IAR President Jim Kinney attended the 2015 Asian Real Estate Association of America’s Global & Luxury Summit and shared his own expertise through in a panel discussion.
The AREAA event began Sunday and continues through tomorrow at Trump International Towers in Chicago. The summit features 100 world-class speakers, including Donald Trump Jr., 24 education sessions and seven networking events.
IAR representatives who visited the MIPIM conference in Cannes, France the last four days made sure prospective real estate customers recognized the value of Illinois real estate for their personal and business interests.
Leading the IAR contingent were (l to r) Chicago Association of REALTORS® President-Elect Dan Wagner, IAR President Jim Kinney and IAR Chief Executive Officer Gary Clayton. The National Association of REALTORS® also blogged about the event.
MIPIM bills itself as the “world’s leading real estate investment trade show,” bringing together the “most influential property players” and offering “unrivalled access to the greatest number of development projects in all asset classes and sources of capital worldwide.” From March 10-13, about 21,000 participants were expected to attend and 2,200 companies were scheduled to exhibit. The show was expected to draw 4,500 investors, 3,200 chief executive officers and chairmen, 370 politicians and more than 400 journalists. See the 2015 MIPIM brochure.
Last year, people and businesses from five continents attended MIPIM, including more than 90 countries such as: the United States, Russia, the United Kingdom, Ireland, Germany and Austria.
Illinois real estate is generally a stable, safe investment Illinois Association of REALTORS® President Jim Kinney told the media at a press conference late last week for the Chicago chapter of the Asian Real Estate Association of America (AREAA).
With the volatility of foreign markets, Kinney says U.S. real estate – especially in his home state – is more about stability and safety for capital rather than high return. Kinney was one of several individuals who answered questions about global investing two months in advance of the April AREAA Global + Luxury Summit in the Windy City.
Other speakers were: Jan Hope, Vice President of Commercial and Global Services for the National Association of REALTORS®, Craig Hogan, Director of Luxury Property for Coldwell Banker Previews and Nancy Suvarnamani, IAR member and Co-Chair of the summit.
Suvarnamani highlighted the fact Illinois ranks fifth in the number of international students enrolled in its universities. She said those students are major contributors to the state’s economy, citing international student expenditures of more than $1.2 billion in 2013. Many of the students purchase condos for use during their school years.
Hogan said higher price-point buyers are younger than in the past, demand high-level finishes and appreciate features in the home such as remote-controlled window shades and other automated amenities. Hogan emphasized that REALTORS® in the luxury market really need to be aware of these new trends in home automation technology so they can demonstrate them for clients and sell their advantages. Be prepared because the clientele are aware they are available.
“Buyers know more than you think they do,” he said.
The Global + Luxury Summit is scheduled for April 19-21 at Trump International Towers in Chicago. IAR members who register by Feb. 27 will pay the early-bird registration fee of $399. To take advantage of the discount, visit area.org/summit and register using the discount offer code: IARGS2015.
Between April 2013 and March 2014, sales to international buyers totaled $92.2 billion, a sizable increase from $68.2 billion the year before. What’s driving the interest in the U.S. real estate market? Favorable exchange rates, affordable prices and rising affluence abroad, NAR reports. Read the report.
The Illinois Association of REALTORS® Multicultural Summit, Sept. 4 in Chicago, offers insight into working with one growing sector of the global market — the Latino buyer.
This one-day program, which coincides with the IAR Fall Conference & Expo at the Hyatt Regency McCormick Place, features informational panels covering the issues and trends facing the Latino market in Illinois. Learn more and register.
“Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social,” said NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc. in Miami, Fla. “Many purchase property as an investment, vacation home, or to diversify their portfolio. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community.”
Find media coverage of NAR’s international report: