World class entertainment, Michelin-starred restaurants, and of course, gaming in some of the finest casinos in the world, are just some of the things that draw tourists to Las Vegas. However, today, the world’s top tourist destination has also become one of the finest places to own property and luxury homes in Vegas are highly coveted by all types of prospective homeowners.
Some homeowners want the excitement of living close to the Strip with all its glamor and excitement, while others enjoy the beautiful natural landscape Las Vegas has to offer. Of course, many love the idea of having both. So, how do you buy a house in Las Vegas?
Here we’ll take a look at Las Vegas and cover the points that will help buy a luxury house in this famous Nevada city.
Las Vegas Real Estate
If we look over a 3 year period, what is immediately apparent is that the Las Vegas market continually appreciates. Prices don’t generally go down in Vegas. There are certain times when the rise in prices may be steeper but from 2020 to September 2022, the Las Vegas market has not depreciated by any significant number.
The longest unabated period of continuous growth since the beginning of 2020 was the period between March 2021, when the median price was $330,000 and July 2022, by which time the price had reached $445,000. This steeper than usual appreciation somewhat reflects the overall US market with price increases across the country. What is a little different about Las Vegas is that appreciation was not as pronounced or meteoric as other areas.
This suggests that Las Vegas is relatively resilient to external forces and maintains a stable and appreciating market. Why is this so? Simply put, Las Vegas’ reputation and the varied lifestyle it offers, keep it a prime relocation area.
Why do people buy luxury houses in Las Vegas
Proximity to attractions
Anyone who has ever been to Vegas knows that fantastic food, entertainment, and shopping are readily available around-the-clock. As well as luxurious living set in breathtaking scenery, owners of luxury homes will have easy access to the myriad of attractions that make Las Vegas a major tourist destination.
Beyond The Strip
Living in Las Vegas is so much more than the bright lights and the casino tables. There’s so much to see nearby, such as the Hoover Dam, the Grand Canyon, and Death Valley. There’s the shows and the museums, hiking trails and parks. Las Vegas is not only glamorous, it’s a well rounded city that has everything you need to make a home.
Tax Benefits
Nevada is one of only 8 eight states that impose no income tax. Neither does it have a corporate income tax. For individuals and partners looking to buy luxury properties, this is a very appealing draw. It is true that Las Vegas, being a resort city, does have a higher cost of living than many other areas in the US, but given the amenities available, this is not unexpected.
While each state’s taxes are complex, the favorable tax system offered by Nevada, generally means that high net worth individuals, and even those of more modest means, are able to offset higher cost living expenses with no income and corporate tax.
Resale value
Luxury homes in Las Vegas have excellent resale value. As we have seen, the Las Vegas market is very stable, with prices continually appreciating. Though no one can say with complete certainty what the market will do, the signs are positive for the real estate market in Las Vegas. The end of the pandemic means that travel and tourism will grow stronger across the country and Las Vegas can only benefit. As such Las Vegas represents one of the safest investment locations.
Working with a real estate agent or going alone?
Although this may sound self-serving, we cannot stress strongly enough how important it is for a buyer to have the support and representation of a real estate agent when buying a house in Las Vegas.
A real estate agent can help you even before you start looking at luxury homes to invest in. They can help you clarify what precisely it is you’re looking for in your investment and crystalize your financial goals. You’ll have a knowledgeable and objective soundboard to define what can be negotiated and is amenable to change, and what is absolutely non-negotiable. This will streamline the whole process and will make any changes easy as it is within the framework of what your goals are.
As well as all the benefits of having the knowledge of the Las Vegas luxury market and the experience to close the deal, a real estate agent can negotiate for you and get you the best deal possible. This is not to say that you wouldn’t be able to negotiate on your own behalf, but real estate professionals have had years to hone their craft. Add their understanding of the market and the home you're interested in, and a real estate agent is likely to get you the best price.
What to ask when buying a luxury home in Las Vegas
Ask about the neighborhood
Choosing the right neighborhood is as important as choosing the right house. The neighborhood affects the value of a home, as well as the lifestyle of a homeowner. Some questions you may want to ask include:
- Proximity to public transportation
- Nearby businesses and amenities
- Nearby foreclosures and number of renters
- Nearby developments
- Nearby employment opportunities
- Quality of nearby schools
Find out why the current owner is selling
According to a report by the US Census Bureau, the average American relocates 11.7 times during their lifetime. The seller might be moving out for a myriad of different reasons. Some of these will have little bearing on a buyer, such as if the person is moving for a job, or would like to move closer to family.
However, some reasons will be pertinent to a buyer. It may be that the area doesn’t suit them in that it was too close to amenities and entertainment. This may be a problem for them but it may be exactly what you’re looking for, or it may not, either way it’s always good to know.
Another reason may be issues with the property that the seller does not want or cannot fix. This will definitely impact a buyer.
Nevada is very stringent in protecting both buyers and sellers when it comes to residential transactions and there is a Nevada Residential Disclosure Guide that helps both parties enter into agreements as fully informed as they need to be.
Again, your best guide will be your real estate agent. Not only can they help you with getting an inspection, but they’ll also likely know about the history of the property. You get the best assistance and the fullest information when you utilize your real estate agent.
Talk to the neighbors
Talking with the neighbors is another great way to get firsthand information about the property on sale and the neighborhood. Neighbors who have stayed in the area for a couple of years or more can be an invaluable source of what it’s truly like to live in the area. A prospective home buyer can learn a lot from talking with the neighbors, including the reason why a property is on sale.
Now it’s not always possible or even desirable to go up to a neighboring home and ask them questions out of the blue. However, if the opportunity does present itself and you see neighbors looking your way as you visit a property, it wouldn’t hurt to greet them and possibly get into a quick conversation about the property and area. If you do eventually end up buying the place, you’ve already met a neighbor.
Should you pay cash or finance?
Some buyers of luxury homes can buy a property outright with cash. If you’re in this position, it can save you thousands of dollars in interest. If you’re not in that position then you can still look at luxury houses in Las Vegas by opting to go with a jumbo loan. These loans will allow you to borrow more than you normally from a lender.
If you’re considering this route, consult with your real estate agent to see if this is a viable buying strategy for you. A good agent will always put your interests first and will have the integrity to advise you if they think you may be stretching yourself too far. Otherwise an agent will do their utmost to meet your requirements.
Is now the right time to buy a luxury property?
As Las Vegas is a very stable market, the best time to buy a property is as soon as you can. Prices are likely to continue rising for the foreseeable future though not at the pace seen during the pandemic. It is also a good time to buy because as the country fully emerges from the pandemic, Las Vegas will continue to grow and more opportunities will open making it an even more desirable location to relocate.
Luxury Properties in and Around Las Vegas
Las Vegas has plenty of options for buyers interested in luxury homes. Whether a buyer is looking for a glamorous condominium, a family house, or a mansion, Las Vegas has it all. A real estate agent can open doors to houses with private theaters, wine cellars, tennis courts, saunas, and a host of other special features and amenities.
Here are some of the most exclusive neighborhoods in Las Vegas.
- Summerlin Known as one of the best neighborhoods to live in the city, Summerlin is a master-planned community located along Las Vegas’ western edge. The stunning homes in Summerlin can fetch over $20 million.
- The Ridges Astounding views of mountains and the valley surround the Ridges gated community in Las Vegas. Built around the Bears Best Golf Club, it boasts architecture that is unique to the community. Buyers will find luxury townhomes and estates that are either fully or semi-customized.
- Southern Highlands This award-winning master-planned community sits on the southwest foothills of Nevada. Entrepreneurs, celebrities, gaming CEOs, and other A-listers call this exclusive neighborhood home.
Finding the Finest Luxury Properties in Vegas
Trawling through the internet and choosing a house to visit may not necessarily be the best way to buy a house in Las Vegas. While looking through the internet is one way to find and view houses, some properties are not listed and are only known to real estate agents working in the area. This is particularly true for luxury properties, where confidentiality can become a factor.
When buying a luxury property, an experienced real estate agent will help save time, money, and effort at every stage of the process by cutting through all the needless uncertainties and providing you only with targeted options that perfectly match what you’re looking for.
Partner with a Las Vegas luxury real estate professional
For those who are looking for more information about investing in luxury property or moving to Las Vegas, Gavin Ernstone can help.
As a dream homes specialist, Gavin has more than 25 years of experience in the Las Vegas luxury real estate market. Over the course of his illustrious career, he has helped sell more homes in the luxury market than any of his competition. Gavin Ernstone is a luxury real estate agent who can deliver.
Gavin’s success is built upon an unwavering dedication to delivering top quality service to his clients. He is known for establishing great relationships with clients that are anchored on trust; these relationships often last well beyond closing day.
Partner with Las Vegas luxury
When you work with Gavin, you can be sure that all your concerns and preferences will be taken care of. His meticulous hands-on approach to the unique process of finding your dream property will provide you a seamless real estate buying experience.
Gavin’s exceptional portfolio includes luxurious properties in Summerlin, The Ridges, Southern Highlands, Macdonald Highlands, The Summit Club, Anthem Country Club, Seven Hills, Ascaya, and Red Rock Country Club. When you work with Gavin Erstone, you get access to the most coveted luxury listings in Las Vegas.