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.