The Las Vegas luxury real estate market has some positive signs and some negative signs presently. The good news is that sales are happening. In fact, I just sold another The Ridges estate that was listed for sale at $2,500,000 and sold in just over 4 months. We are continuing to see good buyer traffic in all our The Ridges Estates as well as all luxury properties across the valley. The challenge remains excessive inventory in just about every luxury community in Las Vegas. Too many luxury estates were planned and built in the boom times and we are suffering from a glut of inventory. This will continue to put downward pressure on prices until the inventory begins to decline. The good news here is that very few luxury homes in Las Vegas are being constructed. The market will correct in time and those who purchased now will be very thankful.
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