The Las Vegas Review Journal recently reported that most of the luxury home sales in Las Vegas seem to be coming from out of state buyers. The article cites local realtors, including Tom Love, who reported that several of their sales have been to people moving to Las Vegas from other states. A large majority of these home buyers are California residents trying to escape the high taxes in that area. Tom Love reported an increase in business over the past two years, including the sale of an $8.5 million luxury home in The Ridges, to buyers from California.
According to the article, many home buyers are flocking to Las Vegas because it has a lot to offer including:
- Lower taxes;
- Great climate;
- Affordable housing;
- Lower cost of living;
- Less traffic;
- Access to world class entertainment, shopping, dining and golf; and,
- Energy efficient homes with modern technology.
Home buyers from California are also attracted by the easy travel back and forth from Las Vegas to Los Angeles. Many Californians also reported that the tax savings they accumulate by moving to Las Vegas has actually helped finance the purchase of their luxury home. The article also mentions that improvements in the economy may be making buyers confident enough to move out of state and purchase higher end homes.
You can read the full article, “Realtors say most Las Vegas luxury sales are to out-of-state buyers”, for more details about why Las Vegas real estate has become so attractive here http://www.reviewjournal.com/realestate-millions/realtors-say-most-las-vegas-luxury-home-sales-are-out-state-buyers.