Many might wonder if now is the best time to open another residential real estate office here when the market is clearly having its problems. There is an abundant oversupply of houses, condominiums and townhouses for sale, many of which are vacant, and they are moving slowly despite lower prices. But there is a narrow sector in it that is doing quite well. And that is the luxury segment that seems to be immune to the shifts in the overall marketplace. At least here in Southern Nevada it is.

As a proof of that is the single-family house that sold in July at The Ridges in Summerlin for $7.9 million. The price converts to over $1,000 per square foot, bursting through that benchmark for the first time ever. And local Realtors operating in the upscale sector regularly report that their business remains steady.  

Colliers International is a global firm with a presence already here in the form of a commercial office and now they add a residential component to it. This division will only list single-family houses priced above $1 million and condominiums from $500,000 on up. As the senior managing partner Vic Donovan relates, their plan is to market luxury Las Vegas to the world.

The local office will have a solid base from which to start. It'll be able to benefit from the contacts the commercial side has generated over the years in the global community. Their clients have actually made repeated requests they get into the residential business here as well. Now they have.

And then there are the referrals the Las Vegas staff can get from their other luxury home division offices throughout the world, including places like Australia, Hong Kong and United Kingdom. It can be their bread and butter avenue to achieving their goals. In addition, now that the dollar is sinking, the international business people and other luxury buyers find U.S. properties even more attractive than before.

Colliers International's stellar reputation and worldwide reach make them a formidable presence in town and it will unquestionably carve itself a decent slice from the market pie. The competition in the segment is about to get more stimulating.