Nevada's tax friendliness has always been a lure for corporations and second home buyers.  Given the beleaguered financial situation in so many states, people, again, are eyeing the benefits, including no state income tax and no estate tax,  of making Nevada home base.  As Tanya Murray observes, "More people want to make sure to protect what they have. Nevada offers that." 

It also offers prices far more attractive than they were just a couple years ago, though Murray, a practitioner with Realty Executives of Nevada in Las Vegas, points out that in the luxury tier, price drops haven't been in freefall.  “The market is very competitive in response to buyers seeking the best value in the luxury market,” she says. 

She notes, for example, that during 2009, there have been five sales of properties that were priced over $5 million. Not one was a distressed sale.  And among properties priced over $1 million, forty-seven listings were under contract during mid-August. Twenty were short sales and only three were REOs. 

She sees positive signs in such data, saying, "Distressed luxury homeowners now are more proactive. They're figuring out ways to mitigate the loss," she observes.  Some buyers, to land the best deals, are willing to endure the delays of the short sales process.  But for those wishing for a more traditional timeline without the negative aspects of a distress sale, there are plenty of properties available. 

Murray, for instance, just listed a house in the Estates of Southern Highlands.  She describes the $8.9-million listing, constructed as a custom home in 2006, as one that has every bell and whistle, including a theater and a luxurious pool with an adjacent outdoor kitchen. 

In addition, the 11,641 square-foot space features state-of-the-art exercise equipment, a massage area and a steam shower. Residents also may also enjoy full country club amenities through separate membership at the ultra-exclusive Southern Highlands Country Club   offering championship golf, tennis, dining and a full spa. 

Marble, woodwork and other materials imported from Italy, along with mountain and city and full Strip views distinguish the 11,641-square-foot property. Murray points to the master suite as a stand-out feature. It includes custom built-in cabinetry in his and her closets, a fireplace and a sitting area that opens to an outdoor patio. A separate room above the suite, accessible via a spiral staircase, makes a serene meditation area or private retreat. 

Murray says that the property exudes a resort vacation sensibility at first sight. "You feel like you're in a different, serene place," she comments.  "What also resonates with me is how warm and livable the house is without the pretentiousness commonly associated with ultra-luxury properties.  From the most luxurious, grand entertaining or a casual barbeque with friends, this exquisite property is the perfect setting for Las Vegas living throughout the year.”