The Agents Working In This Segment Say The Las Vegas Luxury Home Market Is Attractive To A Lot Of Smart Money

Category: Finance, Real Estate.

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In fact, one would be hard pressed to find any positive news. If you follow the national news, you ve no doubt heard the loud debates and expert analysis of the very troubled real estate market. The naysayer s predict even more troubled times with a recovery not coming until sometime in 200However, there is always, as with everything an opposing view point and these experts are saying in fact the market is not as bad as is being reported and depending on what part of the country you re in and if your personal economics are in order, today s market is robust and healthy. Many of Nevada s luxury real estate agents report a lot of interest in the million- dollar plus segment. Whichever side you fall, one thing is certain, just as the city of Las Vegas has defied most national trends, so too does the Las Vegas luxury homes market. The agents working in this segment say the Las Vegas luxury home market is attractive to a lot of smart money.

Whether it s real because they need to sell fast or because they are succumbing to the persistent beat of the bad news drum, many sellers are discounting the asking price and in some cases, by 100 s of thousands. These people are not typically affected by high gasoline, energy and food costs or by the pressures on the credit market. These are exactly the deals the smart money is chasing. They are doing deals and because of discounting, are betting on the fact these homes are undervalued and in 2- 3 years will be. able to sell for a hefty profit. They most often have a lot of cash and they need to do something with it. Recently, Las Vegas hit a record 24, 672 homes for sale which represents about an 18 month supply.

Even though there are still around 8, 000 new residents moving to Las Vegas every month, most of the homes for sale are in the price range that isn t selling so quickly. The Nevada luxury real estate segment represents only about 5% of the total. It will take the city planners to stop issuing building permits and probably, continued incentives at the builder level to help bring the supply down to the normal level of six months. In the mean time however, the Las Vegas luxury real estate market is not as bad as is being reported and depending on what part of the country you re in and if you personal economics are in order, today s market is robust and healthy.

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