RISMEDIA, April 5, 2007-In a time when most indicators are signaling a flat residential real estate market in Las Vegas, there is one sector that continues to grow. The 2006 Luxury Home Report compiled by Coldwell Banker Premier Realty (CBPR) revealed that new luxury home sales ($1 million and above) in 2006 were actually up 5.35% over 2005. The exact numbers are as follows: 453 new luxury home sales in 2006 compared with 430 sales in 2005.
The report also showed that 2006 rendered a record breaking year when it comes to sales price. The top luxury home sale in the valley in 2006 came in at $14 million, doubling the previous record of $7 million in 2005. The record shattering 22,000 square foot mansion would fit in just fine on Lifestyles of the Rich and Famous, or MTV's CRIBS, as it boasts a ten chair movie theater, indoor basketball and racquetball courts and a 15 car air conditioned garage. It also houses five bedroom suites, 10 baths and a master retreat that is 1,095 square feet. The property is located in the popular Queensridge area of Summerlin.
2006 was also a banner year for sales in the luxury condominium sector. The numbers of units sold was up 115.2%. Total condo sales in 2006 came in at 2,035. Total sales in 2005 amounted to 946.
"When you look at the total market picture market right now, no one would argue that it has cooled off from the red-hot market we experienced in late 2004 and 2005," said Bob Hamrick, president and CEO of Coldwell Banker Premier Realty (CBPR). "But when you look at new home sales in the luxury market that are holding strong and moving in the right direction, it gives us a sense of optimism. In a way, these numbers signify that what we are seeing in the market across the board is probably a correction, and not a recession."
While the competition remains fierce in the million dollar plus price point, CBPR trains their realtors to increase their sophistication. They are experts at addressing the key factors that will position their properties to get top dollar in the luxury market.
For more information, visit www.premierrealtygrp.com.
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