Jim Bickford

Las Vegas Luxury Real Estate Report

2011 YTD results (January 1, 2011 – December 31, 2011)

$1,000,000+ listed properties (SFR) Single Family Residences, Resale

Source, MLS: January, 2012

Is this a good time to buy a $1,000,000+luxury home? (SFR – Single Family Residence)

Absolutely, although the current inventory of SFR luxury homes listed for $1,000,000+ has decreased by 23% from 384 units in 2010 to just 296 units in 2011, prices are now at some of the best values in over a decade. Of the 160 homes sold in this category in 2011, 107 (67%) were traditional sales, 32 (20%) were short sales, and 21 (13%) were bank owned. The average 2011, $1,000,000+ home sold for $1,787,190, was 7,219 sq. ft., at $245 per sq. ft. and was on the market for 190 days.

2010 vs. 2011, 1^st number is 2010, 2^nd number to the right is 2011, up or down, and by what percentage

How many ultra-luxury homes listed for $2,000,000+ SOLD in 2010 vs. 2011?

49, 44, down 5, down 11%

How many upper-luxury homes listed for $1,000,000+ SOLD?

154, 160, up 6, up 4%

How many luxury homes listed for $500,000+ SOLD?

705, 699, down 6, down less than 1%

How many total number of homes (all) SOLD?

34,219, 37,918, up 3,699, up 11%

What was the highest price paid for a home?

$7,000,000, $15,000,000, up $8,000,000, up  114%

How many $1,000,000+ homes SOLD were cash buyers?

87 (56%), 89 (56%), up 2, up 2%

How many $1,000,000+ homes SOLD were bank-owned (REO properties)?

26 (17%), 21 (13%), down 5, down  19%

How many $1,000,000+ homes were SOLD by short sale?

18 (12%), 32 (20%), up 14, up 78%

How many $500,000+ homes SOLD were cash buyers?

321 (46%), 306 (44%), down 15, down 5%

How many $500,000+ homes SOLD were bank-owned (REO properties)?

134 (19%), 107, down 27, down 20%

How many $500,000+ homes were SOLD by short sale?

163 (23%), 172, up 9, up 6%

What did the average home listed for $1,000,000+ sell for?

2010

It was a 5 bedroom, 6,896 sq. ft. home, listed for $2,035,981, at $290 sq. ft. and

sold for $1,749,957, at $249 sq. ft., at 86.61% of selling price to listing price

with an average of 124 days on the market and 297 comp. days on the market.

2011

It was a 5 bedroom, 7,219 sq. ft. home, listed for $2,109,472, at $285 sq. ft. and

sold for $1,787,190, at $245 sq. ft., at 87.61% of selling price to listing price

with an average of 190 days on the market.

What top luxury communities had the most $1,000,000+ listed homes SOLD?

Northwest:

Queensridge – 8

Mountain Trails - 7

Canyon Fairways – 6

Tournament Hills – 3

Eagle Hills - 3

Bellacere – 2

Palisades –  1

Southwest:

The Ridges – 22

Southern Highlands – 21

Red Rock Country Club – 14

Lakes - 4

Spanish Hills – 3

Spanish Trail – 2

Foothill Country Club/Canyon Gate – 2

Willow Creek - 2

Henderson:

Anthem Country Club – 12

Seven Hills – 12

Lake Las Vegas - 10

MacDonald Highlands – 6

Lake Las Vegas – 2

Roma Hills – 2

Green Valley Estates – 2

Canyon Edge - 1

How many $2,000,000+ ultra-luxury homes are currently under contingent or pending contract?

3 pending, 9 contingent, 12 total, 1 pending, 11 contingent, 12 total, even, even

How many $2,000,000+ (ultra-luxury) homes are currently listed on the MLS for sale?

178, 140, down 38, down 21%

How many $1,000,000+ luxury homes are currently under contingent or pending contract?

9 pending, 38 contingent, 47 total, 10 pending, 31 contingent, 41 total, down 6, down

How many $1,000,000+ luxury homes are currently listed on the MLS for sale?

384, 296, down 88, down 23%

How many $500,000+ luxury homes are currently under contingent or pending contract?

37 pending, 156 contingent, 193 total, 29 pending, 139 contingent, 158 total, down 35, down  18%

How many $500,000+ luxury homes are currently listed on the MLS for sale?

870, 731, down 139, down 16%

How do you currently define the Las Vegas luxury resale market?

I divide the Las Vegas luxury resale market into roughly three segments:

Ultra-Luxury, $2,000,000-plus

Upper-Luxury, $1,000,000 - $1,999,999

Luxury, $500,000 - $999,999

Additional markets:

Mid-Market, $250,000 - $499,999

Lower-Market, up to $249,999

What was the most expensive resale home SOLD by year by selling price?

2011: $15,000,000

2010: $7,000,000

2009: $9,500,000

2008: $11,500,000

2007: $17,375,000

2006: $14,000,000

2005: $7,000,000

2004: $6,100,000

2003: $4,200,000

2002: $3,600,000

Number of homes SOLD by year listed in the $1,000,000-plus market:

2011: 160

2010: 154

2009: 164

2008: 236

2007: 445

2006: 576

2005: 591

2004: 434

2003: 163

2002: 110