Investing in New Luxury Homes in Las Vegas Right Now
Investing in new luxury homes in Las Vegas is the epitome of an exceptional quality of life. One of the fastest growing cities in the United States, Las Vegas is home to world-class entertainment centers, amenities, shopping choices, nightlife, museums, theme parks, parties, as well as a wide range of upscale properties.
With no personal income tax and incredibly low property tax, Las Vegas is a tax haven that attracts high-net-worth people from all over the globe. Medicine and food items are non-taxable as well. Thus, the city isa great place for entrepreneurs establishing new businesses and individuals looking to invest in new luxury homes in Las Vegas. In terms of tourism, over 41 million people visit Las Vegas annually, while over 22,000 conventions are held here every year.
Going beyond these, Las Vegas is also home to a thriving family-friendly community in safe and gated residential areas with top-notch schools.There are 68 parks surrounded by scenic views of the mountain ranges and the stunning Mojave Desert. Getting over 300 days of sunshine each year is another reason Las Vegas is a favorite destination among tourists and property owners.
A community set in the heart of the Mojave Desert, Las Vegas is blessed with unique features; it’s close to the Colorado River and surrounded by mountain ranges. Other scenic areas are beyond compare: the Grand Canyon, Death Valley National Park, Lake Mead, and Zion National Park. All provide outdoor opportunities and adventures for residents. In the central area is the Las Vegas Valley metropolis, the hub of cultural and economic activities.
How The Strip was born
Founded in 1905 by William A. Clark, Las Vegas started with a station cafe that featured a casino. In 1910, gambling was outlawed which prompted the development of underground casinos in the area. Two decades later, gambling was re-legalized and in 1941, The Strip was born, with the opening of several large casino hotels. In the 1960s, millionaire Howard Hughes bought some properties in The Strip, coinciding with gambling being renamed as “gaming.”
Best neighborhoods for luxury real estate in Las Vegas
Today, the quality and pace of Las Vegas’s development as a city, an entertainment capital, and a sought-after, family-friendly community would no doubt stun the city’s earliest advocates. The evidence is clear: about 19,000 people moved to Las Vegas between the summers of 2020 and 2021. The truck rental company, Penske, listed Las Vegas as the second top destination their customers moved to in 2021.
Whatever their reason, new residents found an array of upscale housing choices. New luxury homes in Las Vegas varied from upscale condominiums and apartments, beautifully designed estates, and sprawling ranches covering multiple acres.
The amenities of these homes are second to none: private swimming pools and spas, world-class golf courses, opulent clubhouses, and sophisticated fitness centers. Outdoor spaces, landscaped gardens, and walking trails are just as perfectly designed – great for those who enjoy running every day or walking their dogs.
Ranked as the 25th most populous city in the United States, Las Vegas includes five main cities – Boulder City, North Las Vegas, Las Vegas, Henderson, and Mesquite. There are also 11 unincorporated communities including The Ridges, MacDonald Highlands, the Summit Club, Red Rock, and Ascaya.
Some of the best listings of million dollar homes in Las Vegas are in these neighborhoods:
In the hills of Summerlin and close to the stunning Red Rock Canyon, The Ridges is one of the most elite master planned communities with over 800 acres promising comfort and stylish living. It features views of the vibrant downtown and the expansive Las Vegas Valley. The Ridges have been named by Forbes as one of the top three exclusive communities in the US.
Those who are looking to invest in golf course property will also be happy to know that Bear’s Best Las Vegas is located in The Ridges. Designed by legendary golfer and course designer, Jack Nicklaus, the par-72 championship golf course mimics Nicklaus’ works in Mexico and the USA.
Read more about The Ridges Luxury Real Estate
Located in the city of Henderson, MacDonald Highlands is a short drive from Downtown Las Vegas. This guard-gated community is built 2,700 feet above the valley, featuring modern homes surrounded by stunning nature views – the very definition of “living life on top.”
Las Vegas's new luxury homes in MacDonald Highlands are inspired by high-end, resort style aesthetics, with lush landscaped gardens, winding trails, private parks, and refreshing pools. Lovers of the outdoors will enjoy hiking and biking in the Red Rock Canyon National Conservation Area. In Lake Mead National Recreation Area, families can take a dip, water ski, fish, and go boating and camping.
Golf enthusiasts will also be thrilled to find the “target style” private designer golf course at the sprawling oasis by the foot of McCollough Mountains in MacDonald Highlands. The 18-hole course was designed by Jay Moorish and David Druzisky. The famous Dragon Ridge Country Club is easily accessible as well.
Read more about McDonald’s Highlands Luxury Real Estate
The Summit Club
Located in the master-planned community of Summerlin, The Summit Club is an ultra-luxury golf course collective designed by the Howard Hughes Corp., and the Discovery Land Co.
The 555-acre property near Red Rock Canyon National Conservation area offers limited home sites to preserve the tranquil nature of the neighborhood. Envisioned to be family friendly, The Summit Club builds amenities inspired by a resort lifestyle with numerous activities for kids like a camp, an indoor basketball court, a kid center, and gourmet restaurants serving healthy but kid-friendly meals. Aside from golf, outdoor activities include hiking in Red Rock, geocaching, camping, and so much more.
Like many of the new luxury homes in Las Vegas, The Summit Club boasts a private 18-hole golf course designed by Tom Fazio, famed for the Wynn Las Vegas golf course.
Will luxury homes in Las Vegas continue to go up in value?
Yes! New luxury homes in Las Vegas continue to rise in value. Overall, the median listing home price trended up 18.4% year-over-year based on August 2022 data. The price of available homes ranged from $1 million to $30 million.
According to Zillow's July 2022 Home Value Index, Las Vegas property values also saw an increase of up to 26% in the past year. Looking at its historical performance for the past 10 years, NeighborhoodScout.com reported that Las Vegas homes had an appreciation rate of 244.86%, with an average annual appreciation rate of 13.18%. With this performance, investing in new luxury homes in Las Vegas, means investing in the top 10% best performing neighborhoods in the country, in terms of real estate appreciation.
This data also forecasts the continued rise in home prices,with the possibility of hitting double digits in 2023. To date, there is a projected increase of 3.9% from July 2022 to July 2023.
For sellers, the value of Las Vegas’s new luxury homes remains historically high, while buyers can enjoy more properties becoming available at more competitive prices. An analysis showed that Las Vegas homes rank within the top 10 most overvalued in the American housing market. Las Vegas homes are sold at over 40% more than its long-term pricing trend.
The population increase will play a role as well. The Nevada Census expects a 1.51% increase in population between 2020 and 2025. It also forecasts the median household income to rise by 1.46%. Thus, the construction of new luxury homes in Las Vegas is expected to accelerate.
For single-family homes, FOX5 News reported that May 2022 saw more than a quadruple increase in median price of single-family homes compared to January 2012. In comparison with May 2021, the median price of single-family homes also increased by 25%, valued at $483,000 by May 2022.
These single-family homes make up 64% of the residential properties in Las Vegas, contributing to the growing rental market rate. It’s been reported that 45% of luxury homes in Las Vegas are rentals as opposed to the 55% who are owners in residence.
45% of luxury homes in Las Vegas are rentals
Furthermore, there is a growing rental market for new luxury homes in Las Vegas, with the median rent for a 3-bedroom home at $2,100 per month. Annually, rent prices have increased by 8% and in the past three years alone, the rental rate of 3-bedroom places have increased by 38%.
Las Vegas continues to be an economic powerhouse as well, with the Las Vegas Valley being the central financial, commercial, and cultural center in Nevada. It houses more than half of the biggest hotels in the world and in the valley alone, there are 150 casinos and about 150,000 hotel rooms.
In addition to the tourism, gaming, and convention activities that drive up the economic opportunities in Las Vegas, the region also operates with very diverse industries such as health care, technology, constriction, and mining.
New infrastructure and development projects in Las Vegas
To catch up with the fast-growing luxury real estate market in Las Vegas, infrastructure and development projects are underway. Here are some of the most recent:
- MSG Sphere. The sphere-shaped music and entertainment arena in the Venetian Resort, is being built by the same people behind Madison Square Garden in New York City. This arena features the latest entertainment technology including 164,000 speakers, with the sound coming through the floorboards. It is also expected to be the largest spherical structure in the world, measuring 336 feet tall and 516 feet wide. It opens in 2023.
- The Vegas Loop. For a faster and more convenient transportation system in Las Vegas, the Boring Company has built a three-station system that spans 1.7 miles of tunnel. It connects the Las Vegas Convention Center (LVCC) West Hall with the existing North/Central/South Halls campuses, decreasing the travel time from 45 minutes to a swift two minutes and an average waiting time of 15 seconds.
- All Net Arena and Resort. Occupying 863,000 square feet with a capacity for 23,000 seats, the All Net Arena and Resort features four levels, a retractable roof for all weather, and a nightclub. The arena is expected to host a variety of events including concerts, rodeos, and sporting events like hockey, basketball, and boxing. There will be 75 boxes for VIP guests with separate entrances. A 300,000-square-foot outdoor promenade is in the works, along with two hotels, a movie theater, a wedding chapel, a bowling alley, and a market.
- Majestic Las Vegas. A 45-story resort hotel, Majestic Las Vegas has 1,353,066 square feet of space to house 720 rooms, each measuring from 870 to 1,070 square feet. It will feature live entertainment, a swimming pool, and six restaurants. The developer also plans to accommodate a 70,000-square-foot, four-story wellness center with spa and fitness facilities.
The benefits of owning a new luxury home in Las Vegas
In addition to the continuously rising value of luxury homes in Las Vegas, there are more reasons to make investing in property here a sound decision.
A long-term investment
Buying a home means your money goes into an investment that can benefit you in the future. You can resell the property for a higher price, live mortgage free elsewhere, or generate income from it.
Autonomy to design your house
Your home is an extension of yourself and having the freedom to create a space that best fits you makes a difference. Explore the diverse neighborhoods in Las Vegas to find one that suits your lifestyle. There are communities that are more laidback, others that are family friendly, and some that are true to the side of Las Vegas that’s glitzy, glamorous, and party hardy.
Suits every type of homeowner
Are you a bachelor looking to enjoy life with friends? A young family hoping to put down roots in a secure environment? Or a retiree living it up? Whatever stage of life you’re in, there’s an array of Las Vegas communities to choose from.
As the center of the global entertainment industry, Las Vegas has the best and most sophisticated amenities in the world, bar none. From celebrity restaurants that are “worth the hype”to the best choices in leisure and entertainment, Las Vegas is your destination for new luxury homesand the lifestyle that comes with them.
Nevada’s biggest perk spares residents the burden of paying personal and corporate income tax. Plus, property taxes are on the low end. This means more cash to spend and reinvest elsewhere.
Costs less compared with similar communities
Las Vegas is one of the fastest developing cities in the USA, however, compared with its counterparts such as Seattle or New York, Las Vegas new luxury homes are priced relatively lower. Many Californians have crossed state lines because the cost of living in Las Vegas, NV, for example, is 30% lower compared to Los Angeles, CA. The drop in property prices is even more dramatic: homes in Las Vegas are about half the price of real estate in L.A.
Things to know before buying a new luxury home in Las Vegas
Interested in purchasing? Before you buy, take the following reminders into account:
- Inspect the house
There is nothing more disappointing than moving to a new property and discovering issues that were not raised before. Therefore it is important to visit the property in person and have a certified professional inspect the house. The results of the inspection will inform your next moves.
- Work only with experienced Realtors
Especially when you’re buying a luxury home, you’ll need an experienced real estate professional to make sure you’re getting the best deal.
- Explore the neighborhood
Depending on your lifestyle and priorities, you will need access to amenities you deem the most important. For families, it may mean parks, playgrounds, groceries, and highly rated schools. For outdoor enthusiasts, proximity to hiking trails, water activities, and open-air events, are a boon. Location determines your lifestyle so choose well.
- Consider closing fees
When you have chosen a new luxury home in Las Vegas, signing the final documents and closing the deal is a pivotal moment. What most people overlook is that this process comes with certain costs as well. Unless you’re paying cash, closing costs are about 3% to 6% of your home loan. They’re fees you pay the lender in exchange for their services. In Nevada, closing costs average $5,585.68 including taxes, according to Closing.com.
Secure your own luxury home in Las Vegas
If you want to know more about investing in new luxury homes in Las Vegas, get in touch with Gavin Ernstone. Gavin has over 25 years of experience in the Las Vegas luxury real estate market. His regular sales include homes that are valued from over $2 million to $4 million and he consistently sells over $100 million worth of luxury homes per year.
On top of ensuring value for money, Gavin works closely with his clients to help them purchase the best property that fits their needs and lifestyle. He makes sure that his clients feel comfortable and safe throughout the process of buying new luxury homes in Las Vegas.
Check out the unique Las Vegas modern homes for sale in the neighborhoods of The Ridges, Southern Highlands, Red Rock Country Club, MacDonald Highlands, and more.
Ready to work with a Las Vegas luxury real estate expert with customer service that is second to none? Feel free to reach out to Gavin, the Dream Homes Specialist. Call 702.523.3677 orcontact him here.