2018 has been a spectacular year for Luxury Homes in Las Vegas. I can speak from experience and say this is the best sales year ever for Luxury Homes of Las Vegas. What does the future hold for luxury homes in Las Vegas? New luxury home construction is surging after several years of non-existence, yet I find most of these new homes are being built by somebody moving into them and are not coming on the market for sale. We still have a shortage of new or nearly new Las Vegas luxury homes that meet the expectation of today’s buyers. When a modern or contemporary luxury home comes on the market in the right location at a fair price it’s sold in a matter of weeks. Las Vegas luxury home prices have risen nicely the past few years. Yet older luxury homes, and for Las Vegas that means 10 plus years old, have stayed pretty stagnant as most buyers don’t want the project and cost involved in updating or remodeling them. Luxury Homes in Las Vegas that have been remodeled and updated sell much faster and for a premium compared to their 10-20 year old neighbor’s homes. Overall, relatively low inventory in the best market areas has kept prices steady to improving. Foreclosures plagued the housing market during and after the financial crisis. Today, we see very few if any distressed home sales. Population and job growth continue in Las Vegas and that inevitably leads to a healthy real estate market. It looks like we have more good times to come for luxury homes in Las Vegas!
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