Along with the woes faced by the United States and the economic trends in real estate we all have to be aware of the Global impacts other large countries have on us directly.
Talk today revolves around whether the real estate bubble which China has experienced has burst? Just like the United States the reaction to his question is so varied, the doomsayers say "It has burst", those closely tied to it know the importance of staying positive but are they just being blind to the bubble burst?, and then of course there is a large group in China who just don't care, without real estate ownership of their own it feels a bit removed to them.
Chinese property buyers are feeling the pinch of buying high and having their property values fall. Buyers are running to real estate offices demanding refunds as their sale price does not meet their real estate value currently, they feel they have been mislead. Developers are discounting the pricing of the new construction.
Last year when I traveled to China, I visited Shanghai and Beijing. The skylines were beautiful, condo complex towers were sprouting everywhere, the architecture was so modern, clean, smooth and brightly lit in the evening sky. Being in the real estate industry here and feeling the pressure myself of the current market it almost seemed a bit like a dream watching the new construction spread from city block to city block, the hussle, the bussle of the busy cities, all so positive....
But that was last year....
This is now !
You would think that they would have learned from other countries, including ours in the United States, from the many mistakes we have made, hindsite is always the best site and boy oh boy the changes we would have made if we knew what the future held instore.
The downturn in China is affecting the Globe. The many construction products including steel and more directly relative to the building industry will feel the impact across the globe but also think on it, the Chinese have been buying automobiles and high end clothing, accessory items and more. This will cause a decrease in their imports from the US too.
Well we will sit and watch as in slow motion we see the asset laiden Chinese distress over the impact of a depreciating market will have on their immediate lives.
As the world turns, so does our economy.
Regards and wishing us all across the Globe a happy, healthy and more prosperous 2012.
MaryBeth Mills Muldowney, President TradeWinds Realty Group LLC-USA
MaryBeth Mills Muldowney, Massachusetts Real Estate Broker and Licensed Auctioneer
"The pessimist complains about the wind. The optimist expects it to change.
The Leader adjusts the sails." -John Maxwell
Founder and President, TradeWinds Realty Group LLC
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