weather icon Clear

2019 off to good start for Las Vegas luxury home sales

It’s a good start to the luxury single-family home market for 2019, which shows no signs of slowing after a strong 2018.

Home Builders Research reported 69 new single-family home closings in January and February at prices $750,000 and above. That bettered the 51 during the first two months of 2018.

In the luxury resale market, there were 132 single-family closings this year compared with 123 in 2018, Home Builders Research reported.

Those numbers build upon the luxury segment strength of 2018.

In the new construction market in 2018, there were 599 closings of homes $750,000 and above, 70 percent more than 2017, when there were 352 such new home sales.

In the resale market, there were 885 single-family home closings in 2018, 16 percent higher than the 762 in 2017 of $750,000 and above.

“I think it shows that economy continues to recover and people are more secure financially and willing to pull the trigger on a more expensive home,” Home Builders Research President Andrew Smith said. “I would imagine it has something to do with California and people coming over. I have heard the stories of them selling a 900-square-foot house for more than $1 million and coming here and paying $750,000 for their dream house — a mansion.”

Realtors have talked about many newcomers to Las Vegas and even longtime residents are turning to newer homes rather than renovate outdated Mediterranean-style homes.

“That makes sense if you’re going to spend that kind of money to go for something brand new with newer technology,” Smith said.

Smith said one reason for the increase is that construction costs have increased and prices of existing homes have gone up too, pushing more homes to that $750,000-and-above level. For some, price increases aren’t that much of a deterrent, he said.

“That segment of the market doesn’t get affected so much,” Smith said.

The luxury town home and condo market was also strong in 2018. There were 42 such sales of $750,000 and above in the new construction market in 2018, up from 22 in 2017.

That market has been bolstered by the sale of the Vu luxury town homes in MacDonald Highlands.

In the resale condo and town home market, there were 134 closings in 2018, 18.5 percent higher than the 113 in 2017.

In the first two months of 2019, there were 10 new town home and condo sales compared with three in the first two months of 2018.

The only category that showed a decrease in the luxury market was resales of condos and town homes of $750,000 and above for the first two months of 2019. There were 11 this year compared with 41 during the first two months of 2018.

Among the luxury single-family, new home communities with an average base price of $750,000 and above are Blue Heron developments in Southern Highlands, MacDonald Highlands and Lake Las Vegas.

Others include DR Horton, Estates at Tomiyasu; Lennar, Olympia Ridge; Pardee Homes, Axis; Pinnacle Homes, Desert Trace; Pinnacle Homes, Skyline Mesa; Pinnacle Homes, Skyline Summit; Pinnacle Homes, Villaggio; Toll Brothers, Granite Heights; Toll Brothers, Los Altos; Toll Brothers, Mesa Ridge; Toll Brothers, Mira Villa; William Lyon, Lago Vista; William Lyon, Silver Ridge; and William Lyon, Tuscan Cliffs. There is also the Richard Luke Collection at MacDonald Highlands.

MacDonald Highlands master listing agent Kristen Routh-Silberman, a Realtor with Synergy|Sotheby’s International Realty, said the luxury market above $3 million is taking off.

Routh-Silberman said it’s a seller’s market in the luxury segment because there is not enough inventory and not enough builders to construct them quickly enough. She said she doesn’t see it slowing down the rest of the year, and when people are done filing their taxes by Monday, it will pick up even more.

“I was with people from Rancho Santa Fe (California this week), and they said they can’t take it anymore with (taxes) and that they are done. California does not look like it’s going to get better but worse, tax-wise.”

Routh-Silberman said she is seeing the strength in every category of luxury from resale to new homes to town homes, but the strongest demand is one-story homes measuring 5,000 square feet to 6,500 square feet. She said that during the first three months of 2019, in new and existing home sales, she has done what she did in the first six months of 2018.

“I think it says a lot about Las Vegas, too; it’s definitely coming into its own,” Routh-Silberman said. “They’re super happy to move here, from Southern California, primarily. They’re bullish on our economy, here, and now, think Las Vegas is cool and no longer gauche.”

Don't miss the big stories. Like us on Facebook.
Real Estate Millions Videos
Sun City Summerlin Dream Home - Real Estate Millions
Bob and Doralee have recently built there new dream retirement home in Sun City that mimics the style of there previous home.
Top 10 Most Expensive Homes in Las Vegas - Video
These are the top 10 most expensive homes sold in Las Vegas.
Lake Las Vegas Blue Heron Vantage Views
Video courtesy Lake Las Vegas Media/Drone Las Vegas & Black Room Productions
Golden Knight's owner Bill Foley's House for sale in The Ridges - Real Estate Millions
Peter Lik Designs Homes In Las Vegas - Video
Photographer Peter Lik has teamed up with Jewel Homes to design new homes for Las Vegas that take inspiration from different parts of the world.
Real Estate Millions: Temple Rock Court Boulder City
Temple Rock Court features four bedrooms, fourth bathrooms and is listed at $1.5 million.
Mount Charleston Home - Real Estate Millions
Louis Castle shows off his Mount Charleston home with beautiful view of the mountain.
Pardee Homes Terra Luna Wins Home Of The Year - VIDEO
Pardee Homes' Terra Luna in Summerlin wins the Silver Nugget's 2019 home of the year award.
Real Estates Millions: Midcentury Remodel - Video
Originally built in 1966, this Midcentury Remodel has been modernized to appeal to the masses. The larger than life windows brighten up the entire home and offer brilliant views of the nearby mountains and golf course.
Real Estate Millions: Lake Las Vegas (23 Summer House Drive)
Real Estate Millions: Angeles Home In MacDonald Highlands - VIDEO
Angeles Scorsetti's nearly 10,000-square-foot home she and her husband, Steve Mason, purchased on the Dragon Ridge Golf Course and spent six months remodeling, leaving behind their Mandarin Oriental penthouse where they lived 8 years above the Strip.
Real Estate Millions: Boulder City Home - VIDEO
Mal Farmer takes us on a tour of her Bolder City home that she remodeled and lived it with her late husband Richard for over 30 years.
Real Estate Million: 27 Shadow Canyon Court - VIDEO
27 Shadow Canyon is a $5.5 million dollar home is 9,825 square-feet with six bedrooms and 7 baths. Shadow Canyon is equipped with an assortment of Tesla Amenities including power walls, solar panels, and an electric car.
Real Estate Millions: 2019 New American Remodel
Real Estate Millions: Las Vegas Motorcoach Resort - VIDEO
Various RV owners living in the community of the Las Vegas Motorcoach Resorts gives the crew a tour of their motor homes.
Real Estate Millions: Brett Raymer's Tanked Home - VIDEO
Brett Raymer from the TV show "Tanked" gives us a look into his 4 story home on the edge of Lone mountain. What would a tanked home be without a 700-gallon custom aquarium in the kitchen and a 6,000-gallon Koi pond in its resort-style backyard.
Real Estate Millions: 460 Probst Way
460 Probst Way is listed for $4.5 million and has 5 bedrooms, 6 baths, 4 car garage and is 6,738 square feet. The home is in a gated compound with an outdoor pool, deck, and kitchen with near 360 degree of the las vegas valley. The house will be auctioned on April 26-29th.
Real Estate Millions: Home + History Tour - VIDEO
A 1963 Paradise Palms home. Originally called the Monterey, the open floor plan features a living, dining and kitchen area in main living area, original hardwood flooring, original central vac system, both master bathrooms have original starburst tile and vanities, fully renovated kitchen with quartz counters and new appliances, waterfall edge island with counter seating, ‘Cosmos,’ a Soviet-inspired lounge with fog machine, laser lights, sound system and full bar, fresh paint, retro furnishings, new carpet, pool, pool deck with seating and covered bar, lifetime block and steel construction.
Real Estate Millions: Jim Rhodes Home Most Expensive In Las Vegas - VIDEO
Jim Rhodes has created the most expensive home on the market in Las Vegas. The home is listed at $29,995,000, 9,798 sq. ft., 8 Bedrooms, 8 Full Baths, 2 Half Baths and has 360-degree views of the Las Vegas Strip.
Pawn Stars Rick Harrison Real Estate Millions - VIDEO
Reality TV star Rick Harrison from Pawn Stars shows his eccentric home off in the Red Rock Country Club. The house is 8,845 square feet. It has five bedrooms, seven bathrooms and three additional rooms. It is listed at $3,999,999.
Real Estate Millions: Boulder City Home (613 Lido Dr) - VIDEO
Sitting on top of a mountain overlooking the Lake Mead recreation area, Scott Baranoff gives a tour of his 4,655 square feet Frank Lloyd-Wright inspired home in Boulder City.
Real Estate Millions: Hard Luck Mine Castle
Real Estate Millions: Flip or Flop Vegas
Real Estate Millions: Myron Martin
Real Estate Millions: $15M Palms Place Penthouse
Phil Maloof’s Palms Place Penthouse, which takes up the entire 59th-floor, is for sale for $15 million. (Samia DeCubas/Real Estate Millions)
Real Estate Millions: The New American Home 2019
Real Estate Millions: The highest-priced condos sold in Las Vegas in 2018
Real Estate Millions: One Queensridge Place
Real Estate Millions: 1210 Macdonald Ranch
Real Estate Millions: Jonathan Marchessault
Vegas Golden Knight Jonathan Marchessault, shows off his Summerlin home.
Marc-Andre Fleury selling Las Vegas home for $2.5M - VIDEO
Golden Knights goalie Marc-Andre Fleury has put his custom Southern Highlands home on the market for $2.5 million. The single-story home, built on a .63-acre lot in 2015, measures 5,285 square feet and has a 717-square-foot casita and three-car garage. It has five bedrooms and six baths. Fleury bought the home from former NHL player and fellow Canadian Sheldon Souray, according to public records. When he signed his three-year, $25M contract extension over the summer, Fleury told the media he and his family love Las Vegas and cited its great schools and neighborhoods with a lot of things for kids to do. Fleury said he and his family love their home in Southern Highlands, but wanted to be “closer to the Summerlin area." Home photos courtesy of Ivan Sher Group
Vegas couple remodels retirement home into mini-mansion— VIDEO

After more than 10 years, the Raes are moving again. This time, to a home half the size in Sun City, Summerlin, that they’ve already customized, decorated and outfitted with the finest accouterments.

New Las Vegas mansions draw celebrities

Oakland Raiders President Marc Badain and two YouTube sensations are among the high-profile buyers of the 20 highest priced newly constructed luxury homes closed in 2019.

Luxury new home closings of $1 million-plus up 41 percent in 2019

The new home luxury market is surging during the first six months of 2019 despite a decline in the housing market overall, and MacDonald Highlands and Summerlin continue to dominate the marketplace with a combined 80 new home closings of $1 million or more.

Market has 63 listings of $5 million or more

The sales of existing luxury homes in Southern Nevada remains strong and shows no signs of slowing through the end of the year as the influx of Californians buying up properties continues.

Rhodes’ Spanish Hills home leads top resales of 2019 — VIDEO

An uber luxury Spanish Hills home lived in by its builder Jim Rhodes that set the second highest resale value in Las Vegas history at $16 million tops the list for the most expensive sale so far in 2019.

Blue Heron leader in the Vegas modern movement

Blue Heron’s newest game-changer is emulated in its Vegas Modern 001 (VM001). The new 14,100-square-foot, three-level show home at 685 Dragon Peak Drive inside the prestigious Macdonald Highlands Dragons Reserve.

Linda Faiss’ Boulder City home lists for $1.5M

Faiss’ Santé Fe estate, 835 Temple Rock Court is listed for $1.5 million through Bret Runion, broker of Desert Sun Realty.