Lowman says now is the time to buy in Las Vegas. The three homes on the foreclosure tour are all listed at deep discounts. Lowman has seen luxury properties in Las Vegas that are being closed on for reductions up to 50 percent off the original asking price, sometimes below what the replacement cost would be. The first luxury home on the tour is located in Tournament Hills at Summerlin and is listed for $4.65 million. The seven-bedroom home was listed at $9.2 million in 2007. The second home is located in MacDonald Highlands and is listed for $4.9 million. It has six bedrooms and was listed at $6.2 million in 2008. The third home is located in Promontory in The Ridges and is listed for $6.125 million. The seven-bedroom home was valued at approximately $10 million at market peak.
The tour is open for a limited time to qualified buyers who must show proof of funds and net worth sufficient to purchase a luxury home. This is the first of a series of luxury home foreclosure jet tours to Las Vegas. Other departure cities may include Orange County, San Diego, Phoenix, San Francisco and Salt Lake City.