Pacific Sotheby’s International Realty participated in the 21st Annual International Real Estate Congress in downtown San Diego on November 11, 2015. The globally-acclaimed international real estate event, which was held this year in Miami and San Diego, brought together foreign delegates from fifteen different countries along with several hundred U.S. and foreign real estate professionals to network, learn, and collaborate in both cities. Pacific Sotheby’s Realty’s Chief Operating Officer, Chris Crocker, was invited to share the opportunities that exist for international investors in the San Diego market with the attendees.
According to Crocker, the San Diego Market holds incredible opportunities for foreign investors. When compared to Los Angeles, San Francisco, Seattle or Vancouver, San Diego is the best value on the west coast of America and investment dollars go further. San Diego provides excellent business, educational and lifestyle opportunities, all of which position it as one of the top investment and second home locations in the United States.
In addition to sharing an overview on the San Diego market, Crocker highlighted two new trends that are emerging with Ultra High Net Worth purchasers, who account for a large part of the international real estate market. “We are seeing demand for non-traditional homes from Ultra High Net Worth investors and the demand for technologically sophisticated and environmentally friendly luxury residences is also growing substantially,” says Crocker.
According to the Wealth-X / Sotheby’s International Realty Ultra High Net Worth Luxury Real Estate Report, the United States is the most popular location among the ultra wealthy and their tastes in luxury real estate are shifting. 65% of Realtors in the Sotheby’s International Realty® network have seen increased inquiries for homes with ‘smart’ amenities over the past year. Specifically buyers are looking for residences that are environmentally sustainable, technologically sophisticated and that fit better with their personal and family needs. “Foreign investors expect the same level of sophistication and convenience found in the other parts of their lives to extend to their vacation homes and investment properties,” says Crocker. “The ability to check in on a vacation home from abroad via a smartphone is a feature that is much in demand with luxury homebuyers and the San Diego building industry is extremely tech-savvy in this area.”
Full details of the Wealth-X / Sotheby’s International Realty Ultra High Net Worth Luxury Real Estate Report can be found HERE.