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3rd Quarter 2010 Luxury Market Report

Luxury Homes of Las Vegas just released their 3rd quarter luxury real estate market report. Luxury homes selling at or above one million dollars were down by 14% over the same period last year. Luxury homes selling at or above three million dollars were up by 7% from this same period last year. September was a fairly solid month relative to current market conditions. We had a total of 19 sales close in the month versus just 17 for the same month last year. The market remains challenging, but sales are happening.

The highest luxury home sale thus far in 2010 was for $7,000,000 in late January in The Ridges. The fastest luxury home sale took just four days to sell. Luxury Homes of Las Vegas reports a 46% market share of the luxury home sales over $3,000,000. There has been 101 luxury homes sold over $1 million through the third quarter of 2010.

The luxury market has some positive signs and some negative signs. The positives are that the current reduced price levels are attracting buyers. The negatives are bank foreclosures have entered into the luxury market and it will take time to clear some of this inventory, which could keep prices at these reduced levels for the near term. In September approximately 10% of the luxury home sales over one million dollars were bank owned, a low percentage compared to the general market.