Luxury Real Estate Expert | Ken Lowman

REAL ESTATE BIDDING WARS ARE BACK!

Ken Lowman — Tue, 08 May 2012 18:32:06 +0000

What? That’s was so 2005. But, yes, real estate bidding wars are back in Las Vegas! The inventory of homes for sale without a contingent or pending contract has shrunk to an approximate one-month supply. Homes for sale under $150,000 are typically receiving multiple offers the day they hit the market. I just witnessed a 1600sf home listed for $79,900 receive over 15 offers in three days time and it sold somewhere north of $90,000. The market is strong up to about $500,000 after which it is steadily improving up to about $800,000. When you look over $1,000,000 the challenges remain with excess inventory and long marketing times. Usually the success in the low and mid range of the market will take time to filter up to the luxury home market. The new problem now is getting inventory. Banks, are you listening? Let’s get that shadow inventory out there while the demand is strong!

Housing has found the bottom

Ken Lowman — Fri, 20 Apr 2012 20:15:21 +0000

The debate rages over whether housing has found the bottom. Of course, the debate will continue because markets are localized and segmented by price ranges and neighborhoods. While existing home sales were down in March, they outpaced last year’s number. Home prices are showing signs of stabilization but an unexpected drop in inventory could be holding the number of sales back. With low interest rates, impressive affordability levels and an improving economy the demand is present, there just simply are not enough homes on the market to meet the demand. In the luxury home market, this is not yet the case. Inventory remains high and prices are still under pressure. However, what happens in the low and average price ranges usually filters up to the top end of the market. With time, we will likely see inventory drop in the luxury market and the prices stabilize. The next wild card will be whether banks can succeed in short sales, holding homes as rentals and generally controlling the supply of foreclosures placed on the market. If we don’t ever see a so called “2nd wave” of foreclosures, then prices have bottomed! Only time will tell, but it sure is nice to be debating the housing bottom.

Luxury Homes of Las Vegas is set for a record closing month in March 2012!

Ken Lowman — Wed, 28 Mar 2012 14:12:40 +0000

Luxury Homes of Las Vegas is set for a record closing month in March 2012! We will close nearly $10 million in Las Vegas luxury real estate for the month with 14 total closings. The highest sale for the month was $1,500,000. This will be our best closing month in two years. We have been working hard and smart through some very challenging months and it’s good to see our efforts paying off for our clients! While the ultra luxury market over $3 million remains challenging, we are doing real well in the half-million to two million dollar range. The inventory is tightening up. Stock market gains have our buyers feeling wealthier. Interest rates are attractive. The general mood is that the worst is behind us, the market has bottomed and the smart money is investing in Las Vegas luxury homes. My team and I sell one out of every ten luxury homes in the Las Vegas marketplace at or above one million dollars. Our efforts have led to many notable accomplishments that include selling a luxury estate home for over $1,047 per square foot, a record in the Las Vegas valley, selling a $7,000,000 luxury property, one of the highest sales in the marketplace in the past two years, selling a $4,200,000 luxury home in just 1 day, and leading the sales of luxury homes over $1 million in the luxury Las Vegas area. Let’s celebrate March and work hard so that it may continue!

Hot Home Styles

Ken Lowman — Thu, 23 Feb 2012 18:36:38 +0000

Modern is in. Luxury homeowners are seeking a spa-like look that is analogous to modern. Modern luxury styleallows for free flowing entertainment spaces, floor to ceiling sliding glass disappearing doors, stone staircases with open risers, clean geometric lines tempered by area rugs, dark wood cabinets and soft furnishings. In most markets, architects are going hybrid modern so that the style fits in with existing structures in the region. The desert modern styles in The Ridges in Las Vegas are an excellent example of this. Downsizing is also cool, replacing the luxury McMansions of the 1980s and 1990s. The average size of a luxury home has actually shrunk by 10% since 2007 according to the National Association of Home Builders. Neo-Mediterranean with Southern European flair and Craftsman style homes are also enjoying a revival. Mediterranean and Tuscan work well in warmer climates like Las Vegas and match the landscape. Luxury homes of this style have been around since the mid 1990s but they are still popular. Craftsman style homes are becoming an American classic and are popping up coast to coast. What’s not so hot besides the McMansion? Split levels with stairs at every turn and Victorian with small rooms not conducive to 21^stcentury lifestyles. Luckily we don’t see many luxury homes in Las Vegas with either of these styles! What is your style for a Las Vegas luxury home? Click here to see styles of currently listed luxury homes: Luxury Homes of Las Vegas

Predictions for 2012

Ken Lowman — Mon, 09 Jan 2012 03:06:04 +0000

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!

Happy Holidays!

Ken Lowman — Tue, 20 Dec 2011 21:54:39 +0000

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!

The Agonizingly Slow Recovery

Ken Lowman — Thu, 08 Dec 2011 01:56:15 +0000

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!

Saving to Invest in Homes Again

Ken Lowman — Fri, 28 Oct 2011 22:35:56 +0000

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!

Teamwork!

Ken Lowman — Wed, 14 Sep 2011 23:28:59 +0000

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!

The Best Las Vegas Luxury Neighborhoods

Ken Lowman — Wed, 07 Sep 2011 22:22:46 +0000

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…