While the average sales price in Las Vegas rose over 30% in 2013, the median price for homes over $1 million was virtually unchanged last year and remained stable at $1.4 million. Surprisingly enough, though, the volume of closed transactions for Las Vegas luxury homes priced at over $1M almost doubled from 2012. Buyers from pricier markets in California and New York took advantage of the situation, and the number of sales in 2013 spiked to 342.
Most of these luxury home sales were located in the newer upscale guard gated communities. These developments were built during the boom years between 2003 and 2006. Luxury homeowners were reluctant to sell during the subsequent bust of 2007 through 2011, but are now coming to the market after waiting out the past six years to see if prices would improve. They are much more willing to cut their losses and move on, and investors are picking up some terrific bargains that could not be built for the cost.
Check out some of the steals in luxury homes on our web site at:
Sellers are requiring “proof of funds” to purchase, so make sure to have your loan pre approval or bank statement ready. Give us a call at 702-985-7654 to schedule an appointment to view any of these lovely homes.
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
Urgent FHA Bulletin! On Friday December 6th HUD announced the new FHA loan limits for 2014 (Mortgagee Letter 2013-43) across the nation. For Clark County, the current single family loan limit of $400,000 has been reduced by more than 28% to $287,500 effective January 1, 2014. This move is not unexpected - the FHA loa...
It’s been a year since the start of the Great Recession but it appears that the slow recovery of the US housing market is almost complete.Most markets have returned to normal according to an analysis by the Joint Center for Housing Studies of Harvard University. Its State of the Nation’s Housing report sho...
Retirees have been a player in the local economy for decades, but the breed of retiree has shifted over the course of the years. Sure, there’s always that snowbird looking to avoid harsh winters, but California has now overtaken the conversation as the largest feeder market for the Silver State. Simple real estat...
Programs that help first-time buyers put down less than 10 percent of the purchase price have been around for many years. FHA, VA, and state and local housing programs are three of the best-known sources of loans ranging from 3.5 to 5 percent down. In recent years, some commercial lenders have offered mortgages as l...
Price Slashed on Wayne Newton's Home! Evidently the $70M price tag on Wayne Newton's former residence, Casa de Shenandoah, was not generating any offers - or any lookers either. Even with the F28 jet and private airplane terminal thrown in, no one was showing any interest in the property. So the price was just slashed...