ML - Vegas Magazine

2013 - Issue 8 - December

Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.

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BROKER BEAT Gavin Ernstone and Tera Anderson Through the Roof POWERHOUSE BROKERS TERA ANDERSON AND GAVIN ERNSTONE ARE CLOSING SALES AND CASHING IN ON VEGAS'S RESALE RESURGENCE. BY ANDY WANG H 142 RIGHT: Ernstone is listing this 12,000-squarefoot, sixbedroom-suite contemporary home at 10116 Summit Canyon Drive for just under $6 million. FAR RIGHT: This luxury penthouse condominium at Mira Villa in Summerlin is repped by Anderson. a much more solid footing in the luxury Vegas housing market at the moment, primarily due to a huge increase in cash buyers, as well as the requirements from lenders for buyers to put down much larger amounts in order to secure financing. With more equity invested, homeowners are far less likely to walk away from homes, as they did in the last few years. TA: It's all about transparency. It's about arming buyers with all the information they need, about the [homeowners association], recent comp sales, product availability. You don't have to do anything magical if you're delivering a product that's well suited for the marketplace. We didn't shy away from [Mira Villa's former bankruptcy issues]. We took ownership of the information and knew that the property would speak for itself. We owned it and gave buyers reassurance about the stability of the community, and we had the support of the lending community. How have you seen the city change, and how does this perspective help you do your job? TA: It's so much easier to have faith in Vegas. We've seen Vegas reinvent itself. We've seen firsthand its desirability. GE: I think we are growing so much as a city, with real cultural and entertainment options that we just didn't have 10 years ago. I think we can now rival many cosmopolitan cities as a quality place to live and raise a family. V PHOTOGRAPHY BY BRYAN HAINER (BROKERS); COURTESY OF MIRA VILLA (PENTHOUSE) igh-flying Vegas brokers Tera Anderson and Gavin Ernstone have seen the city swoon and sizzle. Anderson, a Las Vegas native, is vice president of Nexus 30 (nexus30.com), the listing brokers and directors of sales and marketing for Mira Villa. Ernstone, who runs the brokerage Simply Vegas (thedhs.com), has spent nearly two decades here. Both have thrived in the past year as the market has steadied itself. We spoke to them about their recent success, the market's resurgence, and how they have seen Vegas become a world-class city. You've both racked up some serious sales recently. Let's talk numbers and milestones. Tera Anderson: We sold $49 million at Mira Villa [in Summerlin] in less than two years. We only have a few remaining penthouses. Of 113 homes, only four are left. Gavin Ernstone: I sold a home in the Ridges for $771 per foot, the highest in Las Vegas in over four years. We sold a home in MacDonald Highlands for over $390 a foot, certainly one of the highest dollar-per-square-foot numbers there in a few years, and I also sold two homes over $3 million in Red Rock Country Club. The past year has been truly exceptional for the high-end market, with a huge upswing in pricing as well as sales volume. What's been the key to these huge numbers? GE: With the disappearance of the foreclosures and short sales, as well as the influx of wealthy Californians, the high-end market has definitely been affected very positively. I feel that we have VEGASMAGAZINE.COM 142_V_HP_BrokerBeat_Dec13.indd 142 11/19/13 11:24 AM

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