The media is full of both positive and negative signs for our economy. In fact, many interpret the same data to mean different things. How does this relate to recovery in the Las Vegas luxury home market? I would first start with, what is your definition of recovery? For one who has owned a luxury home for 15 years in a great neighborhood and prices it well, they find it sells relatively quickly. Recovery! For one who has purchased a luxury home in Las Vegas in 2007 with financing and cannot even price to clear their mortgage, no recovery in sight!
Our luxury home sales market is certainly not as strong as 2007, but we are seeing that the reduced prices have brought buyers back into the marketplace and luxury homes are selling if they are priced right, marketed aggressively, in great condition. Recovery! However, I also see luxury homes that are priced for perfection languish on the market and not even get any looks. No recovery. I think the experts that predict uneven recovery will be right because for all of us to feel recovery, prices will have to rise again and this may be years away.