Luxury Real Estate is Defined in the Las Vegas Market

If you describe Real Estate as Luxury enough times, it starts to lose its meaning.  Luxury is entirely overused in the Real Estate market to describe properties that do not meet the general definition of a Luxury Real Estate Property.  In fact, the term Luxury has been used to describe Ultra Luxury Real Estate; homes of the world’s wealthiest 1% to a small kitchen re-model.

The Institute for Luxury Home Marketing, which specializes in training real estate professionals in high-end home sales, defines luxury as the top 10% of the Real Estate Market in any metropolitan market.   You may be surprised to know that 90% of the resale homes that sell in our market are under $630,000.

In addition, there is no official checklist for labeling a property as luxury.  Noteworthy, there are some general features that are common in upscale properties:

  • Gated communities or buildings with a high level of security
  • Prime Location
  • Professional Quality Kitchen Appliances
  • High End Interior Finishes
  • Customized Closets
  • Hotel like facilities if the property is located in a luxury building

In the Las Vegas Market in the preceding six months:
The top 10% of the market that sold was $630,000 or above that price point.  There were 593 homes that sold with an average days on market of 89 days.
The top 5% of the market that sold was $925,000 or above.  222 homes sold and were on the market an average of 105 days.
The top 1% of the market that sold was $3,000,000 and over.  25 properties sold with an average days on market of 164 days.

Finally, if you are questioning whether your home would be considered in the top 10% of the market, talk with your Windermere Prestige Properties Agent.  To preview our Luxury listings go to:  www.finevegashomes.com

Posted on March 7, 2018 at 10:38 pm
Robyn Yates | Category: Information for clients, Luxury Real Estate, Market Reviews, Uncategorized | Tagged , , , , , , , ,

Rentals in High Demand and Inventory Low

Rentals in High Demand and Inventory Low

 

There is a thirty-day supply of rentals in the Las Vegas Valley, down dramatically from spring of 2017 where there was a ninety-day supply.  Why are rentals in high demand and inventory so low?   There are several factors affecting this market; one factor is the low inventory of affordable properties available for sale, making it difficult for buyers to find a home.

 

Buyers making offers and losing out on properties to higher bidders or cash buyers are getting frustrated and putting buying “on hold.”  These frustrated buyers are renting apartments, condo’s, townhomes and single-family homes in lieu of purchasing.  They may be back in the market but not until the market dynamics change.

 

Millennials, the 26 to 34-year olds, for the most part do not want the responsibility of home ownership, and they prefer to spend their money on experiences, not a mortgage payment.  Many in this age group are also carrying large amounts of student debt, which is impacting their ability to save a down payment or afford the monthly payment.

 

Vacancy rates have dropped dramatically over the past few years; from 9.48% in 2015 to 3.1% in 2018.  This demand has also pushed up overall rental rates.

 

This is good news for landlords, apartment owners, and Real Estate Investors.

 

Windermere Prestige Properties has many Rental Homes available; long term and short term.  To find out about these offerings go to:  www.finvegashomes.com or www.lakelasvegasvacation.com

 

 

Posted on February 15, 2018 at 7:04 am
Robyn Yates | Category: Uncategorized

The Fountains Sales – compare with Zillow predictions

http://cma.windermere.com/service/cma/presentation/web/139fb737-53e2-4897-9c9f-294d6a6bb838#cover

Posted on July 11, 2017 at 4:10 am
Robyn Yates | Category: Uncategorized

Days on Market April 2017

Low Inventory

The data indicates there is lower inventory than spring of 2016.  This lower resale inventory of Single Family homes has impacted the days on market.  Properties selling within the first 30 days are at 62.6% of total properties available for sale.  In addition, there is an increase in the number of properties selling in the first 30 days by 10% when compared to April of 2016.

Average Days to close from list

Total average days on market is now less than 120 days.  Properties that are priced right and in the market under $300,000 are getting multiple offers and in many cases, buyers are bidding above list.  Some sellers are asking buyers to pay more than the appraised value if the appraisal comes in less than the agreed upon sales price.

Recommendations to buyers

If you are a buyer, we recommend you act quickly writing and presenting your offers.  Include your pre-qualification letter from your bank, or proof of cash to close the transactions if you are paying cash.  A letter to the seller telling them how much you like the home could be what you need to convince the seller to sell to you in a competitive market.

Posted on May 10, 2017 at 10:53 pm
Robyn Yates | Category: Uncategorized

November, 2016 Resale inventory is at a four year low.

Leaning towards a seller’s market in 2017

We are seeing a very positive trend appearing in November, 2016. Inventory, which is the number of resale homes available for sale at this moment in time, is at its’ lowest since October of 2013. This is not just a seasonal low. When we compare the inventory from November of 2016 to the previous Novembers we are 16% under November 2015, and 26% below November of 2014.

This trend coupled with and election being over, positive economic forecasts including job growth in Las Vegas; indicate a potential for increasing prices in 2017. Each percentage of price increase in this market means that still underwater homeowners are closer to potential options. Many of these homeowners have not been able to move. These are the residents who have not walked away from their home or short sold their home but rather have stayed the course realizing they still needed a place to live and decided to wait it out. In 2017 these homeowners will get closer to being able to sell and move up, down or out.

Another positive trend if the increase in luxury sale in the market. November sales over one Million dollars are up 46% from prior month.

Interest rates are creeping up as well but we are still at historically low rates making homeownership possible for many.

Posted on December 13, 2016 at 4:27 am
Robyn Yates | Category: Uncategorized