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Luxury Home Market in January 2010 sees 50 percent improvement from January 2009

February 08, 2010

Luxury Homes of Las Vegas sold highest priced home in Las Vegas since May 2009

The luxury home market is heating up with nine luxury homes sold in Las Vegas for over one million dollars each in January 2010. In January 2009, there were only six representing a 50% improvement over January 2009.

At the same time, luxury home inventory has dropped from more than 800 homes for sale for over one million dollars one year ago, to approximately 600 at year end, to 555 at the present time,” said Ken Lowman, Broker and Owner of Luxury Homes of Las Vegas. “The luxury market is beginning to change with inventory coming down and sales rising.”

Lowman sold two of the nine luxury homes which closed in January and sold the highest priced one for $7,000,000. This is the highest sale in the luxury market since May 2009. In this sale, Lowman represented both the buyer and the seller. The home had been priced at $14,000,000 11 months ago.

“The drop in the number of luxury homes is directly tied to the fact that these homes are now being sold for up to 50 percent less than their peaked market price,” Lowman added. “The only thing more remarkable than the price reduction is the quality of luxury homes you can buy right now. The $7,000,000 house I just sold is an unbelievable, jaw dropping 12, 921-square foot home that features six bedrooms, nine bathrooms, a seven car garage, a multi-level pool, incredible city and mountain views located behind two gates in Promontory at The Ridges in Summerlin. This estate is an entertainer’s dream with a resort style backyard with a two story pool/waterfall and spa that are absolutely spectacular.”

Ken Lowman, Broker and Owner of Luxury Homes of Las Vegas, has over 20 years of experience in a star studded real estate career specializing in higher-priced, luxury homes. Lowman was recently selected as “One of the Most Dependable Luxury Real Estate Professionals of The West” by Goldline Research, an independent research firm specializing in evaluating professional service firms. This recognition was published in Forbes Magazine. Luxury Homes of Las Vegas is located at 7854 W. Sahara Ave., Ste. 100 , Las Vegas, NV 89117. For more information, call 702-216-HOME (4663) or 866-210-7620 or visit www.luxuryhomesoflasvegas.com.