Our current President’s background aside, there’s no disconnecting real estate from politics.
Or is there?
Historically, government policy and the overarching direction of Washington, from tax policy to social programs, were always molding the real estate economy, even when things would fall apart, like they did in 2008, and after dot-com bust.
Today however, the links don’t seem to be as strong.
Real estate continues to chug along with a healthy bellow of steam, moving onward and upward to the benefit of luxury homeowners everywhere despite a political climate that seems toxic to every party and persuasion that exists in our country.
It doesn’t matter what side you’re on, there’s something you’re not happy about.
Unless you own a good deal of real estate.
But it’s not just the political landscape that isn’t impacting the real estate economy, it’s the actual landscape.
Natural disasters have hit the United States in ways not seen in a long, long time.
Two major hurricanes hit influential suburban markets in widespread geographic regions and a large swath of residential northern California was wiped from existence in a swarm of wildfire … and nary a blip appeared on the national market radar.
In fact, sales are up again on a national level.
The Las Vegas luxury home market, like many across the country, has a great deal of selection and continues to grow positively.
Buyers of luxury homes here can choose from a range of price levels and community options, from one end of the valley to the other.
While the traditional market battles low inventory and escalating sale prices, Southern Nevada’s luxury market is attracting more developers and buyers looking for long-term value.
And they’re finding it.
The lack of influence from the natural and political happenings around the country is due in part to simple economics: supply and demand.
Oddly enough though, the selection of luxury houses in Las Vegas isn’t deterring their construction or sales.
We’re happy to see where this is headed, but intrigued by the lack of connection between societal goings-on and market movement.
Whatever the reasons for the market’s health, we’ll take it. It’s our hope however that it can sustain the weight of a divided country and whatever else Mother Nature is interested in throwing at us.