Distinctly Montana Magazine

d i s t i n c t ly m o n ta n a • w i n t e r 2 0 1 5 48 I just returned from the National Associa- tion of REALTORS® conference held in New Orleans. This year I had the pleasure of speaking to the general membership and the Wom- en's Council. My presentation, entitled Follow the Money: The Next Wave of Luxury and Resort Buyers, was a fast- paced look at what the new generation of worldwide buyers demand from their agent, how they chose their perfect home, and the latest trends and designs that influence their buying decision. We also took an in-depth look at the buying pat- terns of the international consumer. Currently there are 2,200 billionaires globally, and that figure is set to double by 2020. The international buyers are primarily focused on major markets like New York, Miami, and San Francisco (think NFL cities) in the US, but we are already seeing a trickle-down effect into smaller markets with amenities including state capitals, college towns with populations of 100,000 and above, and some specialty markets with a strong emphasis on education, culture, and recreation. This second tier has led luxury homeowners to buy homes off-the-beaten path for leisure purposes such as Gozzer Ranch in Idaho, Yellowstone Club in Mon- tana, Lake Martin in Alabama, and Palmetto Bluff in South Carolina. Let's take a look at the top five countries that are investing in the US and their buying patterns. ChINa China leads the pack with $22 billion invested in the US real estate market in 2013. Obtaining a quality education for their children is a key driver, with 85% of wealthy Chinese wanting to educate their children overseas. According to the same survey conducted by Juwai, 60% of these investors have or are seriously considering immigrating to the US. Reports of condo purchases in NYC from $60 to $90 million are being secured in order to enroll their kids in US preschool. Buyers from China often purchase above-average priced homes in the high-end mar- kets. According to the 2014 NAR International Buyer Profile, California is the #1 state for purchases, 76% of all sales are paid in cash, 56% are for vacation and residential rentals, and 83% prefer suburb and city center locations. uNItED kINgDom UK's hot spot is Manhattan. When looking for a global city, NYC is cheap at $2,300-$2,400 per square foot in comparison to $5,000 per square foot in London, by robyN ErLENbuSh MONTANA REAL ESTATE TOP 5 INTERNATIONAL BUYERS TRENDS OF

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