Mira Villa, a luxury condominium community in Summerlin, will begin counting down its final 17 units this month after a successful start to summer that saw 10 contract closings in June, said Tera Anderson, director of sales for the community and vice president of sales at Nexus 30, the community’s sales and marketing firm.
The sale of the 93 condos began in late summer 2011, while the real estate market in the Las Vegas-area was in turmoil from the housing crisis. To date, 76 of condos have sold for $38 million.
The finished, but largely uninhabited, community was purchased shortly before sales began by Colorado-based Condo Capital Solutions. CCS chose Las Vegas-based Nexus 30, experts in sales and marketing of unique, lifestyle-driven real estate projects, to serve as its sales and marketing team.
“The community has enjoyed an extraordinary first two years of sales,” Anderson said. “Due to its unique product offering and tremendous market demand the Mira Villa (condos have) been snatched up quickly with more than 70 percent of owners making Mira Villa their primary residence. Though many factors play a part in the desirability of the community among buyers, two standout and are basic fundamentals of real estate success. There is a scarcity of real estate comparable to Mira Villa in the Las Vegas market and the location of the community is prime.”
In early 2012, the community received Fannie Mae’s Condo Project Manager approval for lending, which meant that the project had passed a stringent set of criteria used to judge risk in lending on a condominium community. One of the key criteria is percentage of owner occupancy, which Mira Villa surpassed.
In early 2013, the developer released the final 43 condominiums ahead of the projected timeline. Within a few months more than 50 percent of that inventory was sold or under contract, Anderson said.
As recently as May, the community received two more approvals from Fannie Mae with the awarding of the institution’s PERS, which stands for project eligibility review service, and Veterans Affairs approvals. The two approvals make loans available through all lending institutions .
All of these benchmarks and accolades were happening while skeptics continued to tout a bear real estate market in Las Vegas, if not nationwide, she said.
“One of the most telltale signs of quality and desirability of a community is the owner occupancy rate,” Anderson said. “Throughout Las Vegas and the United States, many condominiums and other residential properties were gobbled up by real estate investment groups at greatly reduced rates to be used as rentals. From the beginning, our buyers have been people who recognized the lifestyle that living at Mira Villa would afford them and chose to purchase with the intent of calling Mira Villa home. That, in and of itself, speaks volumes about this community.”
In July, the community began its official countdown to completion of the sales process. Today, 20 condominiums of varying floor plans remain , Anderson said.
Mira Villa is a new and gated, luxury condominium community located 15 minutes from the Las Vegas Strip. It is near championship golf courses, parks and trail system, schools and has easy access to Summerlin Parkway and Interstate 15.
Mira Villa overlooks TPC Las Vegas and Angel Park golf courses. It is near shopping, Summerlin Hospital Medical Center, the Academy of Nevada Ballet Theatre, Red Rock Canyon National Conservation Area and casinos.
The community comprises 21 midrise buildings constructed of concrete and steel with emphasis on sound abatement and fire protection.
Amenities include panoramic golf , city, mountain and Las Vegas Strip views, private terraces, private two-car garages; private elevators; pool, spa, fitness center and outdoor barbecue areas.
A relationship with JW Marriott Las Vegas Resort & Spa allows owners to take advantage of discounted spa and salon treatments, nightly room rates, discounted food and beverages, complimentary shuttle service to the resort, complimentary golf concierge, in-home catering service, in-home housekeeping services and pool memberships and day rates.
Additionally, Mira Villa owners benefit from a relationship with TPC Las Vegas, which includes discounted rounds of golf and other amenities.
For more information, visit www.live miravilla.com or call 702-254-4647.