The gorgeous new home production market is supported as a new community with Ascension Lamps ramped up in Summerlin, and elsewhere in West Valley, sales of master plans are underway for new, high-end mountainside custom home developments.
A survey of Las Vegas-based home builders found that sales were over $1 million in 2024, up over $535 from 567 in 2023 and 544 in 2022, and sales were up over $1 million, dating back to 2017. This indicates the initial decline. It was closed 96 times in 2016, followed by 129 in 2017, 241 in 2018 and 247 in 2019. By 2020 it had increased to 313 during the pandemic, followed by 432 in 2021.
The decline in new home sales was seen in the first half of 2024 when the closure fell 15% from January to June 2023 to 227 last year. According to a survey by Home Builders, there were 308 closures in the second half of 2024, rising from the 300 in the second half of 2023.
The decline in construction of luxury new homes comes as the overall new market in all price ranges has risen 11% higher in terms of closures over 2023.
Market Observer said the gorgeous new home closes in the first half of 2024 reflects the lack of sufficient luxury production homes for limited land available.
Toll Brothers and Pulte Group were the dominant players in the market in 2024 with 146 closures and 107 respectively. The number of these builders is boosted by the ascension between the Summit Club and Messa Ridge. Toll Brothers won two community sales in the first half of 2024. Toll Brothers finished 2024 with 32 closures in three ascension communities, with Pulte having 47. Prices range from $1 million to $3 million for Toll Brothers homes, and $1 million and $2 million for two Pulte communities.
Following Toll Brothers and Pulte, other top luxury builders in 2024 were accompanied by closures. Christopher Holmes, 36; Pinnacle Homes, 28; Tri Pointe Homes, 24; Taylor Morrison, 23; Richmond American Homes, 20; Blue Heron, 18th; Century Community, 17; And Shea’s House, 7. Other builders included three or fewer manufactured homes, over $1 million.
Meanwhile, Blue Heron, which is also a custom home builder, had $10.5 million at Henderson’s McDonald Highland and $8.37 million at Henderson’s Asukaya.
Ascaya averaged averaging average luxury production home prices of $6.58 million, followed by $5.01 million in the Southern Highlands and $3.73 million in McDonald Highlands.
Custom homes where lot owners hire builders in high-end developments are not tracked, but the high-end architects who do those homes are busy with Asukaya and Summerlin’s Summit Club in Henderson, as well as lots remaining in Summerlin’s new luxury development.
Custom Home Market
In September, millions of real estate reported that a luxurious new hire community was coming to the market with Summerlin developer Howard Hughes offering low-end $4 million at a price of 167 lots. It was named Astra at Ramadre Peaks, which has 167 mountainside home sites over 170 acres. A review journal article in Las Vegas on February 27 reported that several lot sales have been recorded so far.
“La Madre Peaks’ Astra represents the most elite custom home site district in Summerlin that Howard Hughes has ever developed,” said El Genslen, the developer’s sales director in writing. “The sales process is carried out in stages with a selection group of qualified buyers to ensure a thoughtful and personalised sales experience for this unique opportunity.”
Luxury owner and real estate broker Ivan Shah said Astra needs to add a new luxury development. He said he had his client buy a lot of stuff and then bought others in negotiations to buy there.
“I think they’ll do well,” Shah said. “They are selling themselves during the high-end version of the ridge, not the summit. That’s their demographic. The lot is more expensive than they thought, but they sell for $4 million, over $10 million. Summit. There’s no land left on the ridge.
Actor Mark Wahlberg recently sold a 2.5-acre parcel at the Summit Club for $17.25 million. According to public records, he purchased the land in 2022 for $15.6 million.
In East Valley, Asukaya and Lake Las Vegas have lots and production homes, with the rest of McDonald Highlands being limited.
Kristen Rous Silverman, a real estate agent for sales representatives at Douglas Elliman in Las Vegas and McDonald Highland, said 15 lots are on sale to the Hillside community. She attributes the decline in production luxury sales to a lot of shortages in the valley.
“We’re out of stock,” said Routh-Silberman. “I was just out on Lake Las Vegas and it looks like there’s a lot to be found. The Richard Druk collection at McDonald Highlands is sold out. The Blue Herons sells out 95% here, and Christopher Holmes is 40 out.”
According to Routh-Silberman, while Lennar and Richmond American are doing their luxury projects near Stonebridge, there will be an opportunity for luxury stock of new productions where Lennar is doing their projects at Queens Ridge.
“We’re running out of cool places,” said Routh-Silberman.
Scott Acton, CEO of Forte Specialty Contractors, said he is busy on the custom home side of the business in a powerful luxury market. Forte said there are six houses they are under construction, two on the ridge and four at the summit club. The most expensive home is $40 million.
“We’ll have a backlog until 2027,” Acton said. “There are still a lot of people moving out of California.”
Blue Heron founder Tyler Jones said concerns over the slower decision-making among wealthy buyers as the builders got off to a strong start in December has led to a good start to 2025.
“It’s been a great event since November,” Jones said. “The first part of last year was really good, and it was the third quarter, much late until December (custom home building and production home construction.”
Jones said concerns about land constraints probably contributed several times, but that was a problem with the luxury segment since 2026 and more than 2024.
“High-end habits are very active right now, and a lot of people are trying to advance some properties,” Jones said. “People are worried about rising prices due to tariffs, so we think there’s an urgency to get started as soon as possible.”
