Slade Development Chairman Stacy Slade, in a custom house at Red Rock Country Club, says homes often appreciate during construction. Photo by Gary Thompson. Living space includes a built-in bar inside a home for sale in the Canyon Gate community. The property was listed for $1.775 million Monday afternoon. Photo by Clint Karlsen.

A million bucks just isn't what it used to be.

Sure, $1 million still buys you a nice house on a large lot in some parts of Las Vegas, possibly with mountain or golf course views. But don't expect much in the way of upgrades.

True custom homes with marble tile, granite countertops and the latest technology will run you closer to $3 million, said Ken Lowman, owner and broker of Luxury Homes of Las Vegas.

"What I've seen is an elevation in the quality of product," said Lowman, who's been selling luxury homes in Las Vegas since 1995. "Ten years ago, a custom home builder could get away with ceramic tile. Now they've got to have granite or marble."

Sales of million-dollar homes have more than tripled from 192 in 2003 to 642 in 2005, according to Luxury Homes of Las Vegas. Four-bedroom, 3,200-square-foot tract homes in master-planned communities such as Summerlin, Anthem, Seven Hills and Green Valley now sell for $1 million.

What's more amazing, Lowman said, is the emergence of the $3 million-plus market. Only one home in that price range was sold in 2001; last year there were 41.

"The rising number of buyers that can afford this price range, coupled with the continued growth of Las Vegas, is making the $3 million home commonplace," Lowman said.

He expects to see that trend continue with custom home sites starting around $1 million and the cost of construction rising by 30 percent the past couple years.

Also, buyers who are accustomed to high-end living in New York City or Beverly Hills, Calif., may demand features such as a wine cellar, an elevator and Viking appliances. They'll spend a quarter-million dollars for the most elaborate "smart home" environmental control system and surveillance cameras.

A home theater with a large-screen plasma television, Dolby surround-sound audio system and furnishings can run another $200,000, Lowman said.

Stacy Slade, chairman of Slade Development, has been building custom homes in Las Vegas for 20 years. He said construction costs are catching up with home prices that nearly doubled during the past few years.

Slade, who doesn't build on speculation, said one customer's home appreciated in value from $1.2 million to $2.2 million during the 10 months of construction.

"It's no surprise," he said about the increase in million-dollar home sales. "Costs are going crazy, and they're just going to continue to rise at a very fast rate."

It costs upward of $200 a square foot to build a custom home, Slade said. He works on about three a year at an average size of 6,000 feet. What distinguishes them from run-of-the-mill homes are finishings such as decorative tile patterns on shower walls, windows with high-quality, heat-resistant glass and custom cabinetry with pull-out features.

The recent sale of Michael Galardi's 22,000-square-foot Queensridge mansion for $14 million has raised the bar for luxury home sales in Las Vegas. The previous high was $8.7 million for a high-rise condo at Turnberry Place.

Lowman said a good example of semicustom homes selling from $1.2 million to $2 million is Canyon Edge, a community of 44 homes ready to go up near Green Valley Parkway in Henderson.

The two-story homes have great views of the Strip with floor plans ranging from 4,000 square feet to 5,500 square feet. Options include elevators, wine cellars, theater, casitas and wet bars.

While nearly 60 percent of homes in Las Vegas are sold within two months, it usually takes four to six months to sell a home that's in the millions, Lowman said. Some sell in a few days and others, such as the Galardi property, sit on the market for a couple of years.

Home equity has increased across the nation. Many of the 6,000 people who move to Las Vegas each month are bringing that with them, Lowman said.

Spanish Trail, a gated community on west Tropicana Avenue, is recognized as one of the first million-dollar, custom-home neighborhoods in Las Vegas. Its success was emulated by Canyon Gate Country Club, Queensridge, Red Rock Country Club and The Ridges in Summerlin and Southern Highlands Golf Club, Lowman said.

Steve Jones of Merlin Contracting, who's building custom homes in Summerlin, Southern Highlands and Lake Las Vegas, said the luxury home market in Las Vegas is incredibly strong. He remembers getting his first contract at $100 a square foot for an 8,000-square-foot home at Spanish Trail 15 years ago.

"That was a huge thing. I thought I'd died and gone to heaven. I thought I'd finally hit the big time," he said. "Now you have to look at $250 to $350 a foot just to get out of the ground."