Over the last few years, the luxury home market has become more of a priority in Las Vegas due to increased demand in this segment of the residential Real Estate industry.
We have seen more luxury home neighborhoods in development in several areas of the Las Vegas Valley. What is the source of all this interest in luxury homes?Here are a few reasons:
Over the last few years, Southern Nevada has seen a large influx of people moving here from other states, primarily California, where the prices of homes are higher than in the Las Vegas area. Plus, Nevada has no state income tax. Many of these people want a more luxurious home. Due to the large demand for luxury homes, many builders have entered the semi-custom and custom arenas, providing many beautiful choices to meet this demand.
Las Vegas becoming a sports town has also contributed to the influx of people moving here. Beside the shows, casinos, and some of the best restaurants, we now have professional sports teams: the Raiders, Golden Knights, Aces, and more.
When the pandemic hit, more members of the family were home a lot more—working or schooling from home—and they felt that they needed more room. These families took advantage of the low interest rates in the last few years and moved into more spacious homes with more amenities as they were getting great offers on their existing homes. The laws of supply and demand helped with that since the inventory of existing homes was very low.
Some of the new things that we are seeing in these homes are large home offices and open kitchens that have become the heart of the home. Plus, there is more space for game rooms and home theaters. These homes also offer quality materials for countertops and flooring, ultra-fine appointments in the baths and kitchen, and top-of-the-line fixtures throughout the home.
Another reason for interest in the luxury home market is older parents moving in with their adult children and their families. These big, spacious homes allow reconfiguration of space, so a “next-gen” apartment for the parents is under the same roof.
If you are in the market for a luxury home or any home, contact Robin Smith at 702-460-5080 or robin@smithteamlasvegas.com.
Keep in mind that whether you are interested in buying or selling a home, a Realtor should represent you. This person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years.
Thanks, and make it a terrific day. The Smith King Team
