58°F
weather icon Overcast

Penthouse sets record for highest-priced condo sale in Nevada

Updated June 3, 2021 - 7:03 pm

A penthouse near the Strip has sold for a record-setting price as Las Vegas’ luxury housing market keeps sizzling.

The nearly 13,000-square-foot unit, occupying the entire top floor of The Martin condo tower, sold for $16.25 million, listing brokerage Elite Realty announced Thursday.

It did not name the buyer or the seller.

According to the release, the condo is one of the largest single-floor penthouses in the nation and features dual master bedrooms on each end, three guest rooms, seven bathrooms, a professional-grade gym with more than $250,000 in equipment, a steam room, a sauna and a custom stainless-steel cold plunge.

It was put up for sale in October at $18 million.

“Capture the sunrise upon waking up in the master bedroom, and toast the sunset from the game room, stopping to enjoy the custom circular fish tank on the way,” the listing declared.

Southern Nevada’s housing market has accelerated to its fastest pace in years with rapid sales and record prices, thanks in large part to rock-bottom mortgage rates that have let buyers stretch their budgets. Luxury-home sales are a fraction of the overall market, given the properties’ big asking prices, but brokers who move mansions from one owner to the next have said the business has reached its most frenzied pace in memory.

Still, the penthouse was at another level.

It marks one of the most expensive home sales in Las Vegas history and, according to Elite, the highest price ever in Nevada for a condo.

It traded above the $16 million that developer Jim Rhodes landed in 2019 for his southwest valley megamansion but below the $17.55 million that famed magician David Copperfield shelled out in 2016 for a Summerlin estate on so-called Billionaire’s Row, in the most expensive home sale ever recorded in Las Vegas.

The Martin, 4471 Dean Martin Drive, west of the Strip on the other side of Interstate 15, stands more than 40 stories.

Elite agent Michael McGraw, who sold the penthouse, said that he showed the unit several times — only to people with proof of funds — and that three offers came in.

“There was a lot of interest in it,” he said.

The buyer, McGraw noted, paid cash.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
More apartments coming to southwest Las Vegas

Southern California real estate firms Lyon Living and LandSpire Group recently started construction on a 294-unit rental complex at The Gramercy in the southwest valley.