Her drive for academic excellence includes studying abroad in Italy for art and at the University of Phoenix for a graduate degree in Information Technology.
Understandably, Shang’s business has skyrocketed as one of the top producing brokers at RSIR (she has since formed a team and opened a personal office at the Asia Desk in Kirkland). Her clients and even other brokers consistently refer her international buyer business because of her track record. She understands the seemingly insurmountable obstacles associated with buying real estate in another country and she is dedicated to providing a turnkey experience for her clients. This often involves travel logistics, city orientation tours, in-depth market reports and a collaborative of preferred vendors for immigration, tax planning, school administration and other considerations.
“It’s really no surprise that Lili has found so much success in such a short time,” remarks Dean Jones, President and CEO of RSIR. “It certainly helps that she is Chinese American, speaks the language and is very familiar with the customs and business culture but more so because of her work ethic and commitment to her clients. She’s travelled with me to China and is a highly valued resource as we cultivate this growing segment of our business.”
Jones points out that many local real estate companies are vying for their piece of the Asian investment segment but he doubts few are as focused.
“We are fortunate because global real estate isn’t a new part of our business model — international is our middle name,” adds Jones. “We have full time dedicated brokers connecting homebuyers on both sides of the Pacific with boots on the ground in China and beyond. We’re a proud representative of our region and helping to build the demand as we compete against other West Coast gateway cities.”
The Sotheby’s International Realty brand and Sotheby’s Auction House recently entered into a literary collaboration, publishing a new magazine Sotheby’s Magazine/Art & Home.
This new larger format magazine enriches readers with sophisticated content related to the art and real estate world, featuring properties from around the globe, upcoming auctions and articles on various lifestyle topics. With a distribution of over 50,000, the printed magazine is sent to top auction clients, all 70 Sotheby’s offices around the world, and distributed at high profile auction events in New York City, London, Los Angeles and Hong Kong.
Read the most recent edition of Art & Home here.
A dynamic overview of the geographic, economic, demographic and lifestyle composition of the Seattle and Bellevue regions.
As an encore to last year's success, the NanHai Forum, an industry networking group hosted the 2014 Seattle Biz-Tech Summit this year on September 27th at the Bellevue Hyatt Hotel. Realogics Sotheby's International Realty was proud to be a corporate sponsor for the program and participated with a real estate desk featuring select listings.
Tours from Sea to Sky - Boat Tours: Waterfront homes require special skills and understanding to successfully market and sell, as we cover a diverse range of properties from lakefront to bay or gulf, river and seafront - all as unique as the people they attract. We work on bringing the largest audience possible to the shores of these homes to soak up the waterfront lifestyle.
CEO of Beijing Sotheby's International Realty, Kevin Corbett, released two edition publications called Mansion Plus - a glossy magazine with original editorial content and exclusive listings from featured markets in the United States. Considered the "Guide to Luxury Homes & Global Lifestyles."
Pacific Northwest properties and lifestyles were headlined at the Shanghai LPS (Luxury Properties Showcase) on December 12 – 14. As an invited representative of Washington State, RSIR President & CEO Dean Jones joined other Sotheby’s International Realty affiliates from Beijing, Canada, Luxembourg and California representing San Francisco and San Diego for the much anticipated event.
AREAA's membership represents a broad array of real estate, mortgage and housing-related professionals that serve the diverse Asian American market. AREAA is the only trade association dedicated to representing the interests of the Asian real estate market nationwide.
Juwai.com is where Chinese buyers find international properties. List Juwai is our international gateway for property sellers to reach this growing market...
Asian homebuyers have been a staple consumer of properties in Vancouver, BC, San Francisco and Los Angeles for many years. More recently, alternative West Coast markets like Seattle, Newport and San Diego have gained in visibility and even a preference given their relative value and lifestyle attributes. We are positioning ourselves to be a major catalyst for Asian home buying throughout the West Coast.
Executives of Beijing Sotheby's International Realty appointed Dean Jones of Realogics Sotheby's International Realty as its Director of Network Development for the United States. In this capacity, Jones joins other Beijing-based international sales team members to cultivate referral networks throughout the United States.
As the first affiliate of the global realty network to operate within Mainland China, Beijing Sotheby's International Realty is led by Plus Investment, Inc. whose principals have been active in domestic and international real estate development and sales as well as vanguards for importing private jets and luxury yachts into China over the past 25 years.