BluefoxToday blog : Super-luxury housing market still strong in Las Vegas

Super-luxury housing market still strong in Las Vegas

This sector seems to have it all figured out. It's generally considered to include homes that go for upwards from $3 million at which level buyers seem to be little concerned about where the Las Vegas real estate market is, what mortgage rates are doing or how the national economy is behaving. They just go out to find a house to their liking and purchase it, often paying cash for it, too. As long as the money is available, it's usually going to be an easy closing since there is no need to deal with underwriting issues, meeting conditions and that sort of stuff.

Some of the ultra-luxury sales in the last several months took place at MacDonald Ranch, Shadow Creek, Queensridge, TPC Summerlin and Panorama Towers. In 2003 the top price for a home sold in Southern Nevada exchanged hands at $4.2 million while that number increased to $17.4 million in 2007 for a Shadow Creek property, according to GLVAR, or the Greater Las Vegas Association of Realtors. Clearly the values keep going up nicely in this market segment, apparently pretty much immune to what is taking place elsewhere in the valley.

To read the entire article, please click on the link in the first paragraph.

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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 4 commentsEsko Kiuru • June 13 2008 11:44PM

Comments

Esko I think that you and I need a few of those loans ............. LOL

Let me know if you get the opportunity to do one :) :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 10 years ago

Esko, I can't even imagine what that property looked like.  I know New York City is still going strong on high end luxury apartments and condos and expect it will do the same in your market as well.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 10 years ago

George,

One of those every so often would be nice.

 

Posted by Esko Kiuru over 10 years ago

Carole,

That narrow segment is holding very well so far here in Vegas.

Posted by Esko Kiuru over 10 years ago

Participate