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Jul. 11, 2013

Luxury Homes Regain Their Shine as Newton Expands New Estate

By Alex Girda, Associate Editor

As housing sales volume and prices rebound in Las Vegas, a once-lagging
category—the luxury residential market—is beginning to catch up.

According to real estate researcher Redfin, 85 homes changed hands for $1 million or more, VegasINC reports. That is more than double the 39 high-end homes sold during the same period last year.

At this pace, 2013 is well on the way to exceeding last year’s numbers, when a relatively modest 194 sales of million-dollar homes were recorded.

A recent example of a big-ticket residential property acquisition is Wayne Newton’s $5 million purchase of a two-story, 5,446-square-foot house on a 10.3-acre site. The parcel is adjacent to the entertainer’s new home at East Orquendo Rd. and South Gateway Rd.

Newton moved there earlier this year from Casa de Shenandoah, a home he had owned for some 50 years. He is in the process of expanding his new property by buying adjacent parcels.

 

Image courtesy of drhorton.com

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