Las Vegas has a $1 million home problem. Yes, they're not selling. But perhaps not for the reasons you might think, according to a story in the Los Angeles Times.

It's not that buyers don't want to spend $1 million plus in today's market. Apparently, when it comes to luxury homes in Las Vegas, what's worth $1 million changes so quickly that what was ultra-luxe a few years ago is not worth the money today.

Las Vegas has one of the nation's more troubled housing markets, thanks largely to rampant new home construction and speculators. But in the high-end category, shoppers want new and so the homes built during the boom sit. According to the story, about 1,000 houses are listed for sale in Vegas for $1 million or higher, with more than 600 of them built since 2004. In an MLS search today, I found 383 homes in Pierce County listed at $1 million and up.

In a town of excess it should come as no surprise that bigger is better. But four years old and outdated?

My favorite part of the story:

Michael Lemoine, an architect who specializes in custom houses for the wealthy, says he has clients who build houses as often as some people buy cars.

"New neighborhoods pop up that become the place where these people want to live," he said. "They move from one to another because they want to be with their friends, then in five to seven years' time they go to another community."

To be considered a premium home, "8,000 to 10,000 square feet is the new threshold," Lemoine said. It was 5,000 to 7,000 square feet just five years ago, he added.

Buyers today want two sets of refrigerators and freezers, two game rooms (one for the kids, another for adults) and showers that are at least 7 feet by 7 feet, he said, adding, "Laundry rooms now are better than kitchens were five years ago. They have stainless steel cabinets, glass tiles."

Find the full version here.