Through the doom and gloom of the subprime mortgage crisis, the ultra-luxury real estate market, $4+ million estates, have continued to surge. This can be attributed to affluent buyers paying cash, bypassing underwriting issues.

The number of existing homes sold in Las Vegas had its best showing in 14 months, with a 5.2% increase from last year. To date, there have already been over 11,600 pending and sold single-family homes in the Las Vegas valley in 2008, a 34% increase from 2007 where by mid-June Las Vegas had just over 8,600 homes sold. The values in the ultra-luxury market continue to increase, showing immunity to the lower-end real estate market.

We see the great potential our city has and we have confidence that the Las Vegas market will come back stronger than ever. People of all backgrounds are coming here to make their fortune and enjoy this dynamic city. Nevada added over 76,000 jobs over the past year and is showing no signs of slowing down. Over the next four years, over $40 billion will be spent on resort and casino development, with 50,000 new hotel rooms opening.

Even today, billions of dollars are being invested along the Strip, which continues to aspire to new heights and attract even more people to our valley seeking employment and fun.

A feature was recently run on MSNBC during Power Lunch using several upscale Las Vegas homes. Through it all Las Vegas continues to prosper.

For further information on available homes and home sites, visit www.goredrock.com, or call 702.804.7100.

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