New Homes For Sale In Summerlin Las Vegas - The No. 1 sale in April lists a mansion in The Ridges in Summerlin for $9 million. T (Vegas only)
An 8,639-square-foot mansion at The Ridges in Summerlin sold for $9 million. It's the number one sale for April in Las Vegas. The house has indoor/outdoor living. (Vegas only)
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The master suite has a separate sitting area and a private balcony with strip and mountain views. It has a gym and sauna. (Vegas only)
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Las Vegas and Southern Nevada had a record 218 luxury sales in April, led by sales of $9 million, and a high-profile $3 million purchase of Summerlin by Janie Buss, the daughter of the late Los Angeles Lakers owner Jerry Buss.
Despite the falling stock market and rising interest rates, the luxury real estate market remains strong for the time being. How long the stock will continue to fall will be answered in the coming months.
During the first four months of 2022, the Las Vegas region had 659 sales of $1 million and above, with March and April setting records. The 197 sales in March broke the record of 172 in March 2021. There were 533 luxury sales in the first four months of 2021, according to Forrest Barbee, business broker for Berkshire Hathaway HomeServices, which tracks the luxury market on the Multiple Listing Service.
The median price of luxury homes sold in April was $1.4 million. The average price is $1.84 million. The property has been on the market for 35 days, according to Barbee, who added that he has not seen a downturn in the luxury market.
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"We've heard that if they start lowering prices, interest rates will rise," Barbee said. "No, and that's why demand, especially at the top end, remains great. The only time market prices go down is when interest rates rise and when we lose jobs. Allegiant Stadium is taking on 1,800 jobs. I don't think you can cut them, all the hires come from people moving in and buying luxury properties. They create jobs."
Wealthy people concerned about the stock market have raised their money and put it into luxury real estate that is expected to rise twice a year, Barbee said. That doesn't happen in the stock market.
"It shows how stable and solid the growth is here," he said. “All these people are waiting for doom and gloom. There isn't a dark cloud over our heads here.'
Evangelina Duke-Petroni, Ivan Sher Group real estate agent at Berkshire Hathaway HomeServices, Nevada Properties, with sales no. sold very well."
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That will no longer remain on the market than before, he added.
“In the luxury market, the buyer is not easily guided by interest rates,” says Adipati-Petroni. "It's a market that is more dictated by the stock market. There are people waiting to see what will happen until they are a little more careful. But that won't solve our problem of a lack of stock.
However, Adipati-Petroni said he saw nothing that reflected gloomy news for the stock market and the economy. Luxury buyers are still looking for special properties and when they find them, they are willing to pay a premium.
“We are at the top of the mountain when it comes to real estate prices,” says Adipati-Petroni. "I don't believe we're in a bubble. In a healthy market you always have dips and spikes, but there's nothing we see every day in the world that points to a bubble or a crash of any kind.
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The people who come are legitimate buyers who are looking to visit Las Vegas for various reasons and they don't stop there.
My property (in MacDonald Highlands) is a good example. There is no zero day on the market (with a status of coming 30 days before going live). He had many interests for his life.
Shanta Patton, a real estate agent at ERA Brokers Consolidated who represented a couple who paid $5.3 million for a Lake Las Vegas home that was originally on the market in 2020 for $7.95 million, said she sees no downturn in the luxury market. There was a lot of competition to buy the house, he said.
"What I see is homes that have been on the market for the past few years (like this one) are now getting offers," Patton said. “A lot of luxury properties have been modified. There are still buyers. We are looking in the Henderson area and there are multiple listings for those homes.
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The best sale in April was in Summerlin, where Buss, whose mailing address is listed as Manhattan Beach on Clark County property records, bought a five-bedroom home on Red Arrow Drive near Red Rock Country Club for $3 million. Built in 2001, the two-story home measures 5,122 square feet and overlooks the golf course. There is a garage for four cars.
The house has a pool with beach access, spa, waterfall and BBQ in the backyard. The house has a theater room with a wet bar. All bedrooms have their own bathroom.
There is a chef's kitchen, walk-in pantry, built-in bar in the family room. The courtyard entrance has a fireplace.
The seller is Michael Danzi, according to Clark County property records. Barbara Angelo of Signature Real Estate Group represented Danzi. Fathom Realty's Jessie Keller is the agent for Buss.
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Angelo said the luxury market remains solid despite the lack of supply. He said it might "slow down, but not go down." It remains a high-end market because while Las Vegas has many stucco homes that look similar, luxury homes are hard to come by.
"I think fear of the unknown can slow you down," Angelo said. "Interest rates are going up a little bit and there's a lot of talk about inflation, and people are holding back a little bit. They're not quite free to do things. They might want to wait a little bit and see what happens. It seems to be easing , but not to take away."
■ The first sale in April was at The Ridges in Summerlin for $9 million. Located on Hawk Ridge Drive, the two-story home measures 8,639 square feet with four bedrooms and five full baths, two partial baths, and a four-car garage.
It is said to list the best home on the market in The Ridges. It has undergone an extensive renovation, including the backyard and pool. It has a large bright room with a pocket door. The dining room is adjacent to the courtyard. There is a wine cellar and a bar. The master suite has a separate sitting area and a private balcony with strip and mountain views. It has a gym and sauna.
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"It's a beautiful home in The Ridges with incredible views of the city and beautifully elevated above the eighth fairway at Bear's Best," said Gavin Ernstone, Realtor/Owner of Only Vegas and listing agent. “This is a beautiful home that sold on the market on day one. We had multiple listings and sold it for full list price.
The Clark County property records show Robert and Kelly Foss as the purchasers and were represented by Steven Thomas of Real Broker LLC. The sellers are John and Robin Grant.
"Good quality stuff sells right away," Ernstone said. "It's very positive and looks like it will continue for the rest of the year."
■ Ad No.
Grouse St Las Vegas, Nevada, United States
The single-story home built by Sun West Custom Homes measures 8,495 square feet and includes five bedrooms, 5½ baths, and a four-car garage.
The home received awards from the Southern Nevada Home Builders Association as a 2018 Silver Nugget Award winner for "Best Custom Home of the Year" and "Best Luxury Single Family Home," Duke-Petroni said. “The house is spectacular. This is one of my favorite properties to market. I've been there twice. It is close to the golf course and has a great quality like you will never see.
The Parke M Berolzheimer Trust is the purchaser. Hikronos LLC is the seller. Emily Sherwood of Corcoran Global Living is the buyer's agent.
■ April No. 3 sale was $6.45 million on Scenic Rim Drive in MacDonald Highlands. The single-level home with basement measures 5,986 square feet and includes five bedrooms and a six-car garage.
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It has a two-story swimming pool with a fire feature. Michale Zira, real estate agent at Trueu Real Estate is the real estate agent. Melinda Zolowicz of Simply Vegas is the buyer's agent.
Another high-profile sale in April featured in Real Estate Millions in 2020, selling for $5.3 million in an all-cash sale.
Three-story Mediterranean-style mansion on Lake Las Vegas, there's a bargain considering it was listed for $7.95 million.
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