Luxury market slows in August; experts predict uptick in fall

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.

That No. 1 sale in Red Rock Country Club measures 10,780 square feet with seven bedrooms and nine baths. Built in 2005 on 0.7 acre, it has an eight-car garage.

Kamran Zand with Luxury Estates International represented both the buyer and seller.

“This masterpiece offers unparalleled elegance and entertainment,” Zand said in the listing. “A three-story elevator provides access to the (recreational vehicle) garage, which can accommodate up to (eight) cars. Vaulted ceilings, expansive balconies and breathtaking views enhance the home’s grandeur. The gourmet kitchen, two family rooms and two wet bars create an entertainer’s dream.”

The basement features a wine cellar. Outside, there’s a resort-style backyard with a pool, grotto, waterfall, waterslide, covered outdoor kitchen and poolside bath. Backing up to the golf course, this estate has views of the Las Vegas Strip and Downtown Summerlin.

Zand said the summer heat and people traveling slowed higher-end sales but they are coming.

“There’s going to be some record-setters in the works,” Zand said.

There were 145 closings in August with an average price of $1.92 million. Homes stayed on the market longer at 10 months, up from nine months in July and seven in March, according to Forrest Barbee, corporate broker with Berkshire Hathaway Home Services. The 145 closings are the fewest since January and fewest in July since 2022.

Despite no single-family home sales reaching $7 million, there were nine sales of $4 million and higher, up from five in August 2024. There were 12 in 2023, according to Rob Jensen, luxury Realtor with the Rob Jensen Co.

Ivan Sher with IS Luxury agreed that ultra-high-priced sales were down in August because luxury buyers have been traveling over the summer compared with recent years.

That will be changing.

“My guess is by the end of September and beginning of October we’re going to see much more excitement in the market,” Sher said. “It’s gone back to its traditional place.”

The No. 2 sale was a $6.4 million home in The Ridges in Summerlin measuring 8,397 square feet with five bedrooms, six baths and a four-car garage. It is on 0.63 acre and has a guest house. It was built in 2004.

Madison Blau with IS Luxury was the listing agent for the home in the guard-gated Promontory of The Ridges.

“This single-story residence showcases an open-concept design with high ceilings, designer finishes and walls of glass framing stunning golf course and mountain views,” Blau said. “A gourmet kitchen, spa-like primary suite and seamless indoor-outdoor living make it ideal for both entertaining and relaxation.”

Blau said the home also has a large pool.

“There’s a big focus among buyers looking for homes with views right now,” Blau said.

Blau said the luxury market remains insulated from the rest of the market and while August may not have had any higher-priced sales at the $10 million-plus range, there was still a “decent amount of activity in the high end for good inventory.”

The No. 3 sale during August was for $5.95 million in The Ridges. The two-story home measures 5,794 square feet with five bedrooms, six baths and a four-car garage. The home was built in 2017.

Zand was the listing agent. Sher was the buyer’s agent.

“It’s a great contemporary home that backs to the Summit Club,” Sher said. It’s a great house. The buyers relocated from Henderson.”

Zand said The Ridges is on fire because of a private golf club that will be part of the community replacing Bear’s Best public course.

“People will back up to an exclusive private golf course, and the residents of The Ridges love it,” Zand said. “For those who appreciate the country club lifestyle, this is going to be very convenient for them.”

The No. 4 sale was for $4.97 million in MacDonald Highlands. The one-story home built in 2017 measures 5,000 square feet with four bedrooms, four baths and a three-car garage. It sits on 0.28 acre.

Russell Arnold with The Agency Las Vegas was the listing agent. Ashley Holbrook Real Broker LLC was the buyer’s agent.

“The residence combines modern elegance with serene living, while offering breathtaking views of the Las Vegas Strip, valley and mountains,” Arnold said. “The home features a chef’s kitchen outfitted with Wolf and Sub-Zero appliances, a media room, four bedrooms with en suite baths and an over-sized three car garage. The outdoor space is ideal for entertaining with a heated pool and spa and built-in fire features, perfect for taking in the spectacular sunsets.”

The No. 5 sale was in MacDonald Highlands for $4.17 million. The one-story home built in 2022 measures 7,341 square feet. It has four bedrooms, six baths and a four-car garage. It sits on 0.88 acre.

Ashley Toussaint with Douglas Elliman of Nevada was the listing agent. John Richardson with Real Broker LLC was the buyer’s agent.

“This modern home offers resort-style living with marble floors, custom European-style cabinetry and seamless indoor-outdoor flow,” Toussaint said. “The chef’s kitchen features imported stone counters, high-end appliances and butler’s pantry. This entertainer’s dream lives like a single-story home, whilst offering additional flex space downstairs including gym, additional living room and wet bar.”

The expansive backyard has a pool, spa, barbecue area and pergola.

The No. 6 sale was for $3.72 million in Lake Las Vegas.

The two-story home measures 7,690 square feet and sits on 0.35 acre. It has six bedrooms, eight baths and a four-car garage.

Kassandra Niotta with Douglas Elliman of Nevada was the listing agent while David Foresi of Douglas Elliman was the buyer’s agent.

“It offers a unique blend of modern elegance and serene living,” Niotta said. “This stunning residence is set against the breathtaking mountains and shimmering waters of Lake Las Vegas. It’s located in the double-gated community of Caliza.”

The home has a pool and spa, bar, game room and a sky deck.

Blau said she expects this market to pick up in the fall when people are back from vacations and kids are back in school.