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The Agonizingly Slow Recovery

Posted by Kenneth Lowman on December 8, 2011
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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!