Happy New Year and may 2012 be your best year ever! The Las Vegas luxury home market continued to add to its decline in 2011. We had pricing pressure in the luxury home market throughout Las Vegas as we continued to face luxury home foreclosures, short sales and equity sellers that were willing to compete with these price levels. High luxury home inventory and fewer luxury home buyers led to price declines. As an example, I recently sold a Las Vegas luxury home in The Ridges for $2,500,000 that had sold for $4,000,000 in 2005. This is nearly a 40% drop for a luxury home in Las Vegas in one of the best neighborhoods, The Ridges. At this time of the year, I am often asked for my predictions for the luxury home market in Las Vegas. I believe that the Las Vegas luxury home market in 2012 will be much like 2011. The price declines will ease, although it may look and feel like prices are still declining as luxury home sellers reduce their luxury home prices to catch up with recent sales. Unfortunately, we will continue to see luxury home foreclosures, short sales and excessive luxury home inventory. The good news is that prices should not fall too much further as buyers are recognizing the values in the luxury home marketplace. With luxury home inventory high and luxury home buyers still scarce compared to the boom years, the market will probably remain like this for several years. I look forward to the New Year when I can predict price increases for the Las Vegas luxury home market!
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Luxury Homes of Las Vegas would like to wish all of our clients, friends, customers and families a Happy Holidays Season! We have had a wonderful year selling Las Vegas luxury homes and this is the natural time of year to give thanks and joy. Whether you are spending time at home or traveling to see loved ones make it a safe and joyous Holiday. Warmest wishes from Luxury Homes of Las Vegas!
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The patient is the Las Vegas luxury real estate market. The patient is very sick. But, at least the patient is not getting worse. In fact, he’s getting better. But, getting better is a long way from recovered. This remains a good news, bad news situation. We see luxury sales up, good news. Most of the luxury sales are distressed, bad news. The number of luxury homes going into foreclosure is declining, good news. Foreclosures are still very high by historical standards, bad news. Job growth is finally occurring, good news. Growth is very limited compared to historical norms, bad news. I could go on and on, but you get the idea. The bottom line is that we still have excess inventory in the Las Vegas luxury real estate market and a poor job market that prevents many from buying. Somewhere down the road; however, we will see jobs return, inventories decline and the Las Vegas luxury housing market strengthen. Weare ready for that at Luxury Homes of Las Vegas!
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Since the financial crisis of 2008 Americans are socking away some $600 billion in annual savings a year! Many Americans are deleveraging, downsizing and living a more financially cautious lifestyle. Even luxury home buyers and million dollar homeowners have adapted. The home ownership rate has also declined to a low of just under 60% when loans in default are taken into account. Prices have fallen, interest rates have dropped, foreclosures are working there way through the system and Americans are saving. We never see a perfect straight line path in economics, but one day is coming when Americans will begin investing their savings in luxury homes again. At Luxury Homes of Las Vegas, we look forward to that time again!
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Perhaps you’ve heard the saying, “there is no ‘I’ in team.” I am blessed to have quite a team working here at Luxury Homes of Las Vegas. These amazing women are constantly going above and beyond the call of duty to provide quality, quantity and spirit of real estate service to our clients and the community and sell our multi-million dollar luxury homes. As the Broker/Owner, I am the one that gets the thanks and recognition. They are the ones that deserve it! Robin Stewart and Maureen Robison are my two buyer specialists. They work with our qualified luxury buyers and show our spectacular luxury homes. They are the best in the business. Cynthia Spivey is my listing, escrow and office manager. She keeps the office efficient and productive. Robin Yanez is our receptionist and my personal secretary. She’s the friendly voice greeting our callers and she helps the entire team. Together, we had our best sales year ever in 2010 in one of the most challenging markets of our lifetime. We also sold the highest priced luxury home that sold in 2010. Additionally, I received national recognition on NBC Today Show, ABC Nightline, CBS Inside Edition and Fox Business News. Many thanks to my team!
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My informal survey is complete and the best luxury neighborhood in Las Vegas today is The Ridges! The Ridges at Summerlin has some impressive qualifications including the highest priced luxury home sale in 2010, the highest priced luxury home sale thus far in 2011 and ranking by Forbes.com as one of America’s best guard gated neighborhoods to live in. The Ridges is primarily an exclusive guard gated custom lot community with world class estates in secondary gated enclaves of Promontory at The Ridges, Arrowhead at The Ridges, Rimrock at The Ridges, Redhawk at The Ridges, Falcon Ridge at The Ridges, The Pointe at The Ridges and Azure at The Ridges. This highly sought after luxury home community also is home to Topaz Ridge at The Ridges and Boulder Ridge at The Ridges, semi-custom neighborhoods of million dollar homes. And finally, Fairway Pointe at The Ridges offer townhome living on the golf course. The Ridges has a community fitness center known as Club Ridges that has a fitness center, tennis courts, pool, spa and meeting rooms. Intertwined throughout the community is Bear’s Best Championship Golf Course. To the west is Red Rock Conservation area with hiking, climbing, bike riding and sight seeing.
Tune in next blog for the many honorable mention luxury home communities…
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Small businesses account for most of the new job creation in America. What do small businesses need to expand and hire? Credit and access to capital. Yet most lenders today are not lending to small business. This means small business owners must tap their own personal funds or equity in their luxury home to expand their business. We all know what has happened to housing equity – it has greatly shrunk over the past 4-5 years. Aggregate value of real estate equity went from $13 trillion in 2006 to $6.1 trillion today. The good news is that most of these declines are over. However, to give small business owners needed funds to expand and grow their business we are going to need some home price recovery. Luxury homes and million dollar homes that rise in price can give small business owners the capital to expand their business and hire new employees. This makes a housing recovery more critical than ever.
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The Las Vegas luxury home buyer can have discriminating tastes and high standards in their luxury home search. What are they really searching for? I find it interesting to note what terms they search for on the internet. This, of course, can be valuable information as we constantly optimize our website, luxuryhomesoflasvegas.com for buyer luxury home searches. The number one search term is Las Vegas Luxury Homes. Naturally, we have the number one Google ranking for this term and many of it’s variations. Next up is The Ridges Las Vegas. This is the most popular and affluent high-end luxury home neighborhood in Las Vegas today. It is fairly well known and therefore a starting place in searches. Again, we are ranked number one in a Google search for this term and many of it’s variations. I often find that a luxury home buyer will start their search in The Ridges, knowing how popular The Ridges is, but they will end up purchasing in another comparable million dollar neighborhood. The third most popular search term is Million Dollar Homes Las Vegas. This was a surprise at first, but after realizing that many out of state buyers do not know Las Vegas neighborhoods, what else would they start their search with? We are number one in a Google search for this term as well. Analysis of and reaction to data like this keeps us at the forefront of finding Las Vegas luxury home buyers for our luxury listings and clients!
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Americans still view home ownership as the American Dream. With nearly 25% of home owners at the present time owing more on their homes than they are worth, 9 of 10 Americans polled still see the value in home ownership and see it as part of the American dream. The majority of those polled also felt the government should be doing more to improve housing markets. Most blamed the financial institutions for the sluggish housing market. 66% of those polled say strategic default is NOT justified. This poll seems to be a nice vote of confidence for housing in one of the most historically troubling times we have witnessed.
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The headlines and stories are all doom and gloom. Despite all this, luxury home sales in Las Vegas are still happening every day! In May, there were 8 closed sales on homes over one million dollars. Of those 8 sales, Luxury Homes of Las Vegas made 2 of them for an outstanding 25% market share. A common theme in these sales is that they are usually luxury homes in great condition, priced properly for million dollar homes and marketing aggressively by a luxury home expert. Some of the communities these homes sold in included Promontory at The Ridges, Mountain Trails in Summerlin, Red Rock Country Club, Canyon Gate Country Club, Southern Highlands, Willow Creek and The Estates at Green Valley. Just one of these sales was NOT in a guard gated, planned community. In the $500,000 to $1,000,000 price range there were 44 homes closed in May. We’ll keep on working and we’ll keep on selling luxury homes in Las Vegas!
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