Out-of-state entrepreneurs building Vegas luxury homes

The lack of a state tax is fueling entrepreneurs to relocate to Las Vegas and build luxury custom homes.

These business owners already might have offices in Las Vegas or are opening one or simply setting up their primary residence in Southern Nevada while keeping their offices elsewhere, according to a builder and a banker who are following the trend.

Damien Bauman, senior mortgage lender for residential construction with Nevada State Bank, said 25 percent of business today is with those business people relocating from out of state, more than 80 percent from California.

That includes many self-employed from doctors to business owners and even investors, Bauman said. There are some who’ve retired and others are high-end executives who work for companies, he said.

“The reoccurring theme that pops up in why are you coming out to Nevada, and it seems that are state tax structure is much more favorable than California,” Bauman said. “We do have clients that are coming in other states as well, but California is more prevalent than other states.”

The state’s tax savings are enough to either subsidize or cover much of their mortgage payments, Bauman said.

Tyler Jones, the owner of luxury homebuilder Blue Heron, said he is amazed that 50 percent of his clients fall into that category of entrepreneurs who have recently located to Las Vegas or are in the process of moving.

“Some of those are retired and wrapped up their business and are now moving here, but the majority of that group who still have active businesses and now doing their thing from Las Vegas,” Jones said.

The bulk of clients are from California, but Jones said there are those from Texas, Georgia, Minnesota, Ohio, Arizona, Illinois and Oregon.

Some are moving their businesses to Southern Nevada while others are keeping their operations in their existing state but moving their primary residence here, Jones said.

“What’s motivating a lot of these entrepreneurs is personal reasons to move to Las Vegas in terms of taxes, the climate, the Strip and amenities like restaurants — all the reasons people move to Las Vegas — but taxes is a big driver for the entrepreneurial crowd.”

Bauman said this group can take the proceeds of a home they sell in another state and upgrade. A $2 million home in Southern California won’t be as upscale and as large as one for the same price in Las Vegas, he said.

Many aren’t interested, however, in buying resales. They want to build their own dream house, Bauman said.

“When you look our real estate market, there are significant amount of people who say we shopped for a year to 18 months and we just can’t find what we want at that price point,” Bauman said. “When you look cost per square foot for resale or new construction, they’re close enough so that you can pay roughly the same to build your house rather than go buy someone else’s custom home. As long as you are willing to manage that construction time frame of actually building the homes, in a lot of cases, it makes sense to build your own home.”

Bauman said the bulk of what he is seeing for projects is between $1.5 million to $2.5 million, including the cost of the lot. The custom homes have ranged in size from a low of 3,500 square feet to exceeding 10,000 square feet, he said.

The entrepreneurs are choosing Henderson and developments such as Ascaya and MacDonald Highlands and rural areas on College Drive on the way to Boulder City, Bauman said. Other areas include the rural area along Lone Mountain Drive, Southern Highlands and Summerlin, including The Ridges and The Summit Club under development, he said.

Jones said most people start a search to buy something already built but decide they don’t want someone else’s home and prefer one that’s “special and cutting edge” — a home they need to design and build from the ground up.

In some cases, they can build a home for less than it would on the resale side, Jones said. Some homes Blue Heron is building are just under $1 million — pre-designed custom homes of 3,500 square feet. The most expensive is a $15 million home for an entrepreneur from Southern California with a nationwide business and an office locally.

That 25,000-square-foot home under construction is in MacDonald Highlands. Jones said his design manager recently returned from Italy and visited shows and scouted quarries to find materials no one has built with in Las Vegas.

The home will have 10 bedrooms and eight-car garage on the 3-acre parcel that will resemble an estate compound. It will have Strip and golf course views.

The pool will have an entry courtyard with a water wall reflection area. From the home, people can look across the water to a city view, Jones said.

The pool area has a sunken fire pit in which people enter by going over a bridge. The pool has an L-shape and runs the length of the house and wraps around one corner, he said.

The media room has curtains that open to the pool and city views. The upstairs bar has a loft with city views too, he said. It allows the owner to easily entertain 500 people, he said.

ad-high_impact_4
Life
Celebrity photographer dedicates dance book to Las Vegas shooting victims
Behind the scenes with local celebrity photographer Jerry Metellus as he talks about his Dance For Vegas coffee book dedicated to the 58 victims of the October 1 shooting. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Dreamsickle Kids Foundation founder Gina Glass talks awareness
Gina Glass, 35, founded Dreamsickle Kids Foundation to raise awareness for sickle cell disease in Nevada. (Jessie Bekker/Las Vegas Review-Journal)
The Meadows School founding kindergarten teacher retires after 34 years at the school
Linda Verbon, founder of the The Meadows School's kindergarten program and the first faculty member hired at the school, retired in the spring after 34 years at The Meadows. (K.M. Cannon/Las Vegas Review-Journal)
Kids become firefighters at Fire Station 98 open house
Henderson residents wore fire hats, learned about CPR and met firefighters at the Fire Station 98 open house Saturday, August 11, 2018. (Marcus Villagran Las Vegas Review-Journal) @brokejournalist
People from all over the world attend RollerCon 2018
RollerCon 2018 is a five-day convention focused on the roller derby community and culture at Westgate in Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Real Estate Millions
Real Estate Millions: Operation Halloween
Realtor and owner of Operation Halloween, Nicole Tomlinson, shares high-end luxury 'tricks of the trade' for Halloween decorating.
Real Estate Millions: Ascaya Pool Home
$15.5M Ascaya home has 5,900-square-foot pool.
Rat Pack-era home once housed Las Vegas entertainers
3671 Tioga Way in Paradise Palms neighborhood Listed for $650,000 Professional photographers Mark and Sarah Gascoine
Home builder Toll Brothers has plans in Summerlin
Toll Brothers purchased of 128 acres of property near Mesa Park Drive and Town Center Drive will be used for a housing development. (Michael Quine/Las Vegas Review-Journal)
Rich MacDonald estate in Henderson
Rich MacDonald estate in Henderson
Real Estate Millions: Liberace Mansion
Real Estate Millions: 4120 Mont Blanc Way, Mount Charleston
Real Estate Millions: 8 Vista Crescent Court, Ascaya, Henderson
Real Estate Millions: 11172 San Terrazo Place
Real Estate Millions takes a look at Blue Heron Real Estate.
Real Estate Millions: 1325 Villa Barolo Ave
Overlooking the second hole of the Rio Secco golf course within the community of Marquis Seven Hills is a modern masterpiece of light and architectural artistry. Designed by the award-winning Blue Heron design team, the home known as The Aurora Estate adorns the likes of the most noteworthy LED displays and lighting projects from around the world. XLED Systems founder and mastermind behind the world-renowned Freemont Street Experience, Hong Kong’s Disneyland Storybook Theater and the larger-than-life concert stages of Justin Bieber, Keith Urban and the Foo Fighters (to name a few)—brings light and magic to the hills of this private and highly desirable gated community. The combination of the 133” custom HD/LED Digital Display, 150+ interior/exterior lights and 34 indoor/outdoor surround sound speakers bring a unique ambiance and entertainment level to the home. Other spectacular bonus features include a 1,200 SQFT pool, therapy spa, wet step lounge, $100K+ full Crestron system in-sync with Amazon’s Alexa, 9 security cameras and panic room.
Real Estate Millions: One Queensridge Place
Real Estate Millions takes a look at 9103 Alta Drive #1501, Las Vegas, NV.
Underground home was built as Cold War-era hideaway
The underground house at 3970 Spencer Street is one of the valley’s most unusual homes built 26 feet underground in 1978 by Girard “Jerry” B. Henderson, who, planned to survive the end of the world there.
Real Estate Millions: 323 Mont Blanc Way
Garry Tomashowski talks about his cabin in Mount Charleston.
Famous Las Vegas underground house
Did you know there is an underground house in Las Vegas? The home was originally built as a bomb shelter in 1978, and sits 26 feet below the surface. The midcentury-style home measures about 6,000 square feet, and features two bedrooms and three bathrooms. There’s a 6-foot-deep pool, a spa, a barbecue area, and a carpeted six-hole putting green. The Underground House has lighting that emulates different times of the day. And mountain and wilderness murals depict an outdoor setting. The home is accessed from a flight of stairs that’s part of a town home.
Real Estate Millions: 36 Olympia Canyon Way
Mitch McClellan and John McDonough talk about their property in Southern Highlands.
Real Estate Millions: 20 Vintage Valley Drive, Southern Highlands
Real Estate Millions: 2315 Alta Drive
Real Estate Millions: 28 Sankaty Circle
Barbara Adcock talks about her favorite parts of her home in Anthem.
Real Estate Millions: Uri Vaknin
Real Estate Millions host Susan Kocab interviews Uri Vaknin about the renovations he made to his home and why he chose a one story building.
Real Estate Millions: MacDonald Highlands
Brad and Ann Adams talk about their home in MacDonald Highlands.
Real Estate Millions: MacDonald Highlands
Real Estate Millions: Toll Brothers
Toll Brothers Granite Heights
Home for the holidays with Pia Zadora
Singer Pia Zadora might have a swanky room named for her at Piero’s Italian Cuisine, but the place she really holds dear is her home in The Ridges of Summerlin. Her son, Jordan Kaufer, appears as Santa Claus in his mother’s show at Piero’s Italian Cuisine in downtown Las Vegas. Zadora lives with her third husband, Michael Jeffries; her 20-year-old son from her second marriage, Jordan Kaufer, and two dogs, Snowflake and Merle Singer Pia Zadora says she loves "everything Christmas," and her home in The Ridges is decked out for the holidays. The star of stage and screen welcomed Real Estate Millions into her 7,000-square-foot, five-bedroom home to talk about her Las Vegas history. Pia Zadora works in her music studio at her Summerlin home. She performs at the iconic Piero’s Italian Cuisine in downtown Las Vegas. A portrait of Pia Zadora by Andy Warhol is displayed over the living room bar. Memorabilia includes a framed photo of one of Pia Zadora's first modeling jobs, an ad for Dubonnet wine, her 1985 Grammy nomination for Best Female Rock Performance and the 1982 Golden Globe Award for Best Female New Star of the Year.
Business Insights: Rhonda Allen
Buck Wargo interviews Rhonda Allen, a fine homes specialist with Shapiro & Sher Group at BHHS, has assisted 17 players and staff and counting with about two-thirds of those involving home purchases — including some that are multimillion-dollar acquisitions — and the others that were rentals. Many home purchases were for $750,000 and above.
Real Estate Millions: 98 Sunglow Lane
Real Esate Millions: 98 Sunglow Lane
Real Estate Millions: Frank Marino
Entertainer Frank Marino, the star of “Frank Marino’s Divas Las Vegas,” has always had flair to spare and plenty of devoted fans. But since buying a home in Eagle Hills in Summerlin, come Halloween, he has to pull out all the stops.
Real Estate Millions _ Episode 4 -The Lakes Estates
Former professional boxer Beibut Shumenov lists Lakes Estates home for $5.3 million
TOP NEWS
News Headlines
Real Estate Millions Video
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like