PALO ALTO (CBS SF) — Neighbors in Palo Alto say houses are getting bought up by Chinese and other foreign investors who never move in, leaving neighborhoods full of empty “ghost” homes.
Life-long Palo Alto resident Tom Wacha says he sees a lot of the uninhabited homes, saying âI do see houses in the neighborhood that donât seem to be inhabited, that seems like a lot of money has gone into them.”READ MORE: COVID: San Joaquin County Sees Promising Decline in Case Numbers
Realtor Ken DeLeon says many of the buyers are coming from overseas, and realtors are even printing brochures in Mandarin to lure more Chinese buyers.
âFor us, about twenty percent of the buyers are coming from China,â DeLeon said.READ MORE: E-Scooter Rider Seriously Injured In San Francisco Hit-and-Run Crash
Only about half of those Chinese buyers are choosing to live in the homes theyâve purchased.
âTheyâre just happy to have parked their money in a relative safe haven thatâs a good investment, and theyâre not worried about losing $10,000 a month in rent,â DeLeon said.MORE NEWS: UPDATE: Suspect Arrested After Online Threat Shuts Down San Francisco State Campus
DeLeon and his team already print brochures in Mandarin and are now making videos in Mandarin to market to China.