You may have seen Red Rock Lifestyle magazine and some of the largest media outlets in the country covering the sale of Blue Heron’s Vegas Modern 001 designed custom home in Henderson’s MacDonald Highland community. The $25 million sale set a record for the most expensive residential sale in Las Vegas real estate history. And Kristen Routh-Silberman helped make that history as the buyer’s AND the seller’s agent.
Kristen is exceedingly tapped into the luxury market and is leading Vegas’ luxury real estate market success. With over $200 million in sales year-to-date, her individual sales production more than doubles her closest luxury competitor. A realtor since 2007, Kristen has represented clients in transactions totaling more than $1 billion in her career and brings her portfolio with her wherever she goes. So, when she recently moved to Corcoran Global Living, we wanted to know more.
In connecting with Kristen, we asked the luxury real estate expert to share some perspective on the luxury market, how it has changed, and what to expect.
Name: Kristen Routh-Silberman
Title: Partner, Global Real Estate Advisor
Company: Corcoran Global Living
Tell us about your new company.
Corcoran Global Living was founded on the principle of putting people first. The company serves the California and Nevada markets with 66 offices, more than 2,300 associates, and gross annual sales of $8.5 billion. From luxury homes and income properties to vacation getaways and first-time homes, Corcoran Global Living has the experience, insight, and expertise to achieve and surpass clients’ highest expectations and deliver results.
Why did you make this move?
For a trio of reasons: My Clients, Las Vegas, and Myself.
For my Clients, Corcoran has massive sales and marketing power, newer and better real estate technology, and larger budgets to market and sell my clients’ listings.
For Las Vegas, I spend most of my time competing against other zero-tax states for the market share of the luxury buyer. I view my competitors as Texas and Florida, not other agents. At Corcoran, they gave me the ability to bring the best agents together to collaborate to create a bigger voice and for Las Vegas, my listings, and my clients.
For me, I moved because I wanted to be with a real estate company that valued agents.
How would you describe the luxury real estate market in Las Vegas?
Evolving, Growing & Trending
Our current luxury market is very strong throughout the valley, but especially in guard gated private country club communities and with homes that are updated, remodeled or modern.
We have so many chic luxury homes here, and luxury real estate architects and builders are designing and creating better products every year.
What has changed over the years in Las Vegas’ luxury real estate market?
Over the years, the Las Vegas luxury market has come into its own in Las Vegas for sure. When I started real estate here, MacDonald Highlands and The Ridges were just developing and starting to sell. There was a dramatic shift from Mediterranean to Modern.
Then COVID-19 brought on an unprecedented change in lifestyle and housing needs, especially for the wealthy who can afford to choose where they live. Stock market gains, low interest rates, and more of the affluent working remotely have all contributed to a continued boom in the luxury real estate market.
Today, two of the biggest attributing factors to the rise in luxury home sales is the number of affluent homeowners working from home and now knowing that they have the flexibility to do so in the future. They are also looking for second and third outposts so they can live between different places throughout the year and change their scenery and outdoor lifestyle. They want to have the ability to move freely and by having multiple properties, they are back in control of that.
What does the historical sale mean for other homeowners in the valley?
The soundtrack going through my head during the entire transaction was nonstop. I knew that this sale would redefine our luxury market in the city.
Clearly it was going to be a huge win for MacDonald Highlands and Blue Heron - two of my most important clients, so I needed to deliver.
Ironically where I felt the most pressure was for the city and every homeowner in the valley – clearly, not all are my clients (yet, lol) - rising tides lift all boats.
It was a pivotal moment for real estate in Las Vegas. Suddenly, we were edging toward California properties and that is good for every homeowner. The sale is a beacon of where homeowners and the city are going and can go.
What should buyers expect in the years to come?
Buyers should expect continued level- up of in every aspect of residential real estate- architectural ingenuity, cool technology advancements, clever floor plans and sensational amenities. As they should.
Living in Las Vegas affords us many advantages. Nevada is a state without individual and corporate income taxes offering significant savings for residents. It is love at first sight on the tax front! Once people move here, they find out how great it really is and fall in love.