of JetSuite Air)
There are foreclosure bus tours and foreclosure boat tours. But a Las
Vegas broker has come up with a new marketing gimmick to try to entice
the rich back into the property market: foreclosure jet tours.
If you can prove you are wealthy enough to buy a multimillion-dollar
mansion, you can hop aboard Ken Lowmanâ€™s â€œLuxury Home Foreclosure Private Jet Tour,â€ a title
that perhaps more than any other sums up the folly of the financial
crisis. The tour, a partnership between Mr. Lowman and JetSuite Air,
leaves Los Angeles on the morning of Saturday, April 17 and returns the
same day at 6 p.m.
You will take off in a four-passenger Embraer Phenom 100, fly to some
of the most lavish casualties of the Vegas real-estate crash and be
home before dinner!
The properties to be seen include a seven bedroom in Tournament Hills
for $4.65 million (original listing: $9.2 million); a six bedroom in
MacDonald Highlands for $4.9 million (original listing: $6.2 million);
and a seven bedroom in Promontory in The Ridges for $6.125 million
(previous value: $10 million).
â€œWhat better way to travel than in an exquisite private jet,â€ Mr.
Lowman said. â€œIâ€™ve been telling all my potential buyers who are waiting
in the wings the same message. If you have the wherewithal, now is the
time to buy.â€
He and JetSuite may also book other jet-foreclosure tours of other
once-highflying real-estate markets, such as Orange County, Calif., San
Diego, Phoenix, San Francisco and Salt Lake City.
Will it work? I am not sure the lure of a private jet ride will
persuade someone to pour millions of dollars into a home in Vegas. But
hats off to Mr. Lowman for creativity and for solving two problems in
one: the glut of West Coast mansions and the over-supply of private
Would you take a ride on Foreclosure Air?