What will 2010 bring? It’s a question everyone is asking this week. We invited several residential specialists to share their insights about the luxury vacation real estate marketplace this year. We'll be posting them throughout January, to mark the first month of the New Year.
Dale Thornburgh, a Las Vegas-based Realtor with Dyson & Dyson Sothebys International Realty, says he is seeing a lot of "smart money” come from Canada. Motivated by favorable exchange rates and the long-term investment potential of American real estate, luxury Canadian homebuyers continue to invest in ultra exclusive high-rise Vegas properties. “They see value here, and Vegas is one of their favorite vacation destinations,” he said. Las Vegas has not only attracted international tourists from Canada, but also Mexico, the United Kingdom, and Asia who want to capitalize on the weak dollar for gaming, shopping, and real estate investments.
The national statistics reflect similar buying trends. Canada and the United Kingdom remain the largest international shareholders in U.S. real estate market, followed by Mexico, India and China, according to NAR. When buyers from these countries can own a share of a distinctive vacation property like Turnberry Place, “investing in U.S. real estate makes a lot of financial sense,” added Stan Tonkin, Vice President of International Marketing and Sales for The Élan Collection.
What do you think? Are you beginning to see smart money trickle in from overseas now that 2010 has arrived?
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