A Spanish trail home overlooking two of three golf courses in the upscale community sold for $6 million and topped sales in August as the luxury single-family and high-rise market continues its slowdown.
According to Forrest Barbee, corporate broker for Berkshire Hathaway HomeServices, Nevada, Arizona and California Properties, Las Vegas saw 118 luxury home and condo sales in August valued at over $1 million. The 118 sales is the second slowest month since 86 in January 2021. July saw 106 luxury condo and high-rise sales.
Strength in the high-rise building market has also slowed. 79 units were sold in buildings with five floors or more. This is the second lowest since 64 in January 2021. There were 74 sales in July.
According to the Multiple Listing Service, it even lacked quality sales during August and into the start of Labor Day weekend. Just one August sale surpassed $4.2 million, but two surpassed that mark on September 2.
■ The #1 sale during this period was the $6 million property on Spanish Gate Drive in Spanish Trail. Built in 1995, the one-story home measures 10,916 square feet with five bedrooms, seven bathrooms and a five-car garage. It sits on 1.64 acres.
Angela James of Berkshire Hathaway HomeService, Nevada Properties was the listing agent, while Gary Kirschbaum of Easy Street Realty Las Vegas was the buyer’s agent.
James said the backyard faces two of three courses on the Spanish Trail and has a 578-square-foot pool house with two additional bathrooms and a kitchenette.
James called it resort-style living. Entering through double gates, the landscaping is “beautiful roses, bubbling fountains and four-season sculptures that make for the perfect welcome retreat.”
The bedrooms are en-suite with individual floor to ceiling windows overlooking the garden and outdoor access. From every room you have direct access to the garden.
“It’s a unique property considering it’s 1.64 acres on a double fairway,” said James. “Not only does it have the main house, but also a pool house and service quarters for the housekeeper. The gardens speak for themselves. It is a destination type home. You feel like you’re in the Four Seasons.”
■ A two-story home built on Reims Drive in McDonald Highlands in Henderson in 2015 sold for $5.25 million. It measures 7,998 square feet with five bedrooms and six bathrooms and sits on 0.58 acres.
Rob Jensen of Rob Jensen Co. was the listing agent and Jung Kim of Berkshire Hathaway HomeServices, Nevada Properties was the buyer’s agent.
Jensen said the home was built on a hillside lot with views of the mountains, city and golf course. It lives like a one-story house with everything the owner needs on the main level, he said. There’s even an expansive basement for entertaining.
The lower level features a wet bar, movie theater and gym/games room. The elevated courtyard features a resort-style pool and spa, as well as a shaded outdoor kitchen and putting green.
There is a spa-like master bedroom on the main level overlooking the Strip. The master bathroom features room-darkening motorized blinds, dual vanities, a double shower, and heated floors. The house has an elevator and a stair lift outside.
According to Jensen, inventories have risen and sales in the luxury market have fallen. Inventory has increased from two to three months to nine to eleven months, while six months is normal.
“The scale has now shifted to the buy side,” Jensen said. “Premium real estate will still be in great demand. It’s not easy to find much to build on, and there aren’t any new gated communities either.”
At the end of August there were 441 homes in gated communities, 101 of which reduced their price, Jensen said.
“I think the market will continue to be weak next year,” Jensen said. “The shelves are filled with houses for sale, but you have fewer buyers. Whether you’re on the sidelines, worried about the market, can’t afford as much house because of higher interest rates, or are nervous about the stock market, you have that shift.
“Given that the Federal Reserve hiked interest rates again (Wednesday), the slowdown here might be a bit. But overall I’m still optimistic about Las Vegas where so many things are happening with growth and sport.”
■ A two-story home built on Jensen Street in the Lone Mountain area in 2021 sold for $4.85 million. It measures 8,900 square feet with seven bedrooms, nine bathrooms, and a six-car garage.
Kamran Zand from Luxury Estate International was the listing agent. John Nelson was the buyer’s agent at Simply Vegas.
Zand describes the new home on a 1-acre site as having an open floor plan and flexible space. It features a floating staircase, wet bar, wine room, 20-foot ceilings, and private courtyard.
The downstairs master bedroom is like a retreat with a fireplace, morning kitchen, and outdoor shower, Zand said.
The house had a detached casita with a living room, a kitchenette, a bedroom, a bathroom and connections for a washer and dryer.
The property features large lawns, an upscale pool and spa, a covered patio, outdoor kitchen, driveway, RV parking, and your own private gates for security in a tranquil and rustic modern setting, Zand said.
■ Two high-rise condos were among the top sales in August. A 43rd floor penthouse at The Martin measuring 3,653 square feet with three bedrooms and 3½ baths sold for $4.22 million.
Randy Char of Las Vegas Sotheby’s International was the listing agent. No buyer’s agent was listed.
Char said the penthouse “exudes elegance with its contemporary design. It features floor to ceiling scenic windows that offer expansive views of the Strip, mountains, Allegiant Stadium and the city.
The main living area offers an open floor plan for entertaining or catching a sunrise and sunset. It features a wet bar and a 750 square foot outdoor deck overlooking the Strip.
Char said the unit is modern and in immaculate condition with spectacular views. He said it’s rare to have a large deck with a 270-degree view.
Char said there continues to be demand for dedicated high-rise units, despite the fact that it is a discretionary purchase. The smaller condos aren’t moving, but the larger ones are, he said. Buyers of the smaller units are more interest rate sensitive, he added.
“It’s the unique, special and awesome conversions, those are the ones that people want,” Char said. “There’s a lot of wealth out there for people to acquire.”
Referring to the slowdown in the luxury home market, Char said buyers are waiting for the right price rather than jumping on anything.
“What happens in an inflationary environment, people take a break,” Char said. “They have no consumer confidence and want to see how the economy is doing. They’re just on the side. You haven’t lost any real wealth. There hasn’t been much activity in The Ridges, but there are maybe 20 houses available. Everyone has their eyes on them, but people are slower at making decisions at the moment.”
■ A penthouse on the 47th and top floor of the Waldorf Astoria sold for $3.93 million. It measures 2,126 square feet with two bedrooms and three bathrooms.
Diane Varney of Coldwell Banker Premier was the listing agent. Award Realty’s Shari Sanderson was the buyer’s agent.
Varney said the penthouse has great views and plenty of amenities, including a gourmet kitchen with a pot filler and wine refrigerator. The master bedroom has a bath.
The top floor is a foot higher than the rest of the units in the building, Varney said.
Demand was so great that the phone rang within the first hour of listing, Varney said.
“There are only a handful of units on the top floor of the Waldorf Astoria, and the last time one sold was in 2016,” Varney said. “I hit the bull’s eye by promoting it as something very exclusive. It’s punchy to say that I live in the top floor penthouse at the Waldorf Astoria in Las Vegas. There is a person who wants to say it, encourage it, feel it and live it. We had half a dozen offers and closed it on the market for seven days at $440,000 over list price. We had it closed within three weeks.”
The unit was last sold in 2015 for $2.6 million and has grown in value by $1.3 million in seven years, Varney said.