Making the most of Las Vegas’ historic luxury boom

Can you feel the heat?

And, no, we’re not talking about Southern Nevada’s temperatures starting to creep up.

We are in the heart of a historic time for our local luxury market. There were more homes sold over $5 million in 2021 than any other year in our history. Forty-six homes sold over $5 million in 2021, marking a nearly 60 percent jump from 2020 alone.

While it’s easy to reflect on the last year and a half, we are still very much in a luxury boom. A local example among so many: Homes in Ascaya are regularly selling near or above the $1,000 per square foot threshold.

It can be tough to find properties to buy in today’s market. Our team has a high success rate of connecting buyers with desired properties thanks to a multipronged approach of searching for off-market properties with targeted campaigns to sought-after neighborhoods, buyer consultations to truly grasp their needs and customizing a strategy to get an offer to the front of the line.

We are in a market moment like no other. So, what is driving this and where do things go from here?

There’s no denying that we’ve had an incredible influx of California buyers moving to Nevada for tax purposes. Many of these folks have been eyeing Nevada for years, perhaps waiting for our city to have its “defining moment” in their eyes.

Well, whether it’s the arrival of multiple professional sports teams or an increase of luxury offerings, they’ve found plenty of reasons to love Southern Nevada that much more. And, what we are noticing, is that these California transplants are bringing their friends, too.

We’re seeing new residents stemming from the likes of Calabasas and San Diego. They were enamored by green landscapes in California, and are finding equally green terrain here, from the Palisades in Summerlin to Southern Highlands.

With the appetite for luxury in Southern Nevada, how can folks make the most of it? Specifically, in a market where there are lots of educated buyers, how does the seller position themselves to get top dollar and limit contingencies so that they can ensure they take the best offer?

For our team, there are three things we advise, among other vital steps:

■ Get an appraisal ahead of time.

With this, you will know your realistic price point from the get-go, through the appraisal and along the homestretch of any transaction. This step can save sellers a potential headache down the line and mitigate so many anxieties up front.

■ Get a home inspection.

This will also help you understand the bottom line of your home, as well as what major expenses may be needed to finalize a transaction. Again, equipping yourself with knowledge ahead of time helps mitigate risk, especially in luxury scenarios.

■ Stage your property.

People love a retail-like experience when touring a home. Ensuring your home is well-lit, smells nice and is decluttered to the point where prospective buyers can truly envision making the space their own. Simply put: Staging a home can help you achieve top dollar.

As for what’s next for our scorching hot market, we all wish we had that crystal ball. While things may certainly level over time with the rise of interest rates, we could easily be looking at a 3 percent to 5 percent pop in the luxury space in a matter of months.

It remains a prime time to sell in Southern Nevada and move to this world-class community. And, with that and all this hot market brings, it makes having a trusted team by your side more important than ever.

Darin Marques is a luxury home specialist based in Las Vegas and founder of the Darin Marques Group at Huntington &Ellis, A Real Estate Agency. For more information on Darin Marques Group, visit dmgluxury.com or call 702-803-3527.