Just last year, Las Vegas real estate market was crowned by Realtor.com as the leading real estate market in the country. Experts expect that the local housing market will remain stable and continue to grow in the near future
Included in the upsurge is Las Vegas’ luxury real estate market. If you have taken an interest in purchasing a luxury property in the city, here are a couple of things you should consider.
Assess your investment goals
Are you looking to purchase luxury real estate in Las Vegas to make an addition to your real estate portfolio? Decide whether you want to live in a luxury home in Las Vegas or make it a luxury rental. With millions of tourists drawn to the city every year, you may intend to turn the property into a luxury rental, in that case, who may be your target market? The high-rollers, families, or those who want to experience a different side of Las Vegas or business executives staying here to work short term.
Before you delve into the luxury market, examine your motivations so you can look at the right places. If you plan to make the property your permanent residence, you might want to check Las Vegas’ luxury single-family home neighborhoods or condos on the Strip. If you want an income-generating property, investing in a multi-unit residence, a vacation home, condo-hotel or an apartment building might be the best route to take
Work with a qualified real estate agent
There are two things to bear in mind about Las Vegas and luxury real estate. First, while more real estate developments are underway, the housing inventory remains low and the demand is quite high. Second, not every luxury property for sale is listed on mainstream real estate websites. Some can go unlisted to protect the seller’s privacy and are marketed through word of mouth between agents.
With those two things in mind, it makes great sense to work with a qualified real estate agent who specializes in Las Vegas and Nevada real estate. You will have a better pulse of the market. Moreover, your real estate agent’s network can lead you to the finest luxury properties for sale in Las Vegas, sometimes even before they hit the market.
If you are interested to learn more about Las Vegas luxury real estate and luxury homes in the area, contact me today
Take a closer look at the location
Las Vegas’ growing economy is spurring more real estate and commercial development in the city. From Downtown development to Lake Las Vegas and The Summit as the most recent.
Some of the more distinctive neighborhoods to consider: Tournament Hills, which is located on the TPC Las Vegas golf course, average at $3 to $13 million. Another golf community, Canyon Gate, have homes between $1 to $2 million. Askaya, located 1,000 feet above the Las Vegas Valley, have homes with an average list price of $7.5 million. Located in the heart of Summerlin, The Ridges, is considered one of Las Vegas’s most coveted addresses, and the most expensive home here is currently priced at $12 million. The Summit only has 136 lots, its exclusivity attracting the Who’s who of Las Vegas. Royal Highlands in Southern Highlands is the ultimate master-planned community, with parks and trails all over the neighborhood.
Further development can be good news. It can increase home price appreciation rates in the area. If you are investing in a luxury rental property, more prospective tenants might come knocking. To learn more about upcoming developments and new construction, please contact Natasha Kattau at a702.249.0211.
Don’t skip the home inspection
Home inspections are a must, whether you are buying a luxury property or not. Listings can only give you so much information and pictures can only reveal so much about the property. You have the option to invite a home inspector to properties you’re interested to fully assess the entire home
It would be preferable to work with a home inspector knowledgeable in luxury real estate as these properties have amenities that are not often available in regular homes. This includes water fixtures like fountains and ponds, spas, security/surveillance systems, central air-conditioning and heating, and lawn irrigation systems.
Some amenities specifically require the expert opinion of a specialist. We can help you find the right person so you can make sure the luxury property you are buying is 100 percent worth it
Look at comparable properties
In most cases, the price tags of luxury properties are usually driven by several factors. It could be the location, the size, the materials used in the property, historic or architectural significance, special amenities, or a mixture of different causes. Ask your real estate agent to find properties similar to each other to compare prices before you make an offer. We are in the market every day and we know what is trending.
Find luxury properties in Las Vegas
Browse luxury listings and get in touch with Natasha Kattau today to find your dream Las Vegas luxury home.