Doom and gloom surrounds the local and national real estate headlines, but pending and contingent sales figures have seen a dramatic increase (as noted in other posts). Similarly, high-end luxury homes in Las Vegas have not seen a decline in value, but rather a dramatic increase. Ultra high-end luxury homes are considered homes with a sales value over $1.5 million. Buyers above that mark seem not to be affected by the tightening of credit in the Jumbo mortgage loan market.

Interestingly, the market between $700,000 to $1.5 million (or around the $1 million range) will probably face yet more declination of value. Steve Hawks is anticipating what he has called a “million dollar massacre”, as Jumbo mortgages for these borrowers are tough to qualify for, hard to fund, and surrounded by a shadow of FBI investigation due to mortgage fraud. With a lack of qualified borrowers and increased scrutiny, these properties may see values continue to drop.

Read more on this subject, an interview with Steve Hawks, and insight into other aspects of the current Las Vegas Real Estate market at the Review Journal.

Prices increase in high-end housing market while sales stay steady