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My cousin bought a 950sqft in San Jose for $1.35 million. That was an upgrade from the 830sqft place he had Bought for $860k with his first wife and from the $538k studio apartment he had while he was a bachelor.
Foreign investment in hot markets is very common, especially with the Chinese trying to shell money away from their government. Outside of a panic or government intervention, you are right that their will continue until the market flattens out. Tulip Mania won’t last forever.
The funny thing is people see Bitcoin or NFTs or Tesla stock as inflated and vacuous, not meaning much in real, tangible value, or close to the value it should be, but a million dollar studio in San Jose that would be a mansion anywhere else is just a solid investment that continues to be “worth” more. We all be gambling up in here. Gambling tends to favor the few and the wealthy the most.
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