Luxury Real Estate Las Vegas Nv - 1 sale for April was a $9 million mansion on The Ridges in Summerlin. T(Vegas Only)
An 8,639 square foot mansion on The Ridges in Summerlin has sold for $9 million. It was #1 seller in Las Vegas in April. The house has indoor/outdoor living. (vegas only)
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The master suite has a separate sitting area and private balcony for strip and mountain views. It has a gym and sauna. (vegas only)
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A record 218 luxury resales in Las Vegas and Southern Nevada in April resulted in sales of $9 million, and Janie Buss, daughter of late Los Angeles Lakers owner Jerry Buss, bought a top $3 million in Summerlin.
Despite the decline in the stock market and rising interest rates, the luxury real estate market remains strong for now. How long the decline in stocks will last will be answered in the coming months.
In the first four months of 2022, 659 sales of $1 million or more were made in the Las Vegas area, setting all-time records in March and April. March sales of 197 broke March 2021's record of 172. According to Forrest Barbee, corporate broker for Berkshire Hathaway HomeServices, which tracks the luxury market across multiple listing services, there were 533 luxury sales in the first four months of 2021.
The average price of elite homes sold in April was $1.4 million. The average price was $1.84 million. According to Barbee, the property has been on the market for 35 days.
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“We hear that as interest rates rise, prices will go down,” Barbee said. "No, that's because demand, especially at the high end, remains stellar. In these markets, prices only drop when interest rates rise and we lose our jobs. Allegiant Stadium gets 1,800 seats. I don't think you can allocate all the rent from people who buy luxury real estate. They create jobs."
According to Barbee, wealthy people worried about the stock market are taking the money and investing it in luxury real estate that's gaining double-digit annual value. This does not happen in the stock market.
It shows how sustainable and robust the growth is.” "All these people are waiting for doom and gloom. There is no dark cloud over our heads here."
Evangelina Duke-Petroni, real estate agent of Ivan Scheer Group's Nevada Properties, Berkshire Hathaway HomeServices, said the April 2 sale of $8.29 million in Macdonald Hills in Henderson is a "different, one-of-a-kind and turnkey" luxury home. told. sells very fast.
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He added that those who are not in the market will stay longer than before.
“In the luxury market, this buyer is not easily affected by interest rates,” Duke-Petroni said. "It's a market where the stock market is more demanding. There are people waiting until we're careful. But that doesn't solve our inventory shortage problem."
But Duke-Petroni said he didn't see anything that reflected the news people were watching about the stock market and the economy. Luxury buyers are still looking for exceptional properties and are willing to pay a premium when they find them.
"We're in the mountains when it comes to real estate prices," said Duke-Petroni. “I don't believe we are in a bubble. There will always be ups and downs in a healthy market, but nothing in our everyday world to indicate any bubbles or crashes.
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Visitors are legitimate buyers who call Las Vegas for a variety of reasons, and it doesn't end there.
My property (in Macdonald Hills) is a perfect example. Zero days on the market (remaining up to date 30 days before release). It aroused great interest even before it went on the air."
Shanta Patton, a real estate agent at ERA Brokers Consolidated, who represents a couple that paid $5.3 million for a Lake Las Vegas home that sold for $7.95 million in 2020, said she has not seen any slowdown in the luxury market. She said there was too much competition to buy this house.
"What I've seen is that homes (like this one) that have been on the market for the past two years are now getting offers," Patton said. “Many luxury properties have adapted to this. There are still buyers. We looked in the Henderson area and there were a lot of offers for these homes."
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The biggest sale in April was in Summerlin, where Buss, whose mailing address is listed on Clark County real estate records as Manhattan Beach, purchased a five-bedroom home on Red Arrow Drive at Red Rock Country Club for $3 million. Built in 2001, the two-story home has 5,122 square feet and golf course views. There is a four-car garage.
The house has a beach access pool, spa, waterfall and built-in BBQ in the backyard. Home theater room with American bar. All bedrooms have a private bathroom.
The family room includes the chef's kitchen, dining area and built-in bar. There is a fireplace at the entrance of the courtyard.
According to Clark County estate records, the seller was Michael Danzi. Barbara Angelo of Signature Real Estate represented Danzi. Jesse Keller of Fathom Realty served as Buss' agent.
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According to Angelo, the luxury market remains stable despite the lack of supply. “It might slow down a bit, but it won't go down,” she said. It remains a high-end market because while there are many similar plaster houses in Las Vegas, luxury homes are hard to find.
"I think it's the fear of the unknown that slows him down," Angelo said. "Interest rates are going up a little bit, there's a lot of talk about inflation, and people are getting a little down. They're not free to do anything. They might want to wait a while and see what happens. It looks like it's slowed down, but it hasn't."
■ April's #1 sale was at The Ridges in Summerlin for $9 million. Located on Hawk Ridge Drive, the two-story home is 8,639 square feet with four bedrooms and five full bathrooms, two half baths and a four-car garage.
The list named it the best house in The Ridges. It has undergone extensive renovations, including its backyard and pool. It has large bright rooms with pocket doors. The kitchen is adjacent to the garden. There is a wine cellar and a bar. The master suite has a separate sitting area and private balcony for strip and mountain views. It has a gym and sauna.
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“This is a beautiful home in The Ridges with stunning views of the city and towering over the eighth lawn driveway at Bear's Best,” said Gavin Earnstone, Simply Vegas broker/owner and listing agent. “This is a great house, we sold well on the first day on the market. We got a few offers and sold at full list price.”
Clark County property records show that the buyers are Robert and Kelly Foss and are represented by Steven Thomas of Real Broker LLC. The vendors were John and Robin Grant.
"Quality goods sell quickly," Earnstone said. "It's very positive and looks like it will do the same for the rest of the year."
■ Sale #2 of the month was at MacDonald Ranch Drive in the MacDonald Mountains, which sold for $8.29 million.
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Built by Sun West Custom Homes, the one-story home measures 8,495 square feet and features five bedrooms, 5½ bathrooms and a four-car garage.
“This home has been honored as a 2018 Southern Nevada Home Builders Association Custom Home of the Year and Best Luxury Single Family Home Award winner,” Duke-Petroni said. “The house is wonderful. This is one of our favorite properties that I can market. I bought it twice. It's next to a golf course and has a quality finish unlike anything you've ever seen."
The recipient was the Parke M Berolzheimer Trust. The seller was Hikronos LLC. The buyer's representative was Emily Sherwood of Corcoran Global Living.
■ April's #3 sale on Scenic Rim Drive in the Macdonald Mountains was $6.45 million. The one-story home with basement measures 5,986 square feet and has five bedrooms and a six-car garage.
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It has a two-story swimming pool with fire protection features. The listing agent was Michal Zira, the real estate agent of Trueu Real Estate. Melinda Zolowitz of Simply Vegas was the buyer's representative.
Another popular April sale was featured on Real Estate Millions in 2020 and sold all for $5.3 million in cash.
Three-story Mediterranean-style mansion on Lake Las Vegas sold for $7.95 million.
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