Learn These Buying & Selling Tips from the Pros!
Friends, clients, and even people I don’t know all that well frequently ask how to buy and sell Las Vegas luxury real estate like the pros. The simple answer is to have as much money available as they do, and you can purchase and sell all you want. But, for the rest of us mere mortals, there has to be a strategy for survival in the luxury property niche in Las Vegas.
Realistic Expectations Can Mitigate Risk
Before you buy or sell luxury property in Las Vegas, set appropriate expectations. Yes, it is possible to hit it rich in a hurry with a real estate investment, but that the exception vs. the rule.
Buying and selling luxury property in Las Vegas is all about timing if an area is “hot” for a few months, the popularity can wane by the time you reach the closing table. Consider your long-term strategy before making an offer on the newest or most unbelievable deal in town.
Selling luxury property in Las Vegas is similar in approach. If the market deems your property undesirable for whatever reason, hang on to it for as long as possible. The resurgence of certain areas in Las Vegas is part of the charm. If you can pay the taxes or make the payments, you might have a chance to recoup your investment a few years later.
While there is no guarantee the property you buy will be the next Las Vegas luxury destination of the century, there are some “indicators” of up-and-coming areas you can watch.
Buying Luxury Las Vegas Real Estate:
1. Look for new or up-cycled areas used by artists or other creative ventures. Yes, this is a good idea if you want some experimental artwork or a free performance, but the real reason artistic congregations are an indicator is that they need a lot of space for their creations. Dance studios, painter’s flats all need room to perfect their masterpieces.
When you get word of a new troupe forming in town, or a group of visual artists merging studios, pay attention. Soon they will begin to attract attention, and the value of the surrounding real estate will start to rise. It might not be luxury property at that moment, but it has potential.
2. Invest in property with a tenant already in the dwelling. Rental property is especially attractive in Las Vegas because there is no tax on passive income generated by rents. Luxury or not, it is a revenue stream that could lead to bigger and better real estate opportunities for you.
If you have yet to delve into the world of rental property, consider a property manager or a find a handyman to remain on call in the event of an emergency.
3. A vacation home may increase in value faster than a primary residence. Depending on the location of your everyday dwelling you might want to consider buying luxury property in an area that has a track record of vacation rentals. Revenue from renting it as well as appreciation could lead to a profit sooner than waiting for your neighborhood to become a hotspot.
Selling Las Vegas luxury property:
1. Las Vegas is a year-round market, so don’t let a calendar dictate when to put your house on the market. Sell when you’re ready, not according to the season.
2. Prep the house to sell, but don’t spend a lot of money on remodeling. More than likely the new owners will make changes when they buy. There is an inherent risk in spending money on a remodel that won’t appeal to the new owner. If there are some areas of concern in your house, come off the asking price vs. renovate because the buyer will make their changes to the property. Lowering the price will also speed up the selling process.
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