We had a film crew in our office over the week-end from the British Broadcasting Corporation, filming our Foreclosure Bus Tour and interviewing our exec staff about their perspective on the Las Vegas Real Estate market.
This is the second major international film crew we’ve had in a couple months – clearly our Las Vegas Real Estate market is generating broad appeal outside the US.
International Interest in Las Vegas Real Estate
We’ve been blogging about this international interest for months and also pointing out that many of these investors are buying real estate with all cash down. Credit Suisse just released a report earlier this month indicated “international buyers are back and looking for deals throughout the US.”
We also get a growing sense of urgency from these international investors, that the time to buy is now while our real estate is extremely affordable and generates a cash positive investment with just 20-30% down, depending on the price point of the home.
Many international visitors are telling us that they think Las Vegas is much more attractive than the foreclosure driven areas in Florida or California due to the lifestyle amenities available here and the relentless growth we’ve experienced the last twenty plus years.
Statistics Underscore Level of International Interest
International buyers have purchased approximately 150-200K homes in the US from May 2007 to May 2008 based on surveys done by the foreign currency exchange specialist HiFX.
Canada has replaced Mexico as the country with the largest share of buyers in the US, more than doubling from 11% last year to 23.5% this year. But, the US dollar continues to strengthen against the Canadian dollar, which may negate some of this interest.
The British Pound is continuing to gain ground versus the US dollar, making Las Vegas real estate look like a better and better investment. During the first half of 2008, searches by buyers in the UK for real estate in the US grew by 50% to just under 200K.
We have gorgeous scenery to show the world:
