Las Vegas Luxury Real Estate buying power has increased
Las Vegas Luxury Real Estate Homes and Condos saw a great increase in sale the last two quarters of this year, 2020. Buying and selling luxury real estate homes in Las Vegas has seen a great increase in buying power despite the CoronaVirus pandemic. Las Vegas has become a prefered destination moving and relocating mainly for the high end real estate buyers. The options, modern style homes, prices and location make this luxury home market a great option to live in.
Luxury Homes and Condos
The luxury market in Las Vegas shows no signs of slowing down. Inventory is down while sales are up. $1 million or more saw an increase through the second part of 2019 where MLS area 502 for example saw around 16% higher sales of luxury homes and condos. The Ridges in Summerlin has been one of the top selling communities in Las Vegas. People like the gated community atmosphere at the top views of Las Vegas. For example, 110 luxury homes were sold in September in guard-gated communities which is 50% percent higher than last year. Berkshire Hathaway HomeServices has offices in Arizona, California and Nevada and said that this year has set records for the sale of Luxury Real Estate in Las Vegas. The Summit Club resort in Summerlin ranges up to $20 million for custom luxury homes and up to $7 millions for lots, ranging between $1,000 to $2,000 per s.f. for construction. Luxury homes in particular have seen a great increase in prices during the pandemic as a result of many reasons, and the future looks just as good.
How COVID-19 pandemic is affection Las Vegas Luxury Real Estate market?
Despite the CoronaVirus pandemic Las Vegas Luxury Real Estate buying power has increased. Being forced home for so long put a different perspective into how people see their homes. Some realize that renovating their old home can cost as much as moving to a new Luxury home in Las Vegas. Working from home became a great new option, so people are selling their homes in other great big cities and with that money they can afford luxury homes and condos in Las Vegas. The size and architectural style of the old homes became outdated, realizing it is time to move to a new home. Las Vegas has the greatest selection of luxury new homes from Toll Brother semi custom homes to high end custom homes in gated communities, ranging from $1-$20 millions. Some people have decided to go out of the stock market having buying options, so they want to upgrade. Home office space became more desirable, so buying a luxury home that accommodates these new needs became a viable choice.
Why Las Vegas relocation is worth consideration?
Las Vegas is the number one nationally in job growth and employment potential. Some people decide to relocate to Las Vegas because of tax reasons. States like Florida, California, New York, Oregon, Washington and Illinois impose a great difference when it comes to state taxes. The difference between these states and Nevada can range up to 15%, which makes Nevada a very desirable place to move to. California for example has faced some cultural challenges such as homeless, violence and unrest in addition to financial forcing people to relocate to Las Vegas. Weather in Vegas is another reason people from the cold states want to move to. Vegas has a great selection of retirement communities and golf all year round. Las Vegas entertainment is one of the best in the world. Most broadway shows make it Vegas, in addition to cirque du soleil and best entertainers and musicians make Vegas their home.
Las Vegas luxury homes and condos become a desirable commodity, making it a great place to relocate, live, work and enjoy weather and life for all ages. Luxury homes prices are still much below most big cities in the United States and the demand is going up making this market solid and attractive.