The ultra high-end luxury residential market slowed in August with a $7.6 million sale topping the market as higher-priced transactions are expected to pick up in the fall.
Real Estate Millions
Renowned architect Richard Luke, AIA, creates custom luxury homes that embody a striking “wow” factor. His design for 665 Overlook Rim Drive takes the concept to a whole new level — actually, three levels.
Renowned architect Richard Luke, AIA, creates custom luxury homes that embody a striking “wow” factor. His design for 665 Overlook Rim Drive takes the concept to a whole new level — actually, three levels.
The high-rise condo market recorded its second highest average sales price in history during the second quarter and is off to a strong start in the third quarter with an $8.8 million sale at the Waldorf Astoria, the estate of Elaine Wynn selling her unit in Park Towers for $8.25 million and a condo in the Summit Club selling for $7 million. All three sales were in August.
Led by an emerging luxury custom-home community in Summerlin called Ascension, Las Vegas homebuilders have sold 47 percent more homes during the first half of 2025 priced at $1 million and higher.
Integrating pet-friendly amenities into luxury residences has become increasingly popular, reflecting a shift in the perception of our beloved animals — as cherished family members who deserve special attention and pampering.
The Las Vegas luxury resale market remains on a record pace through July led by a $25.25 million sale in MacDonald Highlands. It was one of 171 sales of $1 million and higher in July, matching the same number in July 2024. The average price paid for a luxury home in July was $1.96 million, according to Forrest Barbee, corporate broker of Berkshire Hathaway Home Service. Barbee reported there were 195 pending sales of $1 million and higher, showing that the luxury market isn’t slowing down while sales are down in the market overall.
A modern mountain retreat built to thrive in all four seasons in Mount Charleston has just hit the market for $1 million, blending luxury, livability and thoughtful engineering at an accessible price point.
Some luxury homeowners in this region have employed photovoltaic solar panels, integrated battery energy storage systems and active energy-management applications to provide additional power, comfort and energy resilience to their spacious dwellings.
Luxury price redefined: Simply Vegas had the most $1M deals; IS Luxury had more $2M transactions
Las Vegas luxury Realtor Kristen Routh-Silberman finished No. 39 in the nation among real estate agents with the most dollar transactions in 2024, easily leading the way in Southern Nevada and the rest of the state.
“One cool new design trend we are doing is elevating the pool and/or spa out of ground and incorporating acrylic viewing panels into the water vessel to give a sense of being larger and providing grandeur,” said Terence Thornton, watershape designer and project manager at Ozzie Kraft. “We are incorporating other outdoor living features such as outdoor kitchens, outdoor living rooms with media centers, fire features and play spaces into projects to create amazing spaces for families to enjoy and entertain.”
Uber ultra-luxury activity has remained strong in Las Vegas as evidenced by the transactions. The most recent one closed July 11 for $25.25 million for a home in MacDonald Highlands.
A unique aspect of the listing is that owner, a local casino architect, offers to meet the incoming homebuyer to discuss, negotiate and develop a design that personalizes the home for them.
It was a slow sales season for high-rises with 148 closings, down from 168 in the first quarter of 2024 and 165 in the first quarter of 2023. It’s the fewest in the first quarter since there were 162 in January through March 2020, which marked the beginning of the pandemic closures in March.
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