Luxury Homes Regain Their Shine as Newton Expands New Estate

As the housing market rebounds in Las Vegas with increases in both the number of sales and median transaction values, the luxury market is not lagging behind as Q1’s figures seem to indicate. The city’s luxury homes are legendary for their sprawling estate-like properties and celebrity-owned compounds, but the market downturn quenched much of the buyer’s thirst for such properties in the area. Now according to VegasINC magazine, the market is finally on the up in terms of number of transactions.

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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