January 20, 2023 - 12:30 pm
Updated January 20, 2023 - 1:59 pm
The most expensive luxury listing in 2022 at $32.5 million for a Seven Hills home is off the market and replaced by a $24.8 million mansion in MacDonald Highlands along with four new listings priced in the $20 million-range and above, including two homes about to start construction, according to the Multiple Listing Service of the Las Vegas’ Realtors association.
While luxury sales have been down, like the market as a whole, there continues to be buyers who pay cash and aren’t deterred by higher interest rates that impact lower-priced segments. And there are sellers who aren’t deterred from listing their high-end homes.
The most expensive listing that’s been on the market since the summer of 2021 was taken down in November, according to luxury Realtor Ivan Sher with IS Luxury. Even with that withdrawn listing, Sher has four of the top five homes on the market, according to the MLS.
That Henderson property, reminiscent of the Tony Stark home from the movie “Iron Man,” would have broken the Las Vegas record if it sold for $32.5 million. That will have to wait for now, but it could come back on the market in the future, Sher said.
It has four bedrooms with 14,207 square feet of liveable area over three stories and 26,416 square feet under the roof. It has nine bathrooms, three-climate controlled garages with space to accommodate up to 12 vehicles. It even has a car lift to bring the vehicle to the second floor master bedroom.
The home, which has a glass elevator that’s a centerpiece and is known for its high-tech amenities throughout the estate, including LED lighting, advanced security systems with 32 cameras, biometric scan entries, motorized door systems, 20,000 square feet of heated indoor and outdoor tile flooring, high-fidelity music distribution and 32 video displays throughout the property featuring centralized 4K video distribution.
That home requires a specific buyer and Sher said they have several buyers who love the house but just aren’t ready to purchase from a timing standpoint. The stock market, which continues to be down, will always have an impact on the ultaluxury market, he said. People with wealth still want real estate as an investment but it takes time for them to decide to put money into that, he said.
“We had some great activity on that house with great record-breaking offers, but nothing quite hit the mark that the seller was comfortable with and pushed the needle with him,” Sher said. “Right now, he’s focusing on his business, and we will see what happens down the road. At this point, people are aware that it’s there, and I’m getting calls every once in a while from clients interested in it. It has gotten a lot of marketing and exposure, and we will see how that translates to either a sale or an opportunity to put it back on the market.”
The new leader for Las Vegas listings came out at $18 million in the spring of 2021 but was bumped up to $24.8 million earlier this year.
The MacDonald Highlands home on Boulder Summit Drive sits on 2 acres and overlooks Dragon Ridge Country Club. It has more than 14,000 square feet with a resort-style backyard, two swimming pools, spa, seven waterfalls with a Ben Hogan replica bridge from Augusta National where the Masters is held. There’s 16-foot ceilings, a chef’s kitchen, wine cellar grotto, cocktail bar, 12-seat theater, game room, wellness wing with spa, steam, sauna and gym.
The home has two home offices with five guest bedrooms and a master suite. It has a seven-car garage. Realtor Amelia Prentice-Keene with Keller Williams Southern Nevada said the price escalated before the luxury market slowed down in the late spring and early summer but there are no plans to adjust it.
“We changed it because there was nothing to build or move to, and we got two offers at $25 million,” Prentice-Keene said. “The bigger thing was that if my clients were going to sell their home, what were they going to buy. If they were going to build another luxury home like that, trying to find lots like that was impossible to find and very expensive, too. Just putting three lots together would be $9 million to $10 million and then you have to build the house and probably $10 million with all the finishes they did. You’re looking at substantial money to build a home of that kind again.”
In addition, building a luxury home can take up to two years, Prentice-Keene said.
Among the two offers, a South Florida retiree made one last spring. He later pulled out of the deal after he got severe COVID-19 and recovered, Prentice-Keene said. The second offer came from a Salt Lake investor who sought creative financing but couldn’t get the terms to work out for both sides.
“At this price point, they are all paying cash usually, but their money is tied up a lot,” according to Prentice-Keene, who added the sharp decline in cryptocurrency values has limited people’s wealth and willingness to buy luxury properties. “Alot of people lost a lot, and they are waiting to see what happens in the next three to six months. I do see a lot of price corrections except for the ultra-net-worth properties like this one.”
A home on Vegas Hills Court in the Summit Club, the ultra-luxury community in Summerlin, is the No. 2 listing at $23.9 million. The two-story home built in 2020 measures 8,936 square feet with seven bedrooms, six full bedrooms and two partial baths. It has a five-car garage.
Sher calls the home “SkySummit” where every room is an experience. Perched on 0.8 acres, he said the home is majestic with modern, an open-concept design that embodies and captures the best of desert living. With its floor-to-ceiling windows with mountain views, pocket doors, private zen courtyard, extensive shaded patios, pool deck and balcony, Sher called it a resort unto itself.
The home has a white stucco exterior and stone columns. There’s a grand foyer upon entry. A great room holds a seating area ringed by stone, Sher said. The dining area and kitchen, complete with granite island with bar seating, adjoin. A first-level primary suite has two custom walk-in closets and an indoor/outdoor master bath ringed by chic landscaping, Sher said.
A separate set of stairs leads to a second level that includes an additional living area with a kitchen and dining area, a private balcony, and two bedrooms, Sher said.
The listing was put up about two months ago, Sher said. It’s co-listed with Austin Sherwood on his team.
“It’s unlike anything you have seen,” Sher said. “It’s a French contemporary on an incredible lot with beautiful views of the mountains and Strip. It’s on the golf course and oversized lot and cul-de-sac. It’s a stunning home with unique design and finishes. It lives as a single story even though it’s two stories.”
A MacDonald Highlands estate about to be under construction on Dragon Peak Drive is the No. 3 listing on the market at $21.5 million. When completed by Terra Firma Development of Las Vegas, the three-story home will measure 14,331 square feet with seven bedrooms, eight full baths and three partial. It sits on just over 1 acre and has a 12-car garage with a separate workshop.
Sher called the home “an architectural tour de force,” with a private two-bedroom, two-story casita with a living room and kitchen.
The front courtyard has large reflection pools leading to the large pivot front door. The home has a dining room with seating for 16, kitchen island with seating for 16, and separate wine room. There’s even an elevator. The primary bedroom features a private covered deck with outdoor spa, large primary bath with private outdoor space with a shower and water feature, and expansive closets, Sher said.
“They have top-notch architecture and great interior designers, and once it’s built, it would be absolutely sensational,” Sher said. “It’s at the top of MacDonald Highlands and has drop-dead views of the valley and the Strip.”
A two-story home under construction on MacDonald Ranch Drive in MacDonald Highlands by a Beverly Hills developer is the No. 4 listing at $19.995 million. It sits on 1 acre and when completed measures 12,795 square feet. It has seven bedrooms, eight full and two partial baths.
Sher called it a resort-inspired home within MacDonald Highlands.
The home will have two powder rooms, an elevator, double-island kitchen, two wet bars, four fireplaces and a four-car garage, Sher said. It will feature a rooftop deck, movie theater, wine cellar, meditation rooms and wet/dry sauna.
Sher called the rear grounds an “entertainer’s dream” with a pool, spa, outdoor fireplace, putting green, outdoor kitchen, barbecue, lounging spaces and a golf cart garage.
“(The builder) has the most exceptional floor plans and architects, and it’s going to be a sensational home,” Sher said.
No. 5 on the list is another home in the Summit Club, this one on Stardust Drive for $19.9 million. Built in 2020, the two-story home sits on 1.37 acres. It measures 7,908 square feet with four bedrooms and five baths. It has a three-car garage.
Sher described the home as “desert modern sophistication and a minimalistic design combined with meticulous attention to detail.” It is built around a view of the Strip, he said.
The home has privacy with its own gate and is built on a peninsula lot and geared for entertaining and has an oversized area for parking. It has basalt stone floors, wall-to-wall automated glass sliders, and an open patio. The designer furnishings are included along with artwork. The chef-style kitchen has quartzite porcelain counters and an oversized island. It was listed a month ago, Sher said.
“It’s an ultra-modern minimalist design and seamlessly done and dead-on Strip view,” Sher said. “When you drive up it has an enclosed motor court and one of the few that has that. When you drive up, you see the Strip through the front door. It lives as a single story even though it’s two stories.”