Las Vegas’ luxury existing home market is on track to grow at a record pace for 2024, despite a slowdown in transactions in August, with just two homes selling for more than $5 million.
In August, 147 real estate sales contracts worth more than $1 million were closed, down from 153 during the same period last year but up from the 122 closed in August 2021, which was the market’s all-time high for sales contracts over $1 million, according to Forrest Barbee, corporate broker for Berkshire Hathaway HomeServices.
■ This month’s top sale was a $6.4 million listing on Meadowhawk Lane in The Ridges in Summerlin. The two-story home with basement has four bedrooms, five and a half bathrooms and a three-car garage. Built in 2009, the home has 7,725 square feet and sits on a 0.43-acre lot.
Real estate agent Gavin Arnstone describes the home as having “incredible city views” and is a contemporary home with “great architecture and a huge living room with double pocket doors that open out to a 360-degree edgeless pool.”
There is a large study with 7-1 surround, a fully soundproofed recording studio and movie theater in the basement, and the master bedroom has unobstructed views of the Strip from the bedroom and balcony.
“It’s a fantastic home with great views over the city. We sold it to a local buyer who was looking to move to a bigger home in The Ridges,” Ms Arnstone said.
Ivy Vo of Simply Vegas represented the buyer, Thanhnhi Trust. The sellers were Jon Jiles and Kara Jiles, according to public records.
■ The second-highest selling sale in August was on Overlook Rim Drive in McDonald Highlands in Henderson, which sold for $5.9 million. Built in 2023, the two-story home has 6,345 square feet and includes three bedrooms and five bathrooms. It has a four-car garage. The home is part of Skyview at McDonald Highlands, the newest luxury neighborhood offered by Christopher Homes.
“These exquisitely appointed homes feature premium finishes, contemporary open floor plans, large windows that make the most of the dramatic views, and private courtyards, decks and pool-sized lots,” according to the listing.
SkyVu homes feature 10-foot-tall stacking sliders, 72-inch linear fireplaces in the living rooms, JennAir stainless steel appliance packages, and other luxury amenities.
According to public records, Christopher Holmes had listed the home for sale, while Randy Char of Las Vegas Sotheby’s International represented the buyer, Terrance Lesure.
■ The third highest sale this month was a high-rise apartment on the 30th floor of the Waldorf Astoria, which sold for $4.45 million. The apartment has two bedrooms and three bathrooms. The north-facing unit offers panoramic views of the Strip. Every room has floor-to-ceiling windows.
Grant Garcia of Rome represented the buyer, Rosemary Martin Revocable Trust, and the seller, Z-Vegas Strip LLC, according to public records.
■ The fourth best-sold property was on Opal Springs Way in Summerlin, which sold for $4.17 million. The two-story home with a three-car garage has three bedrooms and four bathrooms. It has 4,618 square feet and sits on a 0.36-acre lot.
The home, built in 2017, was listed for sale by Susan Boettcher Kaye of Urban Nest Realty, and Carla Redmond of Queensridge Realty represented the buyer, Joseph Paul. Public records show the seller was BAMM Nevada Trust II.
■ The fifth best-sold property was on Reege Drive in McDonald Highlands, which sold for $4 million. It sits on 0.82 acres. Built in 2008, the three-story home has 6,124 square feet and has four bedrooms and five bathrooms. It has a three-car garage.
This home offers 360 degree views of the Strip, canyon, valley and mountains from every room. It incorporates outdoor living, multiple terrace balconies with lounge areas, fireplaces and a newly renovated disappearing edge pool/spa day club and ultra lounge. There is also an outdoor dining space, chef’s kitchen with dual islands and coffee bar.
The home features a wine room, wet bar and movie theater, and the main suite has a fireplace, balcony and morning kitchen.
The buyer was Pride & Joy LLC. The sellers were Brian and Angela Nettles, according to public records. The listing agent was Adrienne Terry of Key Realty Southwest LLC. The buyer’s agent was Gennaro Didiego of Realty One Group.
market conditions
Arnstone said he expects inventory to be low in the luxury housing market as summer comes to an end, and good homes will sell quickly when they come on the market.
“We just sold two homes in Macdonald Highlands for over $6 million (sales expected to close in October). The demand is there. Interest rates are coming down and that will impact all parts of the market,” Mr Arnstone said.
Arnstone said the heat this summer was so bad that sales were slow and will likely show in future transactions. Buyers are waiting until fall because they don’t want to be outside in 115-degree heat, he added.
Of Sky View’s 102 home sites, 42 have sold, said Erica Geiser, vice president of marketing for Christopher Homes, which uses the MLS for some of its listings to draw attention to properties for sale. Sales tend to slow in Las Vegas during the summer because buyers don’t travel to view homes during the heat or on vacation, she said.
“The luxury housing market remains very crowded right now because there isn’t a lot of supply, especially at the newer and higher price points,” Geiser said. “We’re still seeing an influx of people from California and other states.”
