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Luxury Home Market Ripe With Opportunity

November 19, 2009

Trulia’s Research Indicates 19 Percent of Homes for Sale in Las Vegas Have Had Price Reductions with the National Average Being 25.6 Percent

If you ask luxury real estate expert Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas: As a luxury home owner in this economy, what do you do when someone offers you $8 million for a $14 million dollar home? “Sold,” said Lowman. “Make no mistake that sellers who have marked their prices down to the current market are finding buyers. Dream homes are selling at a fraction of replacement cost.”

According to newly released research by online real estate company Trulia, 25.6 percent of homes currently on the market in the U.S. as of November 1, 2009 have experienced at least one price reduction during the past 12 months with luxury homes (those listed at two million dollars and above) bearing the brunt of discounts being offered. Luxury home prices are being slashed 14 percent from the original asking price compared to the national average of 10 percent. Luxury homes are responsible for 25 percent of the $28.1 billion in home price reductions.

Trulia’s research indicates in Las Vegas, 19 percent of homes for sale have had price reductions, and the average chop is running at 15%. Two prime examples are two of Lowman’s listings: A 12,921-square foot luxury home located at 23 Golden Sunray in The Ridges, which previously listed for $13,995,000 in March is now down to $8,950,000 and a 6,029-square foot luxury home located at 51 Meadowhawk in The Ridges, which previously listed for $2,950,000 in March is now reduced to $2,300,000.

“We have an over-hang of luxury home inventory in Las Vegas,” said Lowman. “However, much of it just simply isn’t priced to sell. One of the most important things a seller can do today to get their luxury home sold is price it properly using the advice of an expert in the luxury marketplace.”

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.