If we look at the Cal to Nevada relocation data, it states there were 27,625 relocations and if 10% were high-net-worth individuals, that totals 2,762. In our opinion, there are less than 1,000 residences in the city of Las Vegas that are desirable to high-net-worth buyers. Furthermore, the timeframe to build large, custom homes can range 3-4 years, and no new luxury condo projects are being built for the foreseeable future.
We believe the restraints on supply and increased demand will result in upward pressure on pricing.
Our team at Luxury Real Estate Advisors has 1000’s of data sets, contact us for more information.