May’s ultra luxury home sales in a lull

A one-story home in MacDonald Highlands led the way among luxury sales during May going for $8.4 million.

May represented a bit of a shift in the marketplace as lower-level luxury sales remained strong while more expensive homes weren’t sold during the month as is traditionally the case.

There were 171 sales of $1 million and above in May, 11 fewer than April and one fewer than the 172 sales in May 2024, according to Forrest Barbee, corporate broker for Berkshire Hathaway Home Services. For the year, there have been 810 luxury sales, 7.5 percent higher than the 752 in the first five months of 2024. There are 199 pending sales of $1 million and higher.

Again, the higher end of the market slowed down. There were only six sales of $4 million and higher in May. That’s down from 14 in 2024 and 11 in 2023, according to luxury Realtor Rob Jensen.

Top sale

• No. 1 sale: The home designed by Richard Luke and built in 2023 measures about 7,000 square feet has four bedrooms, six baths and a four-car garage. It sits on 0.6 acres. The home has a swimming pool.

The property was listed by Sam Coleman of IS Luxury. Michelle Owens of Growth Luxury Real Estate was the buyer’s agent.

Coleman said the home defines the pinnacle of architectural sophistication.

“This extraordinary residence offers an unmatched living experience, featuring seamless indoor-outdoor flow and commanding panoramic views of the Las Vegas skyline, the surrounding mountains and the renowned Dragon Ridge Golf Course,” Coleman said.

• The No. 2 sale was for $6.3 million in Queensridge. Named Villa Firenze, the two-story home is a 10,000-square-foot six-bedroom, nine-bath home on almost one acre. It was built in 2005.

Anthony Spiegel with Lusso Residential Sales was the listing agent while Zar Zanganeh with the Agency Las Vegas was the buyer’s agent.

Spiegel called the home an homage to traditional country estates of Tuscany with its smooth stucco exterior walls, a red clay tile roof, centuries-old iron gates and courtyard well.

“It has an entry that welcomes you with a carpet of hand-cut mosaics and a Venetian mouth-blown glass chandelier made in Murano, Italy,” Spiegel said. “This home lives like a single-story with all common areas, the primary suite, two offices, gym and a large theater room on the first floor. There are few other estates in Las Vegas finished to the level of detail and quality as this.”

Spiegel called it a special home and one of the finest homes ever built at the time. The backyard is beautiful with a pool house, covered area and lush green areas, Spiegel said. It also has a detached casita above the garage. Spiegel said it would cost $1,500 a square foot to build that today, while the sales price was half that.

• The No. 3 sale was for $5.3 million in MacDonald Highlands. The three-bedroom and five-bath three-story home with a three-car garage measures 5,618 square feet. The home includes 11-foot-high stacking sliders and a 72-inch linear fireplace in the great room. It was built in 2014 and sits on 0.25 acres.

Kimberly Stuhmer with Christopher Homes Realty was the listing agent while Routh-Silberman was the buyer’s agent.

The home is part of the SkyVu at MacDonald Highlands collection by Christopher Homes.

“These exquisitely appointed residences feature high-end finishes, contemporary open floor plans, expansive windows that optimize each dramatic view as well as private courtyards, decks and pool-size homesites,” Stuhmer said in her listing.

• The No. 4 sale was for $4.62 million in Topaz Ridge in Summerlin.

The three-story home measures 4,213 square feet with four bedrooms, five baths and a three-car garage. It sits on 0.57 acres, one of the largest lots in Topaz Ridge. The home has views of the Strip, mountains and 16th, 17th and 18th homes at Bear’s Best golf course.

There’s a 1,000-square-foot courtyard with copper tile from Seveille, a trickling fountain and fireplace lounge. The great room has a marble wet bar The backyard is spacious with unobstructed views, a covered patio, outdoor kitchen and an infinity-edge pool and spa.

Rob Jensen of the Rob Jensen Co. was the listing agent while Tonya Mack of Simply Vegas was the buyer’s agent.

“Inspired by modern Santa Barbara-style, this home had a $1 million-plus remodel in 2022 to create an open floor plan with new cabinets, countertops, drywall finish, paint, doors and flooring,” Jensen said.

• The No. 5 sale was for $4.6 million in Southern Highlands.

The two-story home built in 2005 measures 7,264 square feet and sits on 0.72 acres. It has four bedrooms, six baths and a five-car garage.

Jonathon Walford of Berkshire Hathaway HomeServices Nevada Properties was the listing agent while Jackie Busios of the Portfolio Realty Group was the buyer’s agent.

Walford said the home in Olympia Hills in Southern Highlands is near the Southern Highlands clubhouse.

Situated on a rare and an expansive, three-quarter-acre lot, this home has the utmost privacy,” Walford said. “The kitchen is a culinary masterpiece equipped with a spacious island, professional stainless appliances and a wine room with a capacity for over 250 bottles. The sprawling game/billiards room is perfect for entertaining.”

Walford said there’s a casita that has its own entrance making it ideal for guests.

“The primary suite is a serene haven with a spa-like bath, an expansive custom walk-in closet and a private balcony with stairs leading down to the beautifully landscaped backyard,” Walford said. “The outdoor space is designed for entertaining, featuring multiple seating areas, a pool and spa and a fully equipped outdoor kitchen.”

Market outlook

Spiegel said he’s not surprised there were fewer sales of $4 million and above than in previous years. He cited the stock market shock from its decline and uncertainty over the plans for the Trump Administration as it relates to tariffs and other policies.

“There was tremendous volatility and uncertainty, and that’s when the market shut down almost at every level,” Spiegel said. “People take a pause and want to reassess the world and their portfolios. We had a buyer for $10 million for a condo and then the equity market struck and decided to go in a different direction. He’s an extremely wealthy guy, and the $10 million wouldn’t have made a difference to him. Even guys like him, who are single sitting on a couple hundred million bucks, — if a guy like that is pausing – think about those with families and high-paying jobs.”

Spiegel said he’s optimistic about a bounce back on the higher-end properties. Las Vegas will fare well over time as people continue to flee higher taxes in California and Las Vegas continues to mature as a city and add sports teams and infrastructure.

“There’s a lot of good product on the market, today, that isn’t moving and the second things turn, it will be taken,” Spiegel said. “There’s just a lull now.”