Property buyers from Australia, China, South Korea, Japan and India are streaming into California, where foreigners account for 11% of all home sales.
He says foreign buyers love the Golden State's climate and Hollywood image -- not to mention recession-reduced home prices far below what foreigners pay back home."It's easier to find a $1 million or $2 million property that's a good value in Los Angeles than it is in Melbourne or Sydney," Srivatsaa says. Many foreign buyers gravitate to famous California communities such as Beverly Hills, Bel Air or Pebble Beach. But Teles CEO Loewy says some Chinese buyers prefer Alhambra, Pasadena, San Francisco and other areas with large Chinese populations. "We have a fair number of Chinese neighborhoods where you can walk down the street and see Chinese shops and people reading Chinese-language newspapers," he says. "It gives