While the overall housing market is in bad shape, wealthy American and foreign buyers are still willing and able to pay huge prices for lavish properties. By Prashant Gopal, BusinessWeek
But what is a luxury property? A luxury property price in the one part of the country may not be able to buy a modest property in another. So price alone is a poor description of a luxury properties. All luxury properties specialists seem to agree on is that location is a key ingredient to desirability. Location is often a reflection of lifestyle, a key component in the luxury homeowner's decision making process.
The most critical aspect to a luxury home is quality. Luxury homeowners demand and deserve the very highest quality home that money can buy. A luxury property then can be best described as a home that offers the highest quality location, floor plan, amenities and lifestyle to owners within their community.
The bottom line is that there is no single definition for the luxury home market. It varies from market to market and even within individual market segments.
The luxury homes market was once a tiny percentage of overall sales but today is a fast growing market segment that has gained increasing momentum over the past several years. Specifically in Las Vegas High Rise Market. There are many projects in the construction, proposed, planning, or in-progress phases on or around the Las Vegas Strip. There are many more projects in the pipeline that will continue to change the Las Vegas Landscape.
There are 2 basic market segments of the Las Vegas Real Estate.
- The single family home market.
- The Las Vegas High Rise market.
Las Vegas has led the nation for the over last year in a row with the highest foreclosure rate in single family homes. But that has not happened to the Las Vegas High Rise market. Comparing the High Rise Condo market here in Las Vegas with the Single Family market is like comparing oranges to apples. They are complete opposites. Not only are they complete opposites but they also are preforming in two different ways right now and will always stay that way. Despite what the national news says on a daily basis about the housing market the Las Vegas High rise market is one of the strongest Real Estate sectors in our country and perhaps the world for that matter.
Developments currently completed or under construction include Sky Las Vegas, Allure, Panorama, Trump Tower, One Queensridge Place, Turnberry Towers, MGM City Center, Cosmpololitan and MGM Residences. Among the urban village, mixed-use developments are Sullivan Square, Brickwater, The Mercer, Boca Raton, Echelon... Las Vegas is growing skyward with the addition of many high rise towers as well as urban lofts and multi-use developments.
Developers have come from around the world to re-shape Las Vegas vertically. Luxury urban living is a growing trend where less is more and being located downtown or within walking distance of work & play is becoming more and more popular. When we talk about Luxury Living here in Las Vegas a few things come to mind.
- Beautiful custom estates,
- Amazing master planned communities with spectacular homes,
- High rise Condos.
Living the vertically life of luxury here in Las Vegas has become more and more popular among the affluent Home buyers. I believe that if you can afford to buy a Las Vegas High rise Condo at the moment and are willing to hold on to it for at least 2 years you will have made one of the BEST investments in your life.
Check out the Trump Towers, Panorama Towers, Boca Raton Condos, The Meridian and more. Visit our main condo web site at Las Vegas Condos for the latest updates.
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Arina, great article on the high rise vs. single family home market in Las Vegas. I wonder what the profile of your typical high rise condo owner is? What are their typical occupations? Is it a second home for them? Surely their income is much higher than the single family home market. Very interesting read. The fact that the condos have been stable and growing yet single family has had so many distressed properties. Maybe it's just a function of the haves and have nots. More of those living vertically have done better in the economy.