Key Insights for Buying Luxury Real Estate in Las Vegas

Buying a luxury home or condo in Las Vegas is one of the most exciting and financially impactful processes you can undertake, and there’s no better time than now to begin your search. That’s because, while the demand for luxury goods, overall has declined, the demand and value of luxury homes continues to reach new heights.

In times of economic, political and cultural uncertainty, real estate offers a haven for luxury buyer dollars. Because of this, luxury real estate has become one of the brightest spots in the housing market, offering the following:

• Wealth preservation: As a stable and tangible investment that tends to provide resilience to economic downturns, upscale real estate helps to preserve and grow homeowners’ net worth.
• Portfolio diversification: Luxury real estate helps to reduce the risks associated with economic change by diversifying investment portfolios and improving potential liquidity.
• Inflation hedge: Because property prices tend to rise along with inflation, owning a high-end property helps to protect total asset value when currency is devalued.
• Privacy and security: For high net worth individuals, the gated and staffed communities and advanced security features associated with exclusive estate properties provide additional privacy and security.
• Generational wealth transfer: Tax policies often allow luxury properties to pass down to heirs with minimal tax burden, preserving wealth for future generations.

Aside from all of these reasons for buying an upscale home in Las Vegas, luxury properties are fun! From the iconic locations to the innovative designs to the region’s extraordinary community amenities, there’s no place like Vegas for purchasing an exclusive property that’s sure to be cherished for generations to come.

If you’re considering buying an upscale home in Las Vegas, you’ll want to think about both your near-term enjoyment of the property itself and its long-term potential impact, including growth in value and importance. Today’s well-designed home could become tomorrow’s iconic legacy property, conveying your elevated taste and sophisticated style to future generations of Las Vegas residents and its many annual visitors.

5 Considerations When Buying a Luxury Home or Condo in Las Vegas

Buying a luxury home comes with its own set of unique considerations, especially given Las Vegas’ one-of-a-kind reputation and role on the global stage. Here’s what to think about as you start your search:

The Ideal Location

Think about what’s drawing you to Las Vegas when determining where to set down roots. Are you interested in wide-open desert spaces? Golfing and other active lifestyle amenities? The glitz and glamour of the Las Vegas strip? Your main lifestyle focus will help your luxury agent determine the right neighborhood or high-end building that’s just right for your new luxury home.

Custom Features and Upscale Amenities

From smart home features to resort-style outdoor areas, wine cellars to rooftop terraces, determining which features matter most in your day-to-day life can help you develop a wishlist of must-haves, nice-to-haves and custom options for your new home. That will allow your buyer’s agent to curate a list of properties that resonate with you from the first visit.

Privacy and Security

Guard-gated communities, privacy-enhancing landscape design, and the smartest monitored security systems are all considerations when choosing your home in Las Vegas. Talk with your luxury buyer’s agent about your specific requirements to ensure that your home feels safe and secure.

Energy efficiency and climate adaptation

With its desert climate, energy efficiency and desert-friendly landscaping are essential. Solar panels and green building design can ensure both increased comfort and cost efficiencies throughout the year and throughout your home. Your buyer’s agent will be an expert in local builders and designers who favor climate-sensitive design and construction.

Long-Term Investment Potential

Ask your buyer’s agent to research historical home value trends for the neighborhoods you’re considering. In addition, consider the impact that architecturally unique or important properties can have on your luxury home’s value in the years ahead.

Thinking about buying in one of Las Vegas’ many luxury enclaves or high-rise condos? Contact Leslie for a buyer consultation to learn more about the area and the home purchase process for your luxury property.

If you’re looking for some inspiration to get you started, here are some of the most exclusive addresses in Las Vegas Valley for luxury homes and highrises overlooking the Las Vegas Strip. Just click on the links to view current listings for sale in each:

Ultra Luxury Neighborhoods in Las Vegas

• Anthem Country Club
• Ascaya
• MacDonald Highlands
• The Summit Club
• Lake Las Vegas
• Lake Las Vegas South Shore
• Seven Hills
• Southern Highlands
• Spanish Trail

Summerlin:

• The Ridges
• Country Club Hills
• Tournament Hills

Luxury Highrise Condominiums

• Allure
• One Queensridge Place
• Panorama Towers
• Park Towers
• Waldorf Astoria
• Sky Las Vegas
• Turnberry Place
• Veer Towers

Changes in the Buyer’s Agent Process

In recent months, you may have seen media coverage about changes to the way buyer’s agents are compensated for their representation. Much of that information has been incorrect or poorly understood by mainstream journalists who aren’t experts in the real estate industry.

Here are a few things to know about Leslie Hoke’s buyer’s agent representation and the things you’ll discuss with her early in your home search process:

• As your buyer agent, Leslie’s fiduciary responsibilities are focused on your interests alone, with dedicated buyer services including luxury market analysis, property search and selection, contract and contingency negotiation, and guidance all the way through the closing process.
• You’ll have a buyer representation agreement in place before viewing properties. That protects both you and your buyer’s agent and sets expectations that will form the foundation of your working relationship.
• In order to ensure transparency, as part of the buyer representation agreement you’ll discuss Leslie’s commission — both the amount and the payment process.
• Leslie will provide you with a professional market analysis to help you understand the area(s) you’re interested in and create a realistic idea of the value of your ideal property.
• You’ll learn more about negotiation strategies that will be relevant to your property search, especially in the case of highly in-demand neighborhoods and homes.
• You’ll get a better understanding of the escrow and closing processes so that you feel confident about the way your purchase will unfold — and you’ll have a chance to get those early questions answered.