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Las Vegas Real Estate Update-Million Dollar Massacre

Jul 23rd, 2008 | By User ImageKendall Trotter (Check me out!) | Category: Las Vegas Real Estate Video

Two of Las Vegas top real estate analyst Kendall Trotter and Steve Hawks discuss the future of the luxury home market in Las Vegas.Steve Hawks states the semi custom million dollar luxury homes in guard gated communities is going to be hit the hardest. “We already see some homes that were one to two million selling between 600 thousand and 800 thousand” The high rate of cash back mortgage fraud in the million dollar market will cause the highest rate of million dollar foreclosures in history. The jumbo loan market has all but dried up. Jumbo loans are now requiring 15-25% down and usually a point or two higher on the rate. The two forecasters would like to report better news but the facts are the facts, prices are getting butchered in the million dollar market! Buyers get ready to have a feast grander than any Las Vegas buffet.

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  1. no imageMichelle Sterling Las Vegas Real Estate Agent (Check me out!) July 23rd, 2008 12:48 pm :

    The buyers we work with are already feasting and cash is king. The demand from Canada is off the charts and Europe is participating strongly as well.

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  2. no imageAaron Landreth (Check me out!) July 30th, 2008 9:22 am :

    You are absolutely right Michelle! Outside investors are picking up great bargains with a weak dollar and EXTREMELY attractive prices.

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