Factors that Affect Selling a Luxury Home

Are you thinking about selling your luxury home in Las Vegas? Let’s discuss the major factors in selling a luxury home in Las Vegas. The three main factors are:

1. Location
2. Size
3. Amenities

One of the most recognizable sayings in real estate is “location, location, location.” Location is the major factor in a luxury home buyer’s search and can greatly affect value. For example, a 7,000 square foot luxury home in The Ridges neighborhood can bring approximately $400 per square foot and sell for $3,000,000. (I sold 23 Skybird Ct in Redhawk at The Ridges for close to this price). A similar sized home in the northwest might only bring $200 per square foot and sell for $1,400,000. A luxury home buyer with his business located in Henderson might only search in MacDonald Highlands or Seven Hills to shorten his work commute and will not even look at the most amazing luxury home deal in The Ridges which is on the west side of Las Vegas and might be 30 minutes from his place of work.

Size is the second factor luxury home buyers use to narrow their search. The luxury home buyer won’t look at a 9,000sf luxury home if their needs only call for 4,000sf. Conversely, they won’t look at a 4,000sf luxury home if they have a large family and require 9,000sf of living space. Size is also that critical component in the dollar per square foot analysis luxury home buyers, luxury home sellers and appraisers use to value luxury real estate.

Amenities can greatly influence salability and value when compared to similar sized homes in the same neighborhood location. For example, the 7,000sf luxury home in The Ridges with home automation, a theater, a wine cellar, venetian plaster walls and high quality finishes is going to sell faster and for more money than the 7,000sf luxury home that does not have these amenities. Amenities are personal in nature and can have different value to each luxury home buyer.

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