Las Vegas Guard-Gated Real Estate Market Trends – August 2021

August 19, 2021

Here are some interesting facts about the current market conditions. Guard gated inventory is down 38.5% over last July, which continues to set the stage for a highly competitive market. Pending sales are down 19.2% over last month and 20.6% over last year. However, this slowdown is not a sign that the market is turning soft. If you look at the Absorption Rate chart, which is a measure of our current supply of inventory, you’ll still see very low single digit numbers. This means that the supply/demand ratio is steady. I continue to expect a lower number of transactions for the time being and pricing to continue to remain stable.

In order to provide additional insight, I spoke with BDO Tax Office Managing Partner, Scott Taylor. “There have been numerous announcements that the Biden tax increase could be retroactive to the beginning of 2021,” he said. “However, many CPAs believe there is no possibility of retroactive tax increases. Taxpayers should be prepared to make quick tax and business decisions if the Biden proposal gets passed with expected provisions.”

Mr. Taylor added, “It is likely that some form of estate taxes may be altered, and it is almost guaranteed that income tax rates for over $1,000,000 will be subject to the highest marginal tax rates of 39.6%. The best advice is to keep your ears and eyes ready and discuss your specific tax circumstances with your professional advisors.”

Estate Planning & Asset Protection Attorney Steven J. Oshins, Esq., AEP (Distinguished) had this to add: “The 2018 tax act limited the federal State and Local Tax Deduction to $10,000 which caused a mass exodus from high state income tax states and contributed to the growth in states like Nevada.” He also noted that “Nevada is the #1 state for Domestic Asset Protection Trusts because Nevada has a short two-year statute of limitations for future creditors to be able to sue the trust, as well as having no exception creditors who can access the trust assets, which is very unique.”

Regardless of how this plays out, we continue to invest heavily in marketing that gets our listings sold. In just the last month, we committed over $100,000 with Modern Luxury publications to expand our print and digital marketing reach in California and in new Sony FX6 video equipment for our luxury property video tours.

If you’re interested in a luxury real estate company that invests substantially in the successful sale of your home, please give us a call at 702.605.7480.

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