Money talks, at least in Las Vegas, where there have been a total of 101 sales of $1 million homes or more through the third quarter, according to Luxury Homes of Las Vegas.
The most expensive house sold in Sin City this year went for a cool $7 mil in late January, the firm's Kenneth Lowman reports. And in one instance, a million dollar-plus property sold in just four days.
In the third quarter alone, sales of houses priced at $3 million or above were up 7% from the same period last year. And September "was a fairly solid month relative to market conditions," says Lowman, whose brokerage has worked on almost half the $3 million-plus deals this year.
"We had a total of 19 sales close in the month versus just 17 for the same month last year," he said. "The market remains challenging, but sales are happening."
The broker also reported that foreclosures are starting to add to the lux home inventory in Vegas, and that will serve to "keep prices at these reduced levels for the near term." In September, though, only about 10% of the sales over $1 million were bank-owned.
