Luxury Living

Think the housing market has slowed to a crawl? Not in the luxury market, where business is booming, cash buyers are snatching up great deals and luxury homes are being sold for much less than the asking price.

Shawn Shackelton has been a Realtor in Scottsdale, Ariz.’s luxury market for over 13 years. She recently sold a $3.2 million home in the private gated community of Silverleaf and says that the luxury market has been extremely active in Arizona, a market that was hit hard by the downturn.

“Most of these are cash buyers,” Shackelton says. “Many have been watching this market for quite a while and are now getting significant discounts on these homes. Inventory is dropping, but prices are staying stable. With inventory dropping, it’s harder to find homes.”

From March 2010 to March 2011, the National Association of Realtors reported that international buyers purchased more than $82 billion in real estate, up 24 percent from the previous year. More than half is from Canada, Mexico, the United Kingdom, India and China.

“Some of these buyers are taking advantage of the favorable exchanges rates to buy mega mansions at a discount,” says Chad Rogers, a Hilton and Hyland Real Estate Agent in Malibu, Calif., and featured agent on the Bravo reality series “Million Dollar Listing.”

Rogers says that in his Los Angeles market, the Multiple Listing Service is reporting that so far in 2011, more $20-plus million priced homes have already been sold than compared to all of last year.

“The City of Los Angeles passed a new Hillside Mansionization Ordinance, which makes building on a hillside stricter for those looking to develop large estates,” he explains. “Buyers who are looking for mansions in the hills are willing to pay a premium for an already constructed property than buying land and building new.”

Affluent buyers also are grabbing hold of great deals in high-end communities of Los Angeles County. For example, Rogers says he represented a buyer on a $23.5 million property in Beverly Hills which was listed for $50 million back in 2007. “Although there is an uprise in über-luxury home sales, no property is immune to the market,” Rogers says.

In Miami, Melissa Rubin, broker and vice president of Platinum Properties International, says it’s all about the price. “Clearly, prices have significantly dropped since the crash with many properties priced at about two-thirds of what they were during the market height,” she says. “However, we are in critical pocket whereby the economy is starting to recover. Many are speculating exactly when prices are going to bottom out, but in some areas, they are starting to rise and these properties are getting snatched up quickly.”

According to Rubin, a key market to South Florida real estate is the foreign nationals, with a particularly strong representation from Brazil, Venezuela and Canada.

In Brazil they are enjoying a booming economy and want a close vacation spot,” she says. “In Venezuela the unstable economy is spurring them to take their money out of the country; and in Canada, our dollar is comparable to theirs and severe winters have them yearning for a South Florida hot spot – especially within Broward County.”

In New York, Heather McDonough of Prudential Douglas Elliman just sold comedian Dave Chappelle’s luxury home and says that high-end properties have to sell because the reality is that life happens and clients are moving and buying because they are having babies, getting married and divorced.

“In 2000, when things went south, they put their move on hold because of the uncertainty,” she says. “There has since been some recovery and people have to move.”

Her market, below Manhattan’s 34th Street, is short on inventory with no bargain to be found. “We almost lose touch with what’s going on in the national economy,” she says. “Manhattan is transient and it’s keeping the prices at a very healthy level. I’ve had five closings this year and they were pushing new pricing thresholds. You can find a bargain if you’re willing to buy under a million and do light renovation.”

ad-high_impact_4
News
Mount Charleston Gets Heavy Snow, Fog
Mount Charleston saw heavy snow today, and fog in lower elevations as a cold front swept across the Las Vegas Valley. (Benjamin Hager/Las Vegas Review-Journal)
Krystal Whipple arrested in Arizona
Krystal Whipple, charged in the killing of a Las Vegas nail salon manager over a $35 manicure, is expected to return to Nevada to face a murder charge.
Holocaust survivor on acceptance
Holocaust survivor Celina Karp Biniaz, who was the youngest person on Schindler’s List, talks about the most important message for people to understand from her life and experiences.
Holocaust survivor speaks about telling her story
Holocaust survivor Celina Karp Biniaz, who was the youngest person on Schindler’s List, tells of opening up about her experiences during Sunday’s event at Temple Sinai.
Jesus Jara State of the Schools address
Clark County School District Superintendent Jesus Jara delivers his State of the Schools address on Friday, Jan. 11, 2019. (Amelia Pak-Harvey/Las Vegas Review-Journal)
Michael Naft sworn in to Clark County Commission
Michael Naft, chosen by Gov. Steve Sisolak to be his replacement on the Clark County Commission, was sworn into office on Wednesday, Jan. 9, 2019. (Shea Johnson/Las Vegas Review-Journal)
CES Opening Party in Omnia Nightclub at Caesars Palace
CES conventioneers packed Omnia Nightclub at Caesars Palace, and let loose as they danced to DJs into the night. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas police piecing together details of fatal shooting
Six hours after the fact, Las Vegas homicide detectives worked to reconstruct the scene of a shooting early Jan. 7 that left one man dead in the southeast valley. (Rio Lacanlale/Las Vegas Review-Journal)
Dyer Lawrence explains college football playoff system proposal
Las Vegan Dyer Lawrence has a new idea for a college football playoff system that includes a unique scheduling component called National Call Out Day. (Ron Kantowski/Las Vegas Review-Journal)
Death row inmate Scott Dozier found dead in his cell
Nevada death row inmate Scott Dozier is dead. Dozier’s death ends his legal odyssey, which began in 2007 when he was convicted in the 2002 murder of Jeremiah Miller, but does little to clarify what’s next for Nevada’s death penalty.
I-15 southbound near Primm closed after ‘major crash’
A rollover crash Saturday morning involving at least nine vehicles on southbound Interstate 15 near Primm caused an hourslong traffic delay. Traffic was backed up to Sloan, live traffic cameras show. (Rio Lacanlale/Las Vegas Review-Journal)
Death Valley visitors deal with shutdown
Visitors staying at the Furnace Creek Campground were forced to move from the campground following health and safety concerns due to lack of resources during the partial government shutdown at Death Valley National Park in Calif., on Friday, Jan. 4, 2019. Richard Brian Las Vegas Review-Journal @vegasphotograph
Half of homicides in Henderson for 2018 domestic violence related
Lt. Kirk Moore of the public information office of the city of Henderson police department speaks to the Review-Journal in Henderson, Thursday, Jan. 3, 2019. Henderson saw a slight increase in homicides in the past year. (Rachel Aston/Las Vegas Review-Journal)
Governor-elect Steve Sisolak stops by Las Vegas Boys and Girls Club
Governor-elect Steve Sisolak kicks off his tour to Carson City, which will take him from Las Vegas, through Tonopah, and up to the capital city. First stop is the Downtown Boys & Girls Club.
Certificates for renewing wedding vows in Clark County
The Marriage License Bureau in Clark County began issuing a Certificate of Vow Renewal to married couples who are renewing their wedding vows on Jan. 3, 2019. (Shea Johnson/Las Vegas Review-Journal)
Las Vegas flu season better than last year (so far)
Dr. Fermin Leguen, chief medical officer and director of clinical services at the Southern Nevada Health District, said there were 24 flu-related deaths at this point in the flu season. No deaths have been reported so far this year. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
The Las Vegas Valley’s First Baby of 2019
The first 2019 baby in the Las Vegas Valley was Melialani Chihiro Manning, born at 12:10 a.m. at Henderson Hospital. (Briana Erickson/Las Vegas Review-Journal)
Las Vegas NYE Fireworks - VIDEO
The full show: A spectacular view from the rooftop of the Trump International Hotel as 80,000 pyrotechnics illuminated the Las Vegas Strip at the stroke of midnight. Fireworks by Grucci choreographed launches from the Stratosphere, the Venetian, Treasure Island, Caesars Palace, Planet Hollywood, Aria and MGM Grand.
Snow in Henderson on New Year's Eve morning
Light snow flurries in Anthem Highlands in Henderson on Monday morning, the last day of 2018.
Sources: Henderson Constable may face more charges
Henderson Constable Earl Mitchell may face additional charges ... stemming from his spending of county funds, sources said. Mitchell was indicted earlier this month on five felony theft and fraud charges ... after a Las Vegas Review-Journal story questioned his spending. But grand jury records show even more extensive spending including ... an $800 dinner at steakhouse ... nearly 200 atm withdrawals mostly at gambling establishments ... and even Disneyland tickets. But his attorney plans to ask a judge to dismiss the charges.
Las Vegas NYE Restrictions and Enhanced Security
If you are planning to celebrate New Year's Eve on the Las Vegas Strip or Fremont Street, be aware that you are not allowed to bring backpacks, coolers, strollers or glass. There will also be an increase in security to ensure safe celebrations across town.
Catholic Charities serves up 53rd annual Christmas dinner
Catholic Charities of Southern Nevada and more than 100 volunteers served 1,000 Christmas meals to Southern Nevada's homeless and less fortunate. (K.M. Cannon Las Vegas Review-Journal @kmcannonphoto)
Henderson couple adds another school to their generosity
Bob and Sandy Ellis of Henderson, who donate to several Clark County School District schools, have added Matt Kelly Elementary in Las Vegas to their list of schools where every student gets new shoes, socks and a toy. (K.M. Cannon/Las Vegas Review-Journal)
Jeffrey Martin Added To Nevada's Black Book
Martin was one of four men convicted of theft and cheating at gambling in 2016 in Clark County District Court and sentenced to prison. The Nevada Gaming Commission voted unanimously Thursday to include Martin in the black book.
Raiders Stadium Timelapse
Construction on the new Raiders stadium continues in Las Vegas.
Buffalo Wild Wings security video
Security footage from a Buffalo Wild Wings restaurant in southwest Las Vegas captured a driver who repeatedly crashed into a vehicle in a failed attempt to squeeze into a tight parking spot.
The Magical Forest at Opportunity Village
Opportunity Village's Magical Forest added 1 million lights and a synchronized music show visible from all over the forest this year. The holiday attraction, which began in 1991, has a train, rides, food and entertainment along with the light displays. (Heidi Knapp Rinella/Las Vegas Review-Journal)
Navigating the new I-515 southbound to 215 Beltway ramp configuration
After opening at 5 a.m. Tuesday, Dec. 18, 2018, the new Interstate 515 southbound to the 215 Beltway westbound freeway ramp configuration caused confusion amongst motorist. Here’s how to navigate the new ramp. (Mick Akers/ Las Vegas Review-Journal).
A record breaking donation of nearly $9 million to Girls Scouts of Southern Nevada
A record breaking donation of property valued at nearly $9 million was made to the Girls Scouts of Southern Nevada by the Charles and Phyllis M. Frias Charitable Trust. Bizuayehu Tesfaye/Las Vegas Review-Journal. @bizutesfaye
Kerry Clasby thanks the community for support after California fire damage
Intuitive Forager Kerry Clasby talks about the lessons of accepting help as she has gone through the Woolsey Fire disaster, in which she lost many of her belongings. About 100 people were on hand for an event that raised about $7,000.
TOP NEWS
News Headlines
Home Front Page Footer Listing
Circular
You May Like

You May Like