IN THE LAP OF LUXURY
Prices increase in high-end housing market while sales stay steady
By HUBBLE SMITH
REVIEW-JOURNAL
The mortgage credit crisis doesn't affect buyers in the luxury market as much as those in the lower and middle markets, said Ken Lowman, broker and owner of Luxury Homes of Las Vegas.
He sold four homes priced at more than $5 million in the past eight months, each of them for cash.
"These buyers don't seem to care about economic fluctuations," Lowman said. "They are very discriminating in their choice and expect near-perfection."
Lowman brokered the sale of a $5.8 million home in The Ridges subdivision of Summerlin in 51 days.
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Home slump in LV persists
By HUBBLE SMITH
REVIEW-JOURNAL
Luxury home sales ($1 million or more) declined 18 percent in the first quarter to 132, but April sales jumped to 53, two more than a year ago, said Ken Lowman, owner of Luxury Homes of Las Vegas. The average price rose to $1.79 million, compared with $1.26 million in April 2006.
Lowman said more homes are selling in the "ultrahigh end of the market," including eight in April above the $3 million mark.
"I foresee this trend to continue as higher lot and construction prices have led to more homes being constructed and sold over $3 million than ever before in our history," Lowman said. "We also have a steady stream of qualified buyers in this price range relocating to Las Vegas."
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Going, going, gone: Sold for $1,000 square foot
By HUBBLE SMITH
REVIEW-JOURNAL
A custom home in the exclusive Promontory at The Ridges subdivision of Summerlin sold for nearly $7.9 million, believed to set a record at more than $1,000 a square foot, broker Ken Lowman of Luxury Homes of Las Vegas said.
A Washington couple, the Rosa Family Trust, purchased the 7,519-square-foot home in an all-cash transaction at 96 percent of its listed $8.2 million price, Lowman said. They closed escrow Friday.
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North Las Vegas condo project facing delays
CL3 Lofts was slated to open in August
By HUBBLE SMITH
REVIEW-JOURNAL
FAST CLOSING: Ken Lowman of Luxury Homes of Las Vegas said he closed escrow on a $1.35 million condo at Turn- berry Place in two business days, his fastest closing ever.
He said it usually takes 30 to 45 days to close escrow, which requires a preliminary title report, obtaining the seller's loan payoff amount, processing the buyer's loan, paying off taxes and association dues and getting escrow documents signed and notarized.
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Broker sees record sales year for ultraluxury market
Group counts 49 local deals exceeding $3 million in 2007
By HUBBLE SMITH
REVIEW-JOURNAL
There's no credit crunch in Las Vegas' luxury home market, broker Ken Lowman said.
A retired gaming executive recently paid cash for a $5.1 million home in Promontory at The Ridges, closing escrow in six business days, the owner of Luxury Homes of Las Vegas said. The home was on the market for 81 days.
"This sale shows how solid the ultraluxury market is in Las Vegas and where it may be headed," Lowman said. He considers anything over $3 million to be "ultraluxury."
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