WASHINGTON, DC—By Friday's close, it appeared that the turmoil that whipsawed the US equities market for the last several days was over.

China's many measures signaled that it was determined to reign in whatever was plaguing its markets and economy. Then, US investors remembered, prompted by solid durable goods orders and an upwardly revised GDP for the second quarter released last week, that the US economy is fundamentally sound.

The Federal Reserve Bank has acknowledged that it will take the events of the last week into account as it decides on when to raise interest rates. And there's a silver lining as well: foreign investors, especially those from the Asian region, want to be in the US property markets more now than ever!

The theory, and it is an extremely viable one, goes like this: With the threat of another devaluation looming, China's investors are scrambling to pull whatever liquidity they have in the domestic market and invest it overseas. Real estate, both commercial and residential, has proven to be a solid investment choice in the past few years, with the US a top choice due to its safe haven aura. These investors are not concerned about short-term blips created by an interest rate increase.

But there is another scenario worth considering, posed by someone who has been active in Miami's real estate market for years. Miami, it must be noted here, has seen property values increase to unreal levels over the years and it is a chief investment destination by foreign investors. In this context, Berger Singerman Partner Marc Shuster's comments are particularly telling.

Following are excerpts from GlobeSt.com's conversation with Shuster last week.

Am I seeing a pull back from foreign investors right now? Absolutely not. The phone is still ringing off the hook about deals and we are still working through deals that have been pending or in the works. But my phone has been ringing with other calls as well: investors, both foreign and domestic, are asking me 'What is going on with China,' 'Can we trust their numbers,' 'Can we trust the US numbers,' 'What is this I am hearing about the US' real unemployment rate,' 'How will the sharing economy impact growth?'

They are worried, in short, about the US market as well.

What I think is happening right now: Let me be clear. I am very bullish in the long-term about the US real estate markets as a foreign investor destination. There is no better place to be in the long term. But right now, I do think for many investors, the US is more viewed as the most palatable of a long list of bad options. Also, the current valuation of the US dollar means the US is becoming too expensive for many investors. In addition, rising interest rates mean cap rates compress and there is a growing perception among foreign investors that it will not be as easy to make money in the US real estate market when that happens.

Why I think the wild gyrations of the US stock market are largely irrelevant to this analysis: Commercial real estate tends to be tone deaf to what is happening in the stock market. Foreign investors have taken note of it, but their concerns are more fundamental right now and more global in nature.

What else may be in play: I think the profile of the international investor has been changing and will continue to change. Traditionally, foreign investors in the US have been recession-proof. But the increasing inter-connectivity of the global economy has introduced a new type of investor and these entities and individuals are more sensitive to shifts in their local markets and the global economy. Remember how active Brazil was in the US a few years ago? Now, we don't see them hardly at all, and that is due to the political and economic uncertainty in that country.

Why EB5 won't be a saving grace for the US property markets: Despite the hype, US property markets haven't been awash with EB5 deals. They have increased certainly, and the profile of this program has grown. But these counter trends are much bigger.