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Did We See The Bottom Of The Housing Crisis?

December 22, 2009

Las Vegas Luxury Real Estate Expert Defines A Tale Of Two Markets

According to luxury real estate expert Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas, we have not seen the bottom of the housing crisis. Lowman says it’s a tale of two markets – hot bottom; cold top.
“2010 is when we will see the luxury home market bottom,” said Lowman. “We saw the low-end housing drop first in 2006, and now you can buy these homes for 50, 60, 70 percent off. I believe they will drop another five to 10 percent before reaching bottom. The high-end market didn’t drop until the end of 2007 or the beginning of 2008, so there are definitely fewer sales in the luxury market. You can get a 30 to 40 percent discount on the luxury homes right now though.”
Lowman says foreclosures count for 70 percent of the home sales lately. “It’s very common for there to be 20 offers on a house in two days because the banks are offering homes for so low.” Investors are responsible for 40 percent of low-end sales stated Lowman.
As a luxury home owner in this economy, what do you do when someone offers you $8 million for a $14 million 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.”
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.

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.