Luxury Expert – Randy Char

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Looking Back at 2013 – A Monumental Year for Luxury Condo Sales in Las Vegas

randy atop the crown luxury condo penthouseAccording to a story published back in July ‘13 by Forbes, Las Vegas was enjoying a year-over-year surge in home values by 20%, making it one of the top five most undervalued housing markets in the country.  This trend was clearly noticeable especially in the luxury housing market of Las Vegas, with our team at One Queensridge Place recording the strongest sales for our community since its inception in 2007.

How do the Numbers Stack Up?

2013 was an especially exciting year for me and my team at One Queensridge Place.  What we were able to accomplish was monumental – our yearly sales of developer units was more in that single year than all of the years prior combined (from the day that the first residents moved in).  To give you an idea about how that translates into numbers, here are a few of the more compelling statistics that highlight what our team was able to accomplish:

  • # of Developer Unit Sales – 41
  • # of Resale Condos  – 24
  • # of Overall Luxury Condo Sales – 65
  • # of Sales Produced by our Sales Team – 55

That’s 65 sales in one year of luxury, estate-sized condos valued at over $1 million each!  Even before the real estate bubble burst in Las Vegas near 2008, you would’ve been hard-pressed to find numbers that matched that level of output.  Here is how that same data stacks up in terms of revenue:

  • Developer Unit Sales – $61.5 million
  • Resale Condos  – $35.6 million
  • Overall Luxury Condo Sales – $97.1 million
  • Sales Produced by our Sales Team – $82.1 million

What Led to Our Success in 2013?

As a luxury specialist and expert with over 17 years of experience in the real estate industry, I was excited to take on a new role with One Queensridge Place.  I had felt like my prior challenges and resulting accomplishments made me a great fit for what they were attempting to achieve when I joined the initiative.  I was fortunate to have the backing of a great support team and we put in a lot of work to build and nurture strong, trusting relationships with our clients and those in the community.  It was a lot of hard work, and before I get into some of the more general factors regarding the trends signaling upticks in the economy, I want to make sure that our team receives the credit that is due for being the catalyst for such success.

I do believe that 2013 and the strong start that we’re enjoying for 2014 are clear signs that the economy is trending upward once again.  Homebuyers are having a restored sense of confidence in making a large investment, and the attractive tax break that accompanies residency in Las Vegas is making it an easy decision to make the move here over other luxury housing markets in cities such as New York or Los Angeles.  On average, the luxury market in Las Vegas boasts a lot of newer inventory that comes in at a cheaper price than the same markets in those cities also.

What’s Next for One Queensridge Place? 

So far we’re just 6 weeks into the New Year and we’ve already reached $10 million in sales.  It has been great to see the way that the community has responded to our success, and I can’t wait to put in another record-breaking year at One Queensridge Place, and for Las Vegas in general.

 

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