BluefoxToday blog : Vegas luxury real estate an exception

Vegas luxury real estate an exception

Southern Nevada housing market is nowadays on a wild ride, setting all sorts of dubious records. Here are a couple of them for your consideration. The MLS has more inventory than you care to admit and the current foreclosure rate here is beyond the pale. The thing is these are the kinds of milestones you try to forget as soon as you hear about them.

Just about the only right type of a record is being achieved in the ultraluxury real estate segment. Anything selling over $3 million is labeled ultraluxury in Sin City. There is this retired gaming exec who recently bought a house for $5.1 million in Promontory at The Ridges, paid cash for it and closed escrow withing days. Nothing to it. It took 81 days on the market to sell it. At least he got to bypass the currently exhausting mortgage approval process. Please click on the link in this paragraph to read the entire article.

_______________________________________________________________________________

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 • October 19 2007 05:31PM

Comments

I was just talking to friends today about how our market was doing really well under $700,000 and over $2M, but inbetween is  a bit slower...it is a strange market in a lot of areas!
Posted by Joanne Hanson, Summit County, Colorado Realtor (Coldwell Banker Colorado Rockies Real Estate) over 10 years ago

Joanne,

That segment appears to be immune to the gale-force winds buffeting the rest of the market.

Posted by Esko Kiuru over 10 years ago

Participate