Updated July 11, 2023 - 9:16 am
Realtor Jordan Betten is using a rather unique marketing ploy in hopes of selling a $4.8 million mansion located in Henderson: a free Ferrari if the home is purchased at list price or higher.
“This is definitely a thinking-outside-of-the-box approach towards selling Las Vegas luxury homes,” Betten said. “If this marketing technique is successful, we plan on including a Lamborghini with our next luxury listing coming up in MacDonald Highlands for $7 million.”
The home, at 22 Anthem Pointe Court, totals 8,414 square feet and features seven bedrooms and eight bathrooms. It also has a movie theater, climate-controlled wine cellar, outdoor pergola, sports bar, steam room and hidden library. The Ferrari is a 2010 California model, which the owner of the vehicle (who also still owns the house) said would fetch somewhere between $100,000 to $115,000 in a sale due to its low mileage.
Betten said the idea of throwing a luxury car in with a luxury house came during an early showing of the place.
“They asked when they saw the owner’s Ferrari parked in the garage, ‘Does the car come with the house?’ My response was, ‘Give us a cash offer at list price or higher, and we will get you the Ferrari included.’ We decided that even though the luxury market has been competitive with low inventory for buyers, especially for modernized and remodeled homes, why not add some icing on the cake to make our listing stand out?”
Owners of some Las Vegas multifamily complexes have also gotten into the incentives mix, offering discounts or perks for renters given the current market conditions as rental rates across the country begin to fall. New home sellers are offering mortgage rate incentives as well, hoping to entice buyers who may be deterred by current interest rate levels. The S&P Case Shiller rate for a 30-year fixed rate mortgage currently sits at 7.12 percent as of July 10.
The U.S. housing market has been on a roller coaster ride since the start of the COVID-19 pandemic, in which cheap money fueled an unprecedented buyers’ boom. However, it appears a return to normal is on the way, according to the latest data from Las Vegas Realtors. Although real estate has slowed nationally due to high interest rates, local cash buyers and Las Vegas’ luxury market remains strong because of a number of factors, including out-of-state buyers.
Betten said this is the million-dollar question right now, will interest rates continue to rise, stay where they are, or start to fall?
“No one has a magic ball on when this will occur, but if inventory remains at record lows, and rates trend back down, it will further increase the surge in buyer demand. As a result, Economics 101 would suggest that pricing shall continue to rapidly appreciate once again.”
Contact Patrick Blennerhassett at firstname.lastname@example.org.