Luxury Housing Market Rebounding - 8 News NOW

Luxury Housing Market Rebounding

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LAS VEGAS -- As the local housing market slowly rebounds, some real estate experts say the luxury market is already coming back in a big way.

It is bringing in millions of dollars for Las Vegas and creating more confidence in the local economy.

One Queensridge Place is one of the success stories. It may look like a vacation resort but plenty of people call the high-rise condominiums home.

The luxury high rise has seen it's sales double every year for the last three years, selling more than sixty units last year, each one going for more than $1 million.

Fountains, statues, and stone floors can make you feel like you're on vacation, even if you work from home.

"During the time I was visiting, I fell in love with this building," resident Mark Black said.

Black couldn't resist all the extras that came with his luxury residence, including a cafe, gym, Olympic-size pool, spa, and wine locker.

It is part of the reason why he moved his business from Georgia to Nevada.

"I use all the amenities for support of my business. We have guests that come from out of town, and they stay in the casitas on property. We also use the board room for executive meetings when we need them," Black said.

A valet service that will take up your groceries isn't bad either.

"Drop them right here to your residence so you don't have to take any groceries up. You have your service elevator here," Senior Vice-President of Operations Randy Char said.

Char says the luxury real estate market crashed with the rest of Las Vegas, but recently there has been a surge in sales, bringing in more than $75 million last year.

"I think that what we've seen is one that people are more confident in the market in general. Nobody has to live in a luxury high rise they do it because they want to," Char said.

Char says a thriving luxury real estate market means more money circulating in Las Vegas.

"Queensridge was what sparked our interest in even the thought of moving to Nevada," Black said.

The upswing in luxury home says is good news even for those living outside the granite and marble.

The same company that owns One Queensridge Place also owns Tivoli Village across the street. Representatives say the shopping and dining complex has also seen a boost in business as more people move into the high rise complex.

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