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Today, we are going to dive into the exciting world of luxury real estate in the vibrant Las Vegas Valley. As a real estate agent, I am thrilled to report that the demand for new luxury homes remains impressive. Builders & developers forecast a prosperous 2024, fueled in part by the recent Super Bowl fever. The exciting event saw Chiefs & 49ers team members renting out multi-million-dollar homes, significantly spotlighting the luxury living experience in Vegas on social media.
In 2023, according to data from Las Vegas-based Home Builders Research, new-home closings of $1 million & above stood at 567, marking a 4% rise from the 544 recorded in 2022. These figures, supported by increasing construction costs, have significantly grown since before the pandemic. The pandemic has also played a fascinating role in luxury sales growth since it began causing people to reevaluate their living situations.
Luxury sales have leaped by 81% since 2020 when this trend started.
The luxury real estate market is particularly vibrant in luxury developments such as MacDonald Highlands, Ascaya in Henderson, Southern Highlands, & the Summit Club in Summerlin. However, it’s important to note that these figures do not account for luxury homes built by owners who purchase a lot & hire a contractor.
The most expensive new home sold in 2023 was a clubhouse suite at The Summit Club in Summerlin. It was purchased by Switch CEO Rob Roy from Discovery Land Company, the resort community’s developer, for a staggering $15.5 million. Earlier, Roy had invested a whopping $33 million in The Summit Club to build a luxury estate.
Las Vegas is more than just glitz & glam!
Additionally, the Super Bowl winner -Kansas City Chiefs- players made quite the buzz with their luxuriously temporary arrangements in Las Vegas. All these activities & developments happening around Las Vegas just goes to show that our city is not just a tourist hotspot but also a great place to live! Explore things to do off of the Strip in Vegas!
Five of MY Favorite Luxury Communities in Las Vegas
Ascaya
As part of new luxury community developments, Ascaya, a hillside development in Henderson, recently announced its new project – ‘The Canyon at Ascaya’. It’s an exclusive collection of luxury condominiums that feel just like a home. The project starts construction soon & completion is expected by the second quarter of 2025.
Las Vegas continues to attract out-of-state, high-end buyers dealing with challenges in their home states, such as newly implemented capital gains taxes. The influx of people looking to relocate, especially from states like California, Chicago, & Washington, adds to the buoyancy of the local real estate market.
So, if you’re considering diving into the luxury real estate scene in Las Vegas, there’s no better time than now. Stay tuned to my website & blogs for more exciting updates & inside information. It’s going to be a great year for luxury real estate in Las Vegas!
