Michael DiMella, managing partner at Charlesgate, was recently featured in the NY Times regarding his expertise on the Boston investment and condo market. The article titled, “Indians Join the Wave of Investors in Condos and Homes in the U.S.,” discusses the “security blanket” aspect of owning homes in the United States. As the article highlights:
“The wealthy elite from China, Latin America and elsewhere have bought pieds-à-terre in glassy towers in Manhattan, luxury condos in Miami and homes along the West Coast. Law enforcement investigations have found that some foreign investors are using American real estate holdings, at least in part, to hide cash and other assets from authorities in their home country.
But many less-than-superrich foreign investors just want a safe place to put extra savings, and their investments tend to be much less grandiose than the trophy properties that have drawn most of the attention. And for Indians in particular, who long trusted in gold to protect their wealth, American real estate offers a “very, very attractive destination,” said Subir Gokarn, director of research at Brookings India in New Delhi.”
Boston is highlighting in considering parents buying homes for their children coming here for college in contrast to paying dorm fees. With Boston being such a college-heavy town, DiMella has seen a lot of this behavior:
“It’s a good investment in their eyes and it can be a better deal instead of them paying dorm costs or renting somewhere else,” said Michael DiMella, a managing partner with the Charlesgate Realty Group in Boston whose Indian clients have bought near Northeastern University.”
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