It’s that time of year were we often look into the future and make some predictions for the new year. 2013 was certainly a good one for the recovery of real estate markets across the country. I believe that luxury real estate will continue to recover in 2014. Statistics show that household formation has outpaced new home construction and this will lead to more housing demand and eventually rising prices. In many growth markets, housing starts are still only one-half their historical average. In the Las Vegas luxury home market the first 9 months of last year saw tremendous appreciation while the last 3 months of the year were stable. I predict 2014 will be the opposite with the first 3 months remaining fairly level and then the last 9 months of the year returning to appreciation in the 5-6% range. What are your predictions?
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