Vw, Both Buyer and Seller in Las Vegas, NV

Trading up in Vegas/Henderson

Asked by Vw, Las Vegas, NV Tue Oct 9, 2007

We'd like to trade up locally from our current home in the next 2 years or so. However, the current rate of price erosion seems slower in the homes we're admiring ($1.2M to $1.5M) than homes less than $1M, or specifically in the case where we currently own, the $500K range. I suppose that's due to inelastic demand if you can afford it! Although there are further declines predicted for our market in general, do you have any advice concerning or current experience with luxury homes, for instance Macdonald Highlands?

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2
Hi Vw,

If you are seriously interested in listing your home on the market and buying another, let me know. I specialize most of my business in the Henderson/Green Valley area. I would suggest not selling right now if you don't have to due to the market currently being a buyers market. If you can purchase at this time, I would definitely suggest making your purchase real soon though. That is if you can afford to keep 2 homes for now. You could sell right now for a lower amount and you will make the profit back up in the lower cost of homes when you purchase too. I believe that the luxury market will tend to rise in value in the future, especially in the MacDonald Highlands area. This area has many plans in expanding up the mountain. This will bring surrounding property values even higher further down the road. I believe we'll start to see the increase in values across the valley around the 4th quarter of 2008. Again, I would be happy to help you buy and sell if you would like to make the move. Take care.
0 votes Thank Flag Link Fri Oct 12, 2007
Hi Vw,

In regard to the Toll Brothers community of Macdonald Highlands, the prices for listed properties range from$1,250,000.00 for 2,792 square feet to $1,656,975.00 for 5,267 square feet. The properties which have sold in the community in the last six months have been from $1,237,500.00 for 4,018 square feet to $1,669,975.00 for 5,272 square feet.
As you can see there is quite a difference in sale price due to the upgrades, condition of the home, and what the sellers need for selling may be.
Generally a home in the $1 million to $1.5 million price range takes an average of 23.3 months to sell in our current market. From Jan. 1 to Jun.1 of 2007, 293 homes have sold in this price range. With 568 homes listed for sale in that same time frame, about 51% of the homes which have been listed have sold.
According to the Las Vegas Valley Residential Report Mid-Year 2007, the new home luxury market experienced a significant increase, the resale market experienced an 8% decrease in luxury sales. The luxury market remains strong with the most significant competition for resale homeowners to be new home construction.
In regard to your current home, home prices have stabilized at this time, existing home sales are down 13% from the first quarter and down 39% from the same quarter in 2006. With that said, properties are still selling for the highest and second highest prices in Las Vegas history. Sellers still need to price their homes appropriately to attract agents to bring their buyers to view the property. With our current inventory over 27,000 homes for sale, pricing, condition, and location are essential in marketing a property.
I hope you find this information helpful.
Lisa Turney
Coldwell Banker Premier Realty
0 votes Thank Flag Link Wed Oct 10, 2007
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