Boston?s Back Bay area is becoming one of the hotbeds for Chinese buyers. David L. Ryan/Getty Images
The city?s famous colleges and universities attract wealthy families from China
Thanks to its famed higher education institutions, Boston attracts thousands of international college students?and a fair number of luxury buyers?each year. And, increasingly, students from China are parking their cash in Boston.
Additionally, Boston has one of the best public school systems in the U.S., which attracts forward-looking Chinese parents with younger kids, too.
?A lot of these college students and their families are purchasing property near their schools, so that the student has ?acceptable? accommodations for the duration of their schooling,? said Grace Liao, an agent with Gibson Sotheby?s International Realty in Boston. And the decisions to buy are often made very quickly, sometimes ?within a few weeks, while the parents are settling their student into the area, ? Liao said.
James Kendall, vice president of Boston-based TNM Realty, has observed a similar trend. ?Most Chinese students come from affluent families, and they are willing to pay up for luxury homes with all the bells and whistles,? he said.
Mr. Kendall pointed out that luxury hotel condominiums, such as Ritz-Carlton Hotel & Residences, are especially popular among Chinese buyers, partly because ?they want to be able to recognize the brand names.? Also, residents have the opportunity to use health clubs, restaurants a...