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
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 :) :)
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.
George,
One of those every so often would be nice.
Carole,
That narrow segment is holding very well so far here in Vegas.