Las Vegas luxury homes and high-rise condos priced at 10-25 million dollars market report
Well if a luxury Las Vegas home or high rise condo is priced higher than 10 million dollars, it hasn’t sold in the last couple of months. Below is the market report for ten million dollar plus luxury home and condominiums, how many homes are short sales or foreclosures (REO), how many homes or condos have sold (closed escrow or recorded), how many listings have expired , pending sales, sales percentage and how many of the condos and homes sold in the last 60 days were short sales or REO.
As you can see, no luxury home or high rise condo has sold in Las Vegas that is priced over 10 million dollars although 42 listings are available for sale. I have no doubt that if someone has ten million dollars or more burning a hole in their pocket they can get a great deal. The other important point is that none of these listings were a short sale or foreclosure (REO) as many are high rise condominiums for sale that the builder is looking for a buyer.
| Asking Price | Number Of listings | Short sale | Foreclosed | 60 day close | Expired in the last 60 days | Pending Sale | Percent selling in the last 60 days | REO or Sort Sale, sold |
| $25,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | No Sale | 0 |
| $22,500,000 | 1 | 0 | 0 | 0 | 0 | 0 | No Sale | 0 |
| $20,000,000 | 6 | 0 | 0 | 0 | 1 | 0 | No Sale | 0 |
| $17,500,000 | 2 | 0 | 0 | 0 | 0 | 0 | No Sale | 0 |
| $15,000,000 | 2 | 0 | 0 | 0 | 1 | 0 | No Sale | 0 |
| $12,500,000 | 7 | 0 | 0 | 0 | 2 | 0 | No Sale | 0 |
| $10,000,000 | 24 | 0 | 0 | 0 | 4 | 0 | No Sale | 0 |
| TOTAL | 42 | 0 | 0 | 0 | 8 | 0 | No Sale | 0 |
Las Vegas luxury homes and high-rise condominiums priced at 1-10 million dollars market report
Again, we see no homes or condos that are priced over 2.5 million dollars that are selling in Las Vegas, although there are 6 pending sales.
The number of available luxury homes and high-rise condo that are offered for sale in Las Vegas for 2.5-5 million jumps to 817. Much of this number is high rise condominiums that the builder has failed to sell so far. Additionally, now we can see a rising number of banked owned and short sales rising rapidly to 34. Five of the sold homes or condos are short sales or REO. Please note that the ratio of sold listings to for sale listings is still very low and unless the property is priced low, the chances of selling it is less than 9%.
| Asking Price | Number Of listings | Short sale | Foreclosed | 60 day close | Expired in the last 60 days | Pending Sale | Percent selling in the last 60 days | REO or Sort Sale, sold |
| $7,500,000 | 47 | 0 | 0 | 0 | 11 | 1 | 0 | 0 |
| $5000,000 | 204 | 3 | 3 | 6 | 76 | 5 | 2.8% | 0 |
| $2,500,000 | 817 | 17 | 17 | 31 | 333 | 37 | 9% | 5 |
| $1,000,000 | 112 | 3 | 0 | 3 | 55 | 7 | 2.6% | 2 |
| TOTAL | 1180 | 23 | 20 | 40 | 475 | 50 | 7 |
Luxury Las Vegas homes and high-rise condominiums have been hit hardest by credit crunch and many of the listings that sell have cash buyers.
By the way, the big news is that the FED cut the interest rate by .5 points today. This doesn’t mean that mortgage interest rates are going to be cut by the same number.
Last time the FED started to cut rates was back in 2001. From January-2001 to December-2001, in the span of 11 months, they cut the FED Funds rate 11 times, with eight of those cuts by 50 basis points. This resulted in a total of 4.75% in short-term interest rate cuts taking the Fed Funds Rate from 6.00% down to 1.75%. While most uninformed people would think that because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well this is not so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.
No Comments so far ↓
There are no comments yet...Kick things off by filling out the form below.