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