BluefoxToday blog : New Las Vegas house sale record set

New Las Vegas house sale record set

 

Las Vegas luxury houseLet'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.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 2 commentsEsko Kiuru • July 28 2007 04:58PM

Comments

Interesting. 

We have one on the market in Northern Virginia for $14,000,000 that is 10,500 square feet above grade.

That's about $1,333 per square foot.   I'll follow it to see what it sells for.

We have some pretty pricey homes sell around here.  On a cost per square feet, $800+ per is not unusual.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 10 years ago

Lenn,

Vegas has been pretty affordable up until recently. Demand for the ultraluxury is increasing.

Posted by Esko Kiuru over 10 years ago

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