U.S. Is Gobbled Up By Foreign Buyers
Thursday, April 24th, 2008 
Posted by OP-Mall in 
Foreign buyers are eating U.S. property for dinner lashed with plenty of sauce. Ok, that was a rather weak approach at injecting some excitement into the fact that American real estate agents are pimping out bonuses to overseas buyers.
Extras such as airfare reimbursements and paid hotel bills could well become a reality for you if you are amongst those overseas buyers who have taken advantage of the dwindling economy in America.
Right now we enter a buyers market - if only there are buyers with enough cash flow to play the game. To boost local economy, some real estate agents have taken matters into their own hand and lure buyers from across the pond by giving them the royal treatment.
The strong Euro compared to low dollar makes buying property in the States a favourable past time for many now. Kind of like going out for coffee with a friend. Ok, maybe not quite like that but we are sure you get the drift.
Some New York agents have reported a massive increase of overseas sales in the last year, rising from 10 percent to near 25 percent.
Some agents employ staff for the simple purpose of translation to serve overseas clients. Languages such as Farsi, Arabic, Dutch, Italian, French and more are offered as an extra to endorse those from other tongues.
Heavy overseas advertising campaigns are also on the up, making it very hard for investors to ignore the vast opportunities that present itself right now.
As usual, when markets crash, there are always those who are set to make a fortune and this isn’t any different in the real estate market. While those who are close to their financial edge suffer, others with plenty of cashflow laugh.
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This entry was posted on Thursday, April 24th, 2008 at 1:05 pm and is filed under United States Property. You can follow any responses to this entry through the RSS 2.0 feed.
2 Responses to “U.S. Is Gobbled Up By Foreign Buyers”
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Shari Sanderson Says:
April 25th, 2008 at 6:40 pmLas Vegas just over 3.1 million visitors in February, up 3.1% from last year, according to the Las Vegas Convention and Visitors Authority. The year-to-date visitor count is at more than 6.2 million, a 1.2% increase over the same period last year. Convention attendance increased 15.8% for the month.
The LVCVA recently released its 2007 Visitor Profile Study, which noted that 81% of last year’s visitors were repeat visitors to Las Vegas. The average number of nights stayed was 3.5, and 84% of visitors gambled while in town. The average trip gambling budget was nearly $556. 54% of last year’s visitors traveled here via ground transportation and 46% traveled by air.
Nearly 3.6 million passengers came through McCarran International Airport in February, a 3.4% increase over last year. According to the Clark County Department of Aviation, more than 7.1 million passengers have been processed through McCarran so far this year.
The Nevada Gaming Control Board reported a state gaming win of nearly $1.015 billion in February. Gaming taxes collected by the state on casino revenues reached more than $53 million, up about 3% from last year. Clark County gaming revenues reached $866 million for the month.
Nearly 5,400 new movers came to Clark County in March, according to the Nevada Department of Motor Vehicles. The year-to-date count is now at more than 16,300.
As a result of our continued influx of newcomers, 97% of our estimated 2 million Southern Nevada residents were not born here, according to the 2008 Las Vegas Perspective. The retiree population increased 5.2% in the past year to more than 300,000. Hispanics and Latinos now represent 26% of Clark County’s population and 40% of the School District’s total enrollment. The report also mentioned that the median household income for the area now stands at $53,704, with 69% of households owning their home.
Nevada’s seasonally adjusted unemployment rate held steady at 5.5% in February. According to the Nevada Department of Employment, Training and Rehabilitation, the Las Vegas area experienced an unadjusted unemployment rate of 5.4% for the month, down from 5.7% in January. Current statistics show the national rate at 4.8% and California’s rate at 5.9% (January), both seasonally adjusted.
The Nevada Film Office reported $103.3 million in revenue from film production in 2007, marking the eighth consecutive year the state has exceeded $100 million in film-production revenue. Revenue from feature films increased from $14.3 million in 2006 to $25 million in 2007. Television was responsible for more than half of the revenue, including series, reality programs and specials.
The latest numbers from SalesTraq show 867 new home closings for February, bringing the year-to-date total to 1,709. The median price of a new home was $283,315, more than $10,000 higher than January. There were 901 existing home closings in February, for a total of 1,874 for the year. The median price of a resale home was $250,000, also $10,000 higher than last month. Total listings on the MLS continued to decline in February to 22,837, the lowest level in twelve months.
According to Robert Charles Lesser & Co., an independent real estate advisory firm, Las Vegas is home to three of the top ten best-selling master-planned communities in the country. Last year Mountain’s Edge, a 3,500-acre development in the southwestern part of the valley, sold 1,740 new homes, enough for a number one ranking. Providence, located in the Lone Mountain area, came in at number five with 726 homes sold. Summerlin ranked number eight with 583 net units sold.
According to the Nevada Department of Taxation, the state’s taxable sales reached $3.52 billion in January, with collections from sales and use taxes at $264 million. Sales in Clark County totaled $2.67 billion for the month. Clark County posted increases in rental and leasing services, telecommunications, health and personal care stores, and eating and drinking places.
Greenspun Media Group
http://www.EzraRealty.com
Shari Sanderson -
Overseas Property Mall Says:
April 26th, 2008 at 9:08 amShari, why do you write articles as comment responses?
