Buckle Up: Private Jet Tours of Vegas' Foreclosed Properties
Now foreclosure tourism is aiming for a higher market with - wait for it - trips on a private jet to tour million-dollar bank-owned properties in the hard hit Las Vegas real estate market. What a way to go: you're picked up in Los Angeles in a new four-passenger Embraer Phenom 100 plane outfitted with BMW-designed leather interiors, flown to an executive airport in Vegas, and taken by limo to a number of ultra-luxury properties that are on sale for up to half their original price.
And you're back at the end of the day, none the worse for wear.
"Think of it as an affluent, wealthy version of the bus tour," says Ken Lowman, broker and owner of Luxury Homes of Las Vegas, who has organized the real estate fly by with JetSuite Air, a private jet charter service. Pairing private jets and property (even the foreclosed kind) makes sense "because a guy who can buy a $4 million home will also want to fly in a private jet," explains Lowman. Before you strap yourself in, though, your credit will be checked to see if a multimillion dollar residence is in your budget.
On the tour are a number of homes in high end, gated golf communities about 25 minutes from the strip. Consider the 10,692-square foot residence in Tournament Hills at Summerlin, with 7 bedrooms and 10 bathrooms, an outdoor oasis pool and spa overlooking the 4th hole and a full basketball court. It's a bargain at $4.6 million, knocked down from $9.2 million in 2007, and a good example of just how far the Las Vegas real estate market has tumbled.
It's not clear if jet forays to foreclosed homes will become a new sport for the rich, or lure them back into property investing, even with prices at rock bottom. One thing is for sure: prospective buyers won't be rubbing elbows with other tourists in the jet's spacious cabin. On these junkets, it's only one buyer per plane. "These are the kinds of people who don't want to share a plane with others," Lowman says.