March 05, 2010
Millions in Sales Comes on Heels of the Single Best Sales Week of Veteran Real Estate Expert’s Career
Kenneth Lowman didn’t get the memo on the recession thing. The Broker/Owner of Luxury Homes of Las Vegas is having his best year ever, and he’s not talking about his tennis game. Of the 11 luxury homes in Southern Nevada which sold for more than one million in the month of February, Lowman sold four of them for a combined price of just under nine million dollars. If that sounds like a recovery, you should have had lunch with Lowman in January when he sold two luxury homes in the same week for a total of $11.2 million.
“These luxury homes are being purchased by incredibly astute buyers; they aren’t acting on instinct, they are acting on market fundamentals,” said Lowman. “They are watching the national unemployment picture and stock market improve. They know that these luxury homes are being sold below replacement value and that adds up to a simple, undeniable fact; these buyers are essentially stealing these homes. These are deals at sales price numbers that owners will be bragging about for the rest of their lives.”
Lowman’s impressive market share in February included four luxury homes. He sold homes located at 405 Royalton Drive in Canyon Fairways for $1,867,500; 8780 Elvis Alive Drive, a northwest horse property for $1,300,000; 22 Hawk Ridge in Redhawk at The Ridges for $2,200,000; and 10209 Summit Canyon in Bellacere in Summerlin for $3,949,900.
Lowman says that there are rumblings of a recovery building in the luxury home market. “No one is doing the touchdown dance in the end zone yet, but there are some solid signs on the recovery in the higher-end sector,” explained Lowman. “Prices in traditional homes typically begin upward pressure after three months of increasing employment. In the luxury sector, interest begins warming up with stock portfolios. For qualified buyers, this is the time you begin to study homes that are available. A quick spike can mean you’re ready with no research to actually make an educated purchase.”
Ken Lowman, Broker and Owner of Luxury Homes of Las Vegas, has over 20 years of experience in a star studded real estate career specializing in higher-priced, luxury homes. Lowman was recently selected as “One of the Most Dependable Luxury Real Estate Professionals of The West” by Goldline Research, an independent research firm specializing in evaluating professional service firms. This recognition was published in Forbes Magazine. Luxury Homes of Las Vegas is located at 7854 W. Sahara Ave., Ste. 100 , Las Vegas, NV 89117. For more information, call 702-216-HOME (4663) or 866-210-7620 or visit www.luxuryhomesoflasvegas.com.