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Las Vegas luxury real estate market attracting Californians

Posted at 11:10 PM, Aug 24, 2018
and last updated 2018-08-25 12:38:20-04

More and more elite Californians and looking to Nevada for prime real estate to escape taxes and high cost of living.

Luxury real estate agents in Las Vegas say nearly a majority of their clients are people from California moving here drawn to no state income tax and less congestion.

It's exactly the market they're going for at a showing for a $10.5 million 7-acre mansion on O'Bannon near Sahara and Cimarron.  

The sprawling estate features nearly 13,000-square-feet of space, a wine cellar, several bars, your own large outdoor park and gardens, a 10-car garage, and several pools. While the large price tag is something most could only dream of, a similar-sized mansion in southern California could be triple that, or more.

And the secret of Las Vegas is getting around among ultra-rich Californians. "They say 'you mean you're going to live on the Strip? No, this is like moving to Palm Springs," says Steve Tobia, CEO of Dreams Luxury Lifestyles.

The trend of Californians buying properties in Nevada isn't just for high-end properties. The median home prices is $262,000 in Las Vegas compared to $630,000 in Los Angeles, and the influx of people is causing our prices to rise.

While that's good news for Las Vegans who already own homes, but for those trying to get into the market, it's making things more difficult.

But there may be some good news on the horizon. With more homes being built, former Greater Las Vegas Association of Realtors president Dave Tina, says according to economists, Las Vegas' market may soon level off more. 

"It's not going from a sellers market to a buyers market, but it's going from a crazy seller's market where maybe you have 10 offers to just 5, so that's healthy for us," Tina says.

Full tour of the O'Bannon estate: