Let's qualify that statement a little bit. A luxury single-family home recently sold for almost $7.9 million which translates into over $1,000 per square foot, as the property measures 7,519 of those. That $1,000 a foot is supposedly the new high for the valley. In terms of price alone, plenty of homes have changed hands for more money than that, but then they've been much larger. Some luxury high-rise condominiums have also done better than that, like units in Trump Towers and Park Towers, but this is the first in the single-family category.
So, what happened to the soft real estate market here? Have no fear. It's still around for anything under, say, $1.5 to $2 million, according to one local expert. And it could stay soft for a while longer, making it a genuine buyer's heaven.
The ultraluxury segment is going full steam ahead, though. Property over $3 million belongs to that league. It's said that a mere ten years ago this type of buyer was unable to find a home here that he liked, that met his requirements, but now there is sufficient inventory to choose from. Las Vegas has clearly matured in that sense. Many in the money like to now have a base of operations here, too. Among their other places, I'm sure. Some of the incentives luring them to town are the tax advantages, quality of entertainment, you guessed that one, and quality of life. Some would like to add job and population growths to that list, but I wouldn't. Buyers at this level are seldom affected by those attributes.