Unique Homes’ Nick Antonicello speaks about the importance of proximity to quality location for luxury buyers at the 2014 Asian Real Estate Association of America Global and Luxury Summit, reports China Daily.
The adage in real estate goes, “location, location, location,” but for Chinese investors looking for U.S. property, it might change to “location, education, and luxury,” said real estate marketer Nick Antonicello.
While location is important, wealthy Chinese are now looking for a combination of factors to spot real estate opportunities, one of the primary ones being proximity to quality education, said Antonicello, director of new business at Unique Homes.
These words came in a panel discussion at the Waldorf Astoria hotel in New York, part of the 2014 Asian Real Estate Association of America Global and Luxury Summit.
Elizabeth Harrington, North American publisher of the Hurun Report, a Shanghai-based publishing group best known for its annual “China Rich List,” said that the Hurun Report now releases a school guide series for its clients as well because of the demand for education information.
“We had wealthy individuals asking us about advice on schools – where to apply to, how to get in, what the process is – and that eventually led us to the School Guide Series,” she said. The series compiles listings of top preparatory, secondary, undergraduate and post-graduate schools, and features articles from famous alumni and leading figures at big-name schools.
The West Coast of the U.S. has always had the highest concentration of Chinese and Chinese Americans, and about 50 percent of Chinese real estate buyers focus on California because of the schooling opportunities.
“It is the education. Why is that important? We know that statistically, between 30 and 40 percent of specifically the Chinese students, mom and dad are buying them a house,” said Antonicello.
International students make up a $24 billion industry in the U.S. and real estate agents should realize the potential for even more education-fueled real estate investments,” said Bill Hunt, international business consultant at Keller Williams Worldwide. “As the world becomes a global economy, the United States and China play the key role in developing education.”
Read the full article here.