Luxury Homes of Las Vegas Releases Report for Luxury Home Sale

October 28, 2010 / Russell Legato, Residential Property Analyst

Luxury Homes of Las Vegas released their report for the state’s third-quarter luxury home sale. For this quarter, luxury home sale for above $1 million dollar property were down by 14 percent compared to the figures on the same quarter in 2009, and for luxury property worth $3 million and up are down by 7 percent compared to the same time last year.

Luxury Homes of Las Vegas Releases Report for Luxury Home Sale

The maximum luxury home sale so far for this year— in late January 2010 was for $7,000,000 in The Ridges, and it got sold in just four days. For 2010, a total of 101 luxury home sale above $1 million was made in Las Vegas.

The Owner and Broker of Luxury Homes of Las Vegas Kenneth Lowman said that the month of September was a somewhat concrete-month in-relation to the present market situations, and had a total of 19 luxury home sale close last September compared to only 17 for September of 2009.

The luxury real estate market stays difficult, but it is still experiencing sales for luxury properties.

Lowman also stated that the luxury real estate market has both the negative and positive signs—the positive signs are the present cheap price rates which are drawing buyers, and the negative sides are bank foreclosures in the current luxury real estate market that could maintain the price rate in this low-level.

According to the report, roughly around 10 percent of luxury home sale for above $1 million are now foreclosed by banks, but its percentage is lower in contrast to the general luxury real estate market.

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