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>>DALE: Good afternoon this is Dale Snyder with The Snyder Group at Keller Williams Realty
here in Las Vegas Nevada. I hope you're having a great day. Today's topic of discussion is just a quick luxury update.
First I want to preface it, we always use price per square foot to do our analysis but
obviously that's really tough to do in the luxury sector to do a generalization. Because
if you have pocket doors, you know the Crestron system, you know prime lock, the Strip views,
the location. It's all going to be drastically but we're going to use the price per square
foot just to give people a generalization.
So what we got is... well, let me back up.
One million and above for a list price is what we're using for the cut-off point. There
were 16 homes a million and above list price that sold in March with an average of $229
per square foot, with a sales price of $207 per foot, which is 90% of the list price.
So whenever the list price was on average, you're getting about a 10% discount. We currently
have 53 homes in escrow with the average list price of $261 a foot, which would equate to
$231 a square foot if we see a 10% reduction on that price.
We have currently 287 estates on the market at a $1M and above, citywide, with an average
of $391 per square foot.
Below here you'll see the 16 sales that we have seen for March. You can see they're pretty
much scattered around the city. The bulk of them are usually in the Green Valley and the
Summerlin area that a few over buy at Sunset Park.
The highest price point sales we saw were both on Red Arrow in Red Rock Country Club.
We had one that was listed at $4M and sold for $3.5M. One that was listed at $2.5 and
went for $2.25M. So the top 3 sales were in the Summerlin area. Two in Red Rock and 1
in Eagle Hills.
One of the interesting things that I find in this data is, you know, obviously we have
about an 18 months supply if you go on what's sold versus what's currently for sale, not
including the contingents and pendings as the actives.
But look at the list price per square foot, $391 versus $229. So we have an 18 months
supply but let's be realistic for a second. We really don't. A large portion of what's
on the market and on the luxury sector is vastly overpriced and it's never going to
sell.
Well let me back up, it's not never going to sell. You know, if they ride the market
maybe in 10 years it will, right? When prices go back up.
I hope this information is valuable. If you'd like more, to have more of an educated conversation
of what's going on in the luxury sector in a specific community whether its Red Rock,
Ridges, over in Green Valley, feel free to give me a call. You can find me on my website
DaleSnyder.net. We also have more videos on our YouTube channel at DaleSnyder1.
Thanks and have a fantastic weekend. Dale Snyder with The Snyder Group at Keller Williams
Realty.