Las Vegas Luxury Home Market

For the past year, the luxury home market in Las Vegas has been the only market unaffected by the real estate downturn. But, that has changed recently. It has been reported by Marketing Solutions consultants that the luxury market has declined in recent months. It is not that buyers are not wanting these homes in the $1 million-plus range, but that they are finding it difficult to find mortgages for those homes due to the ongoing mortgage crisis throughout the country. In the first 6 months of 2008, 161 luxury homes sold – which is less than half of the number sold during that time period of 2007. It is interesting to see how the Las Vegas real estate market has changed…in 1995 there were only 2 homes for sale that were priced more than $1 million. This city has changed so much with the addition of new communities like Summerlin, Southern Highlands, Anthem Country Club, Red Rock Country Club and MacDonald Ranch, Lake Las Vegas, etc.

Great Time To Buy Luxury Homes!

What does that mean? If you are a buyer who is looking for a luxury home in Las Vegas, this is the time to buy! As of June, Las Vegas had approximately 1,200 homes valued at $1million and higher. Most of these homes are now being offered at discounted prices. This is a great opportunity for buyers, many of whom are looking for these luxury properties as second homes or vacation homes. There is financing available, but buyers need to know where to look and how to approach the loan process. We have lenders who can help with financing these homes, so please call Las Vegas Properties if you are considering buying a luxury home in Las Vegas. You can reach us at 702-379-6627 or email terrilvp@cox.net.