Reports show that real estate sales are up in China. What this might mean for Westside real estate sales is not yet clear but the new report by Knight Frank, says the number of real estate sales across China’s 30 largest cities reached 5,976 on March 31st, representing approximately 200 more transactions than in February.
New Covid-19 cases in China peaked on February 17th when over 19,000 new cases were recorded in a single day! A month later in March, China witnessed its first day without a single new case recorded. Thereafter, new cases of Covid-19 resurged slightly but are now receding again with 86 new cases recorded nationwide on April 1st.
Kate Everett-Allen, head of international residential research at Knight Frank, wrote in the report, “The recent uptick in property transactions suggests this filtered through into buyer sentiment with a degree of pent-up demand being released.”
Pent-up demand is what I mentioned in my last piece related to Santa Monica real estate a few weeks ago. My feeling is that there is so much cash here on the Westside that I feel strongly that when things stabilize, there of course will be folks making low-ball offers on properties, but there will be many others that decide to upgrade to bigger, better homes and these people will make fair market value offers on new homes.
And why not? One of the many lessons that I think we will have learned, once we turn the corner on this pandemic, is that life can turn on a dime. If you have a pile of cash, ongoing steady income and you survive the health aspects of the pandemic, why not upgrade your living situation? After all, life can be short, can’t it?