Ultra-Luxury Housing Market Holding Strong
It is no secret that the housing market in Las Vegas, and Nevada as a whole, took a hit in the recent housing slump. But according to area realtor Ken Lowman, the city’s ultra-luxury market has remained quite strong.
“The ultra-luxury market remains the best performing part of the residential real estate market today,” Lowman said to the Las Vegas Review-Journal in late January. “We have had four closings in the past five months for over $3,000,000 and I have finished the year with more momentum than it began.”
The focus of the article is on a local dentist who downgraded from a $5.6 million home with 7,000 square feet of living space to one in the same subdivision with only 5,000 square feet.
The 2-year-old, custom-built home was on the market for 118 days.
“Unique features in the estate home include a circular bar, a water wall entry feature, great room with four televisions, infinity edge pool overlooking the valley and mountains, a wine cellar, four-car garage and second-story observation loft.”
The ultra-luxury homes market is so rife with competition, in fact, that developers are scrambling to up their game. Granite countertops, high ceilings and top-notch kitchen appliances are standard expectations, according to New Homes magazine. In fact, discerning buyers looking to customize their living spaces are choosing counter surfaces like onyx and imported marble tiling. To further entice buyers, many ultra-luxury condos and developers offer on-site design centers with various levels of customization available.
Las Vegas is not the only city seeing a relatively healthy ultra-luxury housing market. The ongoing construction of ultra-lux condo projects like the Chicago Spire (scheduled opening 2011) indicate that elite buyers are indeed shopping across the United States. San Francisco statistics from February indicate that multi-million dollar home sales are strong there as well. With 68 homes on the market in the $2 to $4 million range, 15 sold in January at an average price of $2.53 million after an average 117 days on the market. Indeed, the luxury and ultra-lux homes market seems to have weathered the real estate storm just fine, perhaps thanks in part to the tremendous influx of foreign investment?
February 15th, 2008 at 12:53 pm
[…] Jennifer Kirby wrote an interesting post today onHere’s a quick excerptBut according to area realtor Ken Lowman, the city’s ultra-luxury market has remained quite strong. “The ultra-luxury market remains the best performing part of the residential real estate market today,†Lowman said […] […]
February 15th, 2008 at 1:41 pm
[…] Housing Market Holding Strong unknown wrote an interesting post today onHere’s a quick excerptBut according to area realtor Ken […]
February 15th, 2008 at 2:03 pm
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