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How will Professional Athletes impact the Las Vegas Luxury Home Market?

Posted by Kenneth Lowman on July 23, 2018
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The Golden KnightsThe Raiders are coming. The Golden Knights had a phenomenal inaugural season. How will these professional athletes impact the Las Vegas luxury home market? These athletes certainly have buying power. I count at least six contracts on the Vegas Golden Knights alone that pay over $5 million annually. I’m sure there will be many more on the Las Vegas Raiders. The big question many of these athletes ask is “how long will I be here in Las Vegas playing for this team?” Unfortunately, the days when a professional athlete played their entire career in the same city are long gone. This leads many of the athletes to lease Las Vegas luxury homes. Nonetheless, many of these athletes will live here long enough to make Las Vegas their home, and with wives and children will opt to purchase luxury homes. Some may find Las Vegas attractive enough to become their retirement city. In the past 12 months our Las Vegas luxury home market had 46 ultra luxury homes sell at or above $3,000,000. If between the Raiders and the Golden Knights we were to see 20 – 25 new buyers in this price range that would have a significant impact on this small part of the ultra luxury home market. There are 105 Las Vegas luxury homes presently for sale at or above $3 million so it doesn’t look like we will run out of inventory any time soon, but certainly it will tip this part of the market temporary toward the Seller. Of course, we will eventually see some of these very same luxury homes come back on the market for sale when an athlete is traded, cut, injured or retired. Having two, and in the future maybe more, professional sports teams in Las Vegas will help strengthen our luxury home market by increasing demand. I look forward to making many of these Las Vegas fine home sales!

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LUXURY HOMES OF LAS VEGAS