Las Vegas draws international luxury homebuyers

For all the talk about the strength of the luxury real estate market and influx of Californians, Realtors are finding opportunities with foreign buyers who see the market as affordable compared to other international cities.

Local analysts track homebuyer demographics by mortgages. Because most international buyers purchase luxury homes with cash there is little data on this niche market. However, several Las Vegas Realtors say it’s a growing part of their business.

Ken Lowman, broker/owner of Luxury Real Estate of Las Vegas, said about one in 10 buyers in the luxury segment in Las Vegas, which is about $1 million and above, are international buyers. The bulk are coming from Canada, China and rest of Asia and Great Britain.

“It’s been pretty steady,” Lowman said. “For a lot of them it’s their second home or third home. They look for quality over size, and they like security because they aren’t here to watch it all the time.”

Lowman said the interest is split 50-50 among international buyers for their preference of a Strip condo or a home in a master-planned community.

“They want views whether it’s of the Strip or a golf course because when they’re here they want to relax and get away from it all,” Lowman said.

The Waldorf Astoria, (the former Mandarin Oriental), Veer Towers, Turnberry and Sky Las Vegas are the popular condo choices, and when it comes to single-family homes MacDonald Highlands in Henderson, The Ridges in Summerlin, Southern Highlands and Seven Hills.

Lowman said don’t discount the impact international buyers has on Californians moving to Las Vegas. Many flying from Asia prefer to live along the Pacific Coast in Los Angeles or San Francisco. The sellers of those homes to those foreign buyers take the profit and move to Las Vegas, he said.

The prospect of working on behalf of international buyers is a hot topic and was the third part of a luxury Realtor series held Sept. 20 at Lake Las Vegas and hosted by the Nevada Association of Real Estate Brokers.

The moderator, Randy Char, broker and owner of Char Luxury Real Estate and former national president of the Asian Real Estate Association of America, was in New York this week to talk about the international residential property acquisitions in the U.S.

The discussion right now is the impact of the U.S. trade fight with China and how that has created a pullback in some Chinese buying homes here, but Char said that pullback is likely to be temporary.

“There will be opportunities, and they will find ways to continue to invest,” Char said. “With a billion-plus people, a strong economy and GDP growth, it will continue to be a powerhouse.”

But it’s not only the Chinese, but Koreans and Japanese who are buying in Las Vegas along with Canadians and Europeans, Char said. Many people who previously looked to buy in other cities, now, find Las Vegas a value, according to Char who represents Sky Las Vegas in selling condo units on the Strip.

“They are focusing on the secondary markets because a lot of the first-tier markets like New York, LA or San Francisco have, no question, reached their peak. They see value in Las Vegas because the prices are affordable relative to the first-tier market. It’s an easier price point for investment, relative to how the city is viewed on a global basis. Everybody knows about Vegas. They see the strong growth prospect with our population growth.”

That’s creating plenty of opportunities for Las Vegas Realtors and the reason behind the NAREB conference to talk about international buyers, Char said. His group, AREAA, provides a network and platform to educate agents that anyone can join, he said.

“The value we were trying to portray at that panel is you don’t have to speak a foreign language to be involved in international real estate,” Char said. “There’s a platform to learn about buyers better, but you can’t learn it overnight.”

One of the panelists, Sherwin Escanuela, a Realtor with Luxe Estates and Lifestyles and former president of the Las Vegas chapter of AREAA, said there’s 48 countries in Asia, and it’s important to know there are different cultures in each and try to understand them. These are smart buyers, he said. “Sixty percent of my clients come from Canada. I have clients that are coming from Dubai and China and Japan and this isn’t the first time they are buying. By the time they come to Vegas they have already bought that trophy property of $10, $15 or $20 million in another city in New York, LA, San Francisco or Miami.”

Escanuela said he’s never met many of his clients in person. He’s usually dealing with their financial advisers or attorneys. It’s competitive to be an agent for international buyers, and they aren’t checking Realtors Facebook pages or their latest posts and how cute it was. Realtors are vetted by attorneys or financial managers, and it’s important to be knowledgeable about what they want, he said.

“Know your stuff like the back of your hand,” Escanuela said. “If you don’t know they will smell it. They are serious people when they come to your table.”

Shamila Mackie, a change manager who has worked for corporations, such as IBM and global banks in Dubai, Canada, Asia and London, is a real estate investor. She said international investors looking to buy in Las Vegas want Realtors who are prepared and knowledgeable, and agents shouldn’t put their monetary values on the buyers who have numbers in mind.

Amanda Wernick, a global training specialist for Berkshire Hathaway and one of the panelists, echoed that.

“Investors don’t play around,” Wernick said. “They know what they want, and time is of the essence. You need to be Johnny on the spot and know what they want before they want it. You need to know how does Summerlin compare to Henderson and how the numbers add up.”

Wernick said the National Association of Realtors offers courses certifying agents as international property specialists and teaches them about different cultures and how to work with people from different countries.

A NAR’s studies showed that in 2017 foreign buyers spent more than $153 billion purchasing about 285,000 homes. Some 72 percent bought with cash, and the average price paid for homes was $536,000 compared with $277,000 for the average U.S. buyer, she said.

As a starting point for those looking to foreign buyers, Mackie said Las Vegas Realtors shouldn’t forget about Canada.

“You have such a huge market on your doorstep, and Canadians buy a lot of real estate in Florida and other parts of the country,” Mackie said. “I think it’s an untapped market here.”

Some Realtors have been gearing up to tap into the foreign market. Some have hosted tours of foreign buyers, especially those from China, visiting Las Vegas to buy homes and condos.

In 2017, Berkshire Hathaway HomeServices Nevada Properties, through a marketing agreement with Juwai.com, syndicated all of the company’s residential listings to the China-based international property portal that attracts about 2 million visitors monthly, according to Gordon Miles, its COO and president. It’s already led to sales in Las Vegas, he said.

The site links to Berkshire Hathaway HomeServices’ luxury market forecast and provides access to the network’s listings. Listings are in click-to-translate mode for consumers and a dedicated concierge team based in China stands by to help homebuyers with translation, questions and referrals to Berkshire Hathaway HomeServices listing agents, Miles said.

“Vegas is such a unique marketplace that it is truly global,” Miles said. “Our agreement with Juwai, which is like the Zillow of China, allows us to go under the firewall and allows us to get into that market and truly penetrate it. What is interesting about that country is that it’s communist so they don’t send emails. A lot of times you will get a text message or they will call because they don’t their government to know where the money is. It’s fascinating and whole different dynamic.”

ad-high_impact_4
Business
Xtreme Manufacturing and Snorkel at World of Concrete
World of Concrete boasts 1,600 exhibitors across 745,000 net square feet at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
CAT Smartphones displayed at World of Concrete 2019
CAT phones for trade workers on display at the 2019 World of Concrete convention. (Bailey Schulz/Las Vegas Review-Journal)
More woman-focused workwear coming to market
Carhartt Company Gear senior brand manager Katelyn Donah discusses a growing percentage of women in skilled trade professions. (Bailey Schulz/Las Vegas Review-Journal)
MGM Grand Plans To Add Retail And Dining To Its Strip Facade
MGM Grand President and Chief Operating Officer Scott Sibella said executives are “discussing redeveloping that entire frontage of the building out to the Las Vegas Strip.” (Todd Prince/Las Vegas Review-Journal)
Boyd Gaming planning new corporate campus
Casino operator Boyd Gaming Corp. has filed plans to build a new corporate campus. The plans call for two 10-story office buildings and a six-level parking garage in the southwest Las Vegas Valley. Boyd Gaming operates The Orleans, the Suncoast, downtown's California Hotel and other properties. The new headquarters would be just a mile from its current main office building.
Bellagio Conservatory transformed to celebrate Year of the Pig
The Bellagio Conservatory Team transformed the 14,000 square foot conservatory to commemorate Chinese New Year, the holiday that marks the end of the coldest days of winter. (Rachel Aston/Las Vegas Review-Journal)
CES 2019: Intro uses sound to connect people
Intro, a startup that is part of the Future Worlds Accelerator in the UK, has an app that uses ultrasonic sound to find people and companies nearby. (Mat Luschek/Review-Journal)
CES 2019 Video: CES wraps up another year
Time-lapse video of the action at CES 2019 in Las Vegas. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Create your own beauty products
Beauty Mix by BeautyByMe is a product that lets you create your own cosmetics and beauty products. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Picobrew’s home brew machine
Picobrew brings automation to homebrewing. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Surviving CES
What it's like to spend four days working the mammoth tech convention. (Jason Bracelin/Las Vegas Review-Journal)
Haier’s smart home
Haier presented smart home technology at CES 2019.
CES 2019 VIDEO: Foldimate makes laundry day easy
Foldimate has created a machine that will fold your laundry for you. Just feed it anything you need folded and it will do the rest. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Opte device corrects skin spots
Opte from Proctor and Gamble is a device for correcting spots and freckles from skin. It analyzes the area for spots and then covers them with a serum of matching skin tone. (Mat Luschek/Las Vegas Review-Journal)
Circa hotel-casino in downtown Las Vegas unveiled
Derek Stevens reveals Circa hotel-casino in downtown Las Vegas. He plans open by the end of 2020. (K.M Cannon/Las Vegas Review-Journal)
Circa, new casino coming to Fremont Street
Casino owner Derek Stevens announces his new property Circa, coming to Fremont Street in downtown Las Vegas in late 2020. (Michael Quine/Las Vegas Review-Journal)
Dreenk My Oeno makes wine suggestions
At CES 2019 in Las Vegas, the Dreenk My Oeno tells you all about wine.
Polaroid One Step Plus camera unveiled at CES 2019
Polaroid has moved into the digital age with its One Step Plus camera with Bluetooth. With the connected app, it turns your smartphone into a remote for the camera, along with filters and features. (Mat Luschek/Review-Journal)
Amazon is everywhere at CES 2019 in Las Vegas
Seemingly everything works with Amazon Alexa
LG Smart Mirror helps you dress snazzy
LG’s Smart Mirror is less of a mirror but more of an assistant to help get you looking snazzy. It takes your image and recommends clothes for you or matches existing clothes with new clothes, which can be purchased right from the mirror. (Mat Luschek/Las Vegas Review-Journal)
Underwater robots make waves at CES 2019 in Las Vegas
Robosea is a company dedicated to underwater robotics. They produce consumer robots for underwater filming as well as commercial products which can be used for underwater research. (Mat Luschek/Las Vegas Review-Journal)
CES 2019 - Victrola record players spin in Las Vegas
A new spin on an old favorite, Victrola record players are meeting a demand for retro products. The brand is also making furnitures with built-in speakers.
CES 2019: Slamtec robots ready to serve
Slamtec is a robotics company out of China whose goal is to provide solutions for laser localization mapping and navigation. They have created two autonomous robots that can be used in areas such as bars, restaurants and malls. (Mat Luschek/Las Vegas Review-Journal)
Mixologiq drink maker appears at CES 2019 in Las Vegas.
This is the Mixologiq drink maker.
CES 2019: Veritable smart garden
Let’s face it; not all of us have green thumbs. And herbs are particularly difficult to grow, considering their constant need for sunshine. Enter the Veritable smart garden from Exky, which does it all for you. (Heidi Knapp Rinella/Las Vegas Review-Journal)
Bonnie Springs Ranch near Las Vegas being sold to developer
Bonnie Springs Ranch near Las Vegas is being sold to a developer, set to close in March. Bonnie Springs, west of Las Vegas off State Route 159 — next to Spring Mountain Ranch State Park — spans more than 60 acres and was on the market for $31 million. The developer and his project partner are under contract to buy the ranch and plan to chop it up mostly into custom-home lots. The plans includes a 25-room motel, a restaurant and a 5,400-square-foot event barn.
Bone-conduction headphones form Aftershokz
Aftershokz offers bone-conduction headphones - headphones that don’t go in the ear.
CES Happy Hour party at Hangover Suite at Caesars Palace
Conventioneers mingled during the Hardware Massive CES 2019 Happy Hour Bash at The Hangover Suite at Caesars Palace in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Autonomous Cars and Futuristic Aircraft Rule CES
Day two of CES was dominated by autonomous cars and futuristic aircraft in the North Hall of the Las Vegas Convention Center.
TekNekSavr fights neck problems caused by smart phones
Atiya Syverson invented the TekNekSavr to help fight neck and head problems caused by strains while typing on smart phones. (Mat Luschek/Las Vegas Review-Journal)
Real Estate Millions
Real Estate Millions: Say Yes To The Nest
Real Estate Millions: KB Smart Home
Marc-Andre Fleury selling Las Vegas home for $2.5M - VIDEO
Golden Knights goalie Marc-Andre Fleury has put his custom Southern Highlands home on the market for $2.5 million. The single-story home, built on a .63-acre lot in 2015, measures 5,285 square feet and has a 717-square-foot casita and three-car garage. It has five bedrooms and six baths. Fleury bought the home from former NHL player and fellow Canadian Sheldon Souray, according to public records. When he signed his three-year, $25M contract extension over the summer, Fleury told the media he and his family love Las Vegas and cited its great schools and neighborhoods with a lot of things for kids to do. Fleury said he and his family love their home in Southern Highlands, but wanted to be “closer to the Summerlin area." Home photos courtesy of Ivan Sher Group
Marc-Andre Fleury selling Las Vegas home for $2.5M - VIDEO
Golden Knights goalie Marc-Andre Fleury has put his custom Southern Highlands home on the market for $2.5 million. The single-story home, built on a .63-acre lot in 2015, measures 5,285 square feet and has a 717-square-foot casita and three-car garage. It has five bedrooms and six baths. Fleury bought the home from former NHL player and fellow Canadian Sheldon Souray, according to public records. When he signed his three-year, $25M contract extension over the summer, Fleury told the media he and his family love Las Vegas and cited its great schools and neighborhoods with a lot of things for kids to do. Fleury said he and his family love their home in Southern Highlands, but wanted to be “closer to the Summerlin area." Home photos courtesy of Ivan Sher Group
Real Estate Millions: Waldorf Astoria penthouses
Real Estate Millions: Cold Creek Log House
Real Estate Millions: Brett Torino Christmas
Real Estate Millions: Pia Zadora
Real Estate Millions: Lake Las Vegas
Real Estate Millions: 27 Burning Tree Court in Spanish Trail
LEED home
Real Estate Millions: Top 10 Most Expensive Homes Sold In 2018
Real Estate Millions: Operation Halloween
Realtor and owner of Operation Halloween, Nicole Tomlinson, shares high-end luxury 'tricks of the trade' for Halloween decorating.
Real Estate Millions: Ascaya Pool Home
$15.5M Ascaya home has 5,900-square-foot pool.
Rat Pack-era home once housed Las Vegas entertainers
3671 Tioga Way in Paradise Palms neighborhood Listed for $650,000 Professional photographers Mark and Sarah Gascoine
Home builder Toll Brothers has plans in Summerlin
Toll Brothers purchased of 128 acres of property near Mesa Park Drive and Town Center Drive will be used for a housing development. (Michael Quine/Las Vegas Review-Journal)
Rich MacDonald estate in Henderson
Rich MacDonald estate in Henderson
Real Estate Millions: Liberace Mansion
Real Estate Millions: 4120 Mont Blanc Way, Mount Charleston
Real Estate Millions: 8 Vista Crescent Court, Ascaya, Henderson
Real Estate Millions: 11172 San Terrazo Place
Real Estate Millions takes a look at Blue Heron Real Estate.
Real Estate Millions: 1325 Villa Barolo Ave
Overlooking the second hole of the Rio Secco golf course within the community of Marquis Seven Hills is a modern masterpiece of light and architectural artistry. Designed by the award-winning Blue Heron design team, the home known as The Aurora Estate adorns the likes of the most noteworthy LED displays and lighting projects from around the world. XLED Systems founder and mastermind behind the world-renowned Freemont Street Experience, Hong Kong’s Disneyland Storybook Theater and the larger-than-life concert stages of Justin Bieber, Keith Urban and the Foo Fighters (to name a few)—brings light and magic to the hills of this private and highly desirable gated community. The combination of the 133” custom HD/LED Digital Display, 150+ interior/exterior lights and 34 indoor/outdoor surround sound speakers bring a unique ambiance and entertainment level to the home. Other spectacular bonus features include a 1,200 SQFT pool, therapy spa, wet step lounge, $100K+ full Crestron system in-sync with Amazon’s Alexa, 9 security cameras and panic room.
Real Estate Millions: One Queensridge Place
Real Estate Millions takes a look at 9103 Alta Drive #1501, Las Vegas, NV.
Underground home was built as Cold War-era hideaway
The underground house at 3970 Spencer Street is one of the valley’s most unusual homes built 26 feet underground in 1978 by Girard “Jerry” B. Henderson, who, planned to survive the end of the world there.
Real Estate Millions: 323 Mont Blanc Way
Garry Tomashowski talks about his cabin in Mount Charleston.
Famous Las Vegas underground house
Did you know there is an underground house in Las Vegas? The home was originally built as a bomb shelter in 1978, and sits 26 feet below the surface. The midcentury-style home measures about 6,000 square feet, and features two bedrooms and three bathrooms. There’s a 6-foot-deep pool, a spa, a barbecue area, and a carpeted six-hole putting green. The Underground House has lighting that emulates different times of the day. And mountain and wilderness murals depict an outdoor setting. The home is accessed from a flight of stairs that’s part of a town home.
Real Estate Millions: 36 Olympia Canyon Way
Mitch McClellan and John McDonough talk about their property in Southern Highlands.
Real Estate Millions: 20 Vintage Valley Drive, Southern Highlands
Real Estate Millions: 2315 Alta Drive
Real Estate Millions: 28 Sankaty Circle
Barbara Adcock talks about her favorite parts of her home in Anthem.
Real Estate Millions: Uri Vaknin
Real Estate Millions host Susan Kocab interviews Uri Vaknin about the renovations he made to his home and why he chose a one story building.
Real Estate Millions: MacDonald Highlands
Brad and Ann Adams talk about their home in MacDonald Highlands.
Real Estate Millions: MacDonald Highlands
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Home Front Page Footer Listing
Circular
You May Like

You May Like