Improvements in Luxury Realty Signals Possible Las Vegas Recovery
In order for the Las Vegas market to recover during these troubling times in the real estate market, premier luxury realty will be a leading indicator whether the city can revive itself, according to Portfolio Realty Group.
Jackie Bustios, a real estate broker/owner of Portfolio Realty Group, made two recent transactions including a Southern Highlands Estate that sold for $6 million and a home in The Ridges in Summerlin that is currently in escrow for $6.15 million, which could signal that the metropolitan statistical area is making a comeback.
“It has been an outstanding year and all signs are pointing to an improving market,” Bustios said. “When you combine one of the most exciting metropolitan cities in the world, a great climate and unique, luxury real estate, few areas in the country can match southern Nevada.”
Because the market has made continued improvements, Bustios said many of her investor clients are switching strategies from quick turnaround buy or sell to buy-and-hold in order to take advantage of rising prices. One investor recently bought several high-end volumes with cash for each property. After purchasing the properties, the same investor devoted money to redecorate the homes to match their high-end status.
“There are cycles that occur in the real estate market that dictate methods and strategies that are most useful for growing wealth through real estate ownership,” Bustios said. “Now is the time that savvy real estate investors are practicing the buy-and-hold strategy to optimize their equity.”