Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
Issue link: http://digital.greengale.com/i/124284
THOUGHT LEADER the $20 million man AS VEGAS REAL ESTATE TAKES AN UPWARD TURN, RECORD-SETTING SALESMAN RANDY CHAR FOCUSES ON THE CITY'S CHANGING COMMUNITY. BY TONY ILLIA U nlike most kids, who dream of becoming firefighters or policemen, Randy Char wanted to be the next Gordon Gekko, the fictional tycoon in Oliver Stone's 1987 film Wall Street. "I never wanted a salaried job," he says. "I wanted to be in a performance-based environment." His career gamble has paid off. Char moved to Vegas from San Diego in 1995 and sold 29 homes in six weeks, resulting in executive positions with some of Southern Nevada's biggest builders. Last year he closed on 13 homes, totaling $20 million, at One Queensridge Place. That marked a 1,000 percent annual increase for the dual tower high-rise in Summerlin, a performance that led to Char's promotion to senior vice president of operations in January. And in the first two months of 2013, he had already sold more than he did in all of 2012. "Luxury California buyers are looking for Vegas high-rise living right now," Char says. "These buyers can take advantage of the tax benefits of establishing residency in Nevada and desire an exclusive environment, but don't want the upkeep of a huge custom home. They want the amenities, such as fitness centers, spas, and pools. And the support, from the concierge to valet, is appealing to people and their busy lifestyles." BEST INVESTMENTS Even though many insiders say the real estate market has bottomed out, Char doesn't think you should look at investment periods as so black and 68 white: "To get the best deal, you have to look in the rearview mirror, because by the time you realize it's time to buy, the market has already bounced off the bottom. It could be argued that the best deals were a couple years ago, but that was also a high period of uncertainty. Today the future looks much more stable. Vegas remains arguably the most undervalued market in the country, and therefore there's a considerable amount of room to grow." BRIGHT FUTURE Char zeroes in on what the modern buyer is searching for—mainly anything but "mega-mansion" living, he says. "Buyers are looking for the right-size home and functionality, not pretentious displays to outshine the neighbor. The days of keeping up with the Joneses are over. They want residences that fit their needs, whether that be for family, entertaining in the kitchen, or specialty spaces in the home. They are considering what school district the home is in, proximity to the airport, to work, or to outdoor activities. Now that the industry is coming back, it's about fundamentals." New-home shoppers like the ones Char caters to are looking to skip the drama that has become synonymous with real estate in Nevada. "They want to select the community, the home, everything down to the details of the finishes," he says. They also don't want to worry about the unforeseen expenses that may crop up with resales. "Today's new-home buyer wants peace of mind." V PHOTOGRAPHY BY RYAN REASON From a balcony at One Queensridge Place, Randy Char sees a bright future for the Vegas real estate market. VEGASMAGAZINE.COM 068_V_SP_ThoughtLeader_MAY/JUNE_13.indd 68 4/19/13 3:36 PM