A Spanish Trail home facing two of three golf courses in the upscale community sold for $6 million and led the way in August sales as the luxury market for single-family homes and high-rise buildings continued to slow.
Las Vegas had 118 sales of luxury luxury homes and condos that exceeded $1 million in August, according to Forrest Barbee, corporate broker for Berkshire Hathaway HomeServices, Nevada, Arizona and California Properties. Sales of 118 are the second slowest month since there were 86 in January 2021. July recorded 106 sales of luxury apartments and high rises.
Strength in the high-rise building market has slowed, too. 79 residential units were sold in buildings of five floors and above. This is the second lowest number since there were 64 in January 2021. There were 74 sales in July.
There was even a lack of high-value sales in August and into the start of Labor Day weekend, according to the multi-list service. Just one sale in August topped $4.2 million, but two sales exceeded that limit on September 2.
■ The first sale at the time was the $6 million property on Spanish Gate Drive on the Spanish Trail. Built in 1995, the one-story home is 10,916 square feet with five bedrooms, seven bathrooms, and a five-car garage. It is located on an area of 1.64 acres.
Angela James with Berkshire Hathaway HomeService, Nevada Real Estate 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 the three courses on the Spanish Trail and has a 578-square-foot pool with two additional bathrooms and a kitchenette.
James called it the resort style of living. When you enter through the double gates, the landscape is “awesome roses, bubbling fountains, and Four Seasons sculptures that make for the perfect welcoming retreat.”
The bedrooms are en-suite with individual floor-to-ceiling windows with garden views and access to the outdoors. There is direct access to the garden from every room.
“It’s a one-of-a-kind property due to its 1.64 acres on a double driveway,” James said. “It not only has the main house, but it also has a swimming pool and places to serve the housekeeper. The gardens speak for themselves. It’s a destination type home. You feel like you’re living in the Four Seasons.”
■ A 2015 two-story home on Reims Road in Henderson’s MacDonald Heights has sold for $5.25 million. It measures 7,998 square feet with five bedrooms and six bathrooms and is 0.58 acres.
Rob Jensen’s Rob Jensen was the registration agent, and Jung Kim of Berkshire Hathaway HomeServices, Nevada Properties was the buyer’s agent.
Jensen said the house is built on a hillside overlooking the mountain, city and golf course. He said he lives like a bungalow with everything the owner would need on the main level. There is even a spacious basement for entertaining.
Downstairs has a wet bar, movie theater and gym/game room. The raised patio features a resort-style pool and spa, shaded outdoor kitchen, and green space.
There is a basic spa-like bedroom on the main floor with a view of the strip. The master bathroom has dark room auto shades, double vanities, double showers and heated floors. The house has an elevator and external stairs.
In the luxury market, Jensen said, inventory is up and sales are down. It has gone from two to three months to nine to 11 months out of stock, while six months is normal.
“The range has shifted to the buyer’s side now,” Jensen said. “Premium real estate will still be a hot ticket. It’s not easy to look for a lot to build on, and there are no new home spaces that have guard gates.”
At the end of August, Jensen said, there were 441 homes in guarded communities, of which 101 had lower prices.
“I think the market will still be weak next year,” Jensen said. “The shelves are full of homes for sale, but you have fewer buyers. Whether they’re sitting on the sidelines, worried about the market, they can’t afford the same amount of home because of rising interest rates or volatility because of the stock market, you have that shift.
Looking at the Fed raising rates again (Wednesday), the slowdown here could be a bit. But overall, I’m still optimistic about Las Vegas with a lot of things happening with growth and the sport.”
■ A two-story home built in 2021 on Jensen Street in the Lone Mountain area sold for $4.85 million. It is 8,900 square feet with seven bedrooms, nine bathrooms, and a six-car garage.
Kamran Zand was with Luxury Estate International the listing agent. John Nelson of Simply Vegas was the buyer’s agent.
Zand describes the new home on the 1-acre complex as having an open floor plan and flexible room. It has a floating staircase, wet bar, wine room, 20-foot ceilings, and a private courtyard.
The basic bedroom downstairs, Zand said, is like a sanctuary with a fireplace, morning kitchen, and outdoor shower.
The house had a separate wardrobe with a living room, kitchenette, bedroom, bathroom and washer/dryer.
Zand said the space includes large lawn areas, a pool and spa, a covered patio, an outdoor kitchen, a car park, recreational parking, and its own gated security in a quiet, rustic modern environment.
■ Two high-rise apartments were among the top sales in August. A 3,653-square-foot, three-bedroom, three-bathroom penthouse in The Martin sold for $4.22 million.
Randy Shar of Las Vegas Sotheby’s International was the listing agent. Buyer’s agent is not listed.
Shar said the penthouse “exudes elegance with its contemporary style. It has stunning floor-to-ceiling windows that offer expansive views of the Strip, the mountains, the Allegiant Stadium and cityscapes.”
The main living space offers an open plan to entertain or enjoy the sunrise and sunset. It features a wet bar and 750 square feet of outdoor terrace overlooking the Strip.
Shar said the unit is modern and in impeccable condition with views he described as amazing. He said it was rare to have a large deck overlooking 270 degrees.
Shar said there is still demand for special tall units even though it is a discretionary purchase. He said the smaller apartment units don’t move but the larger units move. He added that buyers of smaller units are more sensitive to the interest rate.
“It’s a unique, special and wonderful remake, the one that people want,” Shar said. “There is a lot of wealth that people can have.”
As for the slowdown in the luxury home market, Shar said buyers are waiting for the right price rather than jumping on anything.
“What happens in an inflationary environment, people pause,” Shar said. They don’t have consumer confidence and want to see how the economy is going. They have just been sidelined. They did not lose a real fortune. There wasn’t a lot of activity in The Ridges but maybe 20 homes available. Everyone is watching them, but people are slower to make decisions at the moment.”
■ A penthouse on the 47th and upstairs in the Waldorf Astoria sold for $3.93 million. It is 2,126 square feet with two bedrooms and three bathrooms.
Diane Varney with Coldwell Banker Premier was the listing agent. Shari Sanderson with Award Realty was the buyer’s agent.
Varney said the penthouse has great views and plenty of amenities, including a gourmet kitchen with pot fillers and a wine fridge. The master bedroom has a bathtub.
Varney said the top floor is one foot higher than the rest of the units in the building.
Varney said there was such a demand that in the first hour of listing, the phone was ringing.
“There are only a few units on the top floor of the Waldorf Astoria, and the last time they were sold was 2016,” Varney said. “I’ve had a lot of success promoting it as something very exclusive. It’s leverage to say I live in a top floor penthouse at the Waldorf Astoria in Las Vegas. There’s someone who wants to say it, reinforce it, feel it and live it. We’ve had half a dozen shows. We closed at $440,000 above list price with it on the market for seven days. We closed it out in three weeks.”
Varney said the unit was last sold in 2015 for $2.6 million and has grown in value by $1.3 million over seven years.