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Engel & Völkers — a top German purveyor of luxury residential properties, yachts and private jets — has opened a 10-agent office in St. George.
Officials with the Hamburg-based firm say southern Utah's arid climate, golf courses and other recreation opportunities, along with the proximity to geologic wonders such as Zion National Park and Bryce Canyon, are raising its profile with elite international investors.
"Beautiful areas around the world are starting to catch the attention of international home collectors," said Paul Benson, who will own the new offices at 172 N. 100 West in St. George along with Dougan Jones, Scott Brackett and Mark Kelaidis.
The four also own Engel & Völkers offices in Park City, Lake Tahoe, Newport Beach and San Francisco, part of a rapid U.S. expansion for what is already one of Europe's largest luxury real estate companies.
Anthony Hitt, Engel & Völkers' CEO in North America, said in a statement that St. George is seen as crucial to its footprint in America's Southwest.
The St. George opening signals another trend as well, one familiar to other high-end real estate companies specializing in big-ticket properties around Park City and in Salt Lake City, including Prudential, Christie's and Sotheby's International.
Many affluent foreign buyers are drawn to ritzy U.S. real estate these days, including multimillion-dollar properties in the Beehive State. This extends to both commercial and residential deals.
In addition to Utah's many attractions, such purchases— often executed in cash— offer overseas buyers a financial buffer against economic cycles and currency volatility in their own countries.
But domestic buyers also help drive high-end St. George sales, Benson said, including technology executives relocating to the area from California or buying vacation homes.
Tony Semerad