More and more million-dollar homes being snapped up in Las Vegas
Courtesy of Luxe Estates Collection
After some chilly years, Las Vegas’ luxury housing market is heating up.
There were 85 sales of million-dollar homes in the three months ending March 31, up from 39 deals in the same period last year, according to a report this week from Redfin, a real estate listing service.
The homes sold for at least $1 million each. If sales continue at this pace, 2013 will be the best year by volume for Southern Nevada’s high-end housing market since the economy bottomed out.
There were 194 sales of million-dollar homes last year, compared to 188 in 2011, 252 in 2010, 219 in 2009 and 352 in 2008, Redfin reported.
Nationally, there were about 8,300 sales of million-dollar homes last quarter, up from 6,100 a year earlier.
Despite the uptick in volume, many luxury homes in Las Vegas are selling for far less than what the previous owners paid.
Treasure Island owner Phil Ruffin, for instance, sold his 9,158-square-foot Summerlin mansion in January for $2.8 million. It was listed for $3.6 million and before that for $4 million.
Property records indicate the casino mogul bought the home in October 2007 for $5.7 million.