As the Southern Nevada real estate market continues to climb back, one of Las Vegas’ most prominent high-end realtors says the luxury market segment may be the leading indicator that the market is rebounding.
“It has been an outstanding year and all signs are pointing to an improving market,” said Jackie Bustios, Broker/Owner of Portfolio Realty Group.
Bustios points to two of her recent transactions: a Southern Highlands Estate sold for $6,000,000 ($567 per foot) and a home in The Ridges in Summerlin that is currently in escrow for $6,150,000 ($624 per foot) which is set to close this week.
Bustios said the market’s continued improvement has made her investor clients switch strategies from quick turnaround buy/sell to buy-and-hold in order take advantage of rising prices.
One investor, Lacy Harber from Texas, has bought several high-end homes in Las Vegas, paying cash for each, and then invested additional resources refurbishing and re-decorating the homes to match their high-end status. Harber has only a select few of these special homes on the market, holding some inventory back as the luxury home market starts to rise. Harber doesn’t need to sell and is waiting on the right price for his high-end real estate holdings.
“There are cycles that occur in the real estate market that dictate methods and strategies that are most useful for growing wealth through real estate ownership,” said Bustios. “Now is the time that savvy real estate investors are practicing the buy-and-hold strategy to optimize their equity.” Bustios added buyers for high-end homes remain active, particularly when it comes to unique Las Vegas properties.
“When you combine one of the most exciting metropolitan cities in the world, a great climate and unique, luxury real estate, few areas in the country can match Southern Nevada,” she said.
About Portfolio Realty Group:
Portfolio Realty Group offers a vast knowledge of the marketplace combined with our results driven approach, experienced real estate professionals and personalized client services which have proven effective when it comes to helping our valued clients meet their real estate needs. Specializing in the marketing and sale of luxury homes and international properties, Portfolio Realty Group has many state-of-the-art tools and options available to assist you in buying or selling luxury properties which include the resources of our broad national and international relationships. Please visit us online at www.PortfolioRealtyGroup.com.
CONTACT: Jackie Bustios of Portfolio Realty Group, +1-702-759-0202
Web Site: http://www.portfoliorealtygroup.com
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Filed under: Real Estate
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