Colliers Las Vegas is part of a 13-office Colliers franchise based in San Jose, CA. The new luxury properties division will exclusively handle resort condominiums, estates and fine luxury homes valued at more than $1 million, and will have both listing agents and buyer agents.
Although not in the US, Colliers has been involved in high-end residential real estate internationally for many years. Some of the higher-end work includes the sale of castles and large estates in England and Ireland, as well as luxury residences in Asia, Australia and the Pacific Rim.
"With the strength of foreign currency right now, there is extensive interest in luxury homes throughout the United States for investment as well as for personal use," says Vic Donovan, senior managing director of Colliers Las Vegas. "We fully expect that the reach of this office will extend regionally and nationally, as well as internationally."
To help tap that market, the new division will collaborate with Colliers offices in Cancun, Hong Kong/Macau, Dubai, Sao Paolo and London to establish cooperative networks for national and international residential sales. Running the division is Michael Mack, a former Las Vegas councilman who came to Colliers last month from Shea Commercial/Prudential CRES, where he was a broker. Prior to Shea he was a vice president of acquisitions for Montecito Cos., a retail real estate company.
The launch of the practice in Las Vegas is meant to take advantage of the fact that Las Vegas has become an international destination for businesses and second (and third and fourth) residences. Mack tells GlobeSt.com that six agents have been hired to manage listings, which currently include several high-end residences ranging from $4 million to $9 million.
"My colleagues at Colliers across the globe state that their clients have a voracious appetite for anything that has to do with Las Vegas," Donovan says. "This includes the desire for individual and corporate residences as well as corporate retreats to complement office and commercial space."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
