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Vegas luxury home market kicks off year with $19M sale

The Las Vegas luxury home market got off to a strong start in 2023 by securing the second highest number of sales in history to begin the year, culminating in a $19 million sale at the Summit Club in Summerlin to close January.

The 102 sales of luxury homes and condos of $1 million and higher during January is second only to the 122 in January 2022, according to Forrest Barbee, corporate broker with Berkshire Hathaway Home Services. There were 86 luxury sales in January 2021 and 76 in January 2023, the next two highest months in history.

Insight Tech Holdings NV LLC acquired The Summit Club home from Chambord Revocable Trust with Michael L. and M’Lissa M. Gravelle listed as trustees. It was a cash deal with Avi Dan-Goor of Douglas Elliman of Nevada representing the buyer from Asia. Ivan Sher, owner of IS Luxury, represented the sellers.

Built in 2020 and renovated in 2021, the home on Stardust Drive measures 7,908 square feet and sits on 1.37 acres.

It has four bedrooms and 4½ baths and a pool.

Sher said that when people pull into the driveway and face the house they’re looking at unobstructed views of the Strip. It’s an ultra modern design that he called stunning.

Dan-Goor said it has some of the best Strip views he’s ever seen from a living room.

“I can see what an international buyer would be attracted to,” Dan-Goor said. “From the living room, it’s like a Las Vegas postcard. It’s a complete wow factor as you walk in the door.”

The second highest single-family home sale in January was for $8.45 million for a two-story home in MacDonald Highlands in Henderson. The Tranquil Rim Court home sits on 0.3 acres and measures 7,373 square feet. It has five bedrooms, five full baths, two partial baths and a six-car garage. It was built in 2022 and renovated in 2023.

Hart2Vegas LLC of York, Pennsylvania was the buyer while 501 Byrne LTD were the sellers in a cash deal.

Kristen Routh-Silberman of Douglas Elliman of Nevada represented the buyer and seller.

The home has a movie theater, bar, game room, office, wine cellar and elevator. It has an entertainer’s kitchen, walk-in pantry and island with bar seating.

There’s a casita with a living room. The backyard has two covered patios, two outdoor kitchens with dining and living areas. The pool has a waterfall, and there’s a spa.

The No. 3 sale in the month was for $7.3 million for a two- story home on Quintessa Circle in Southern Highlands that sits on 0.94 acres.

Built in 2002, the home measures 11,364 square feet with five bedrooms, nine full baths, three partial baths and a seven-car garage.

Chris and Sheela Rangen bought the home in a cash deal from Alynne Catron.

Samuel Coleman with IS Luxury was the listing agent while John Sullivan with Huntington &Ellis was the buyer’s agent.

The Tuscan-designed home has an indoor basketball court, basement game room, wine cellar and a third-story lookout tower with Strip views.

Quintessa Circle is triple gated and there’s only a handful of homes, and the home backs up to the golf course, Coleman said.

“It’s a home on one of the best streets in Southern Highlands, and it’s in a rare community where homes don’t come up often,” Coleman said. “This home was featured in the Vegas Dream Home special built by Christopher Homes.”

A two-story home on Sun Glow Lane in The Ridges in Summerlin sold for $5.76 million. Built in 2012, it measures 6,252 square feet with four bedrooms, five bedrooms and a four-car garage.

Gavin Ernstone, broker/owner of Simply Vegas represented the buyer and seller in a cash deal. The buyers were Marc and Kathleen Lewison. Keith and Fiona May were the sellers.

The home has unobstructed views of mountains, golf course and Strip are available from every angle, according to the listing.

The primary suite on the main level has a luxurious bath with an enormous steam shower, soaking tub and two fantastic walk-in closets, Ernstone said. There is radiant underfloor heating.

The downstairs secondary bedroom suite doubles as a guest casita while the upstairs has a vast game room/loft area as well as two additional bedrooms. The home has a pool.

The No. 5 home sale of the month was for $5.75 million at Painted Feather Way in The Ridges in Summerlin.

The two-story home built in 2007 sits on 0.59 acres and measures 9,249 square feet. It has six bedrooms, seven baths and a five-car garage.

Situated on Bear’s Best Golf Course in The Ridges, the home has handcrafted stone flooring and staircases, Baccarat chandeliers and custom wood inlays in the ceilings. There’s Scavolini custom cabinets from Italy, Wolf appliances including an espresso maker, steam oven, warming drawer, three ovens and a range, Sub Zero dual refrigerators, four freezer drawers and four produce drawers.

As part of a kitchen remodel, the home has a custom wine room. There’s also a theater room, office and glass room used as a playroom.

The primary bedroom suite has a balcony with a fireplace and views of the city, golf course, mountains and Strip.

Lorie Borges with Huntington &Ellis was the listing agent and buyer’s agent. Albert and Teresa Chapman purchased the home in a cash deal from the Kevin Elder Revocable Trust.

There was one other home sale for more than $5 million in January at Reflection Shores Lane in Lake Las Vegas.

The one-story home built in 2022 sold for $5.13 million and measures 4,850 square feet with three bedrooms, five baths and a four-car garage. It sits on a half-acre and has a pool.

Gene Northup of Las Vegas Sotheby’s International Realty was the listing agent and buyer’s agent. Joseph and Wanda Jandrisch were the buyers in a cash sale while the JEK Trust was the seller.

The home sits in The Estates at Reflection Bay and has views of the Reflection Bay Golf Course, mountains and the lake. It has floor-to-ceiling windows and pocketed doors to enhance the connection between indoor and outdoor spaces. The listing says that upon entering the foyer, “a grand great room that seamlessly flows into the kitchen and formal dining room offering panoramic views and flooding the space with natural light.”

Luxury market update

Coleman said higher interest rates have not affected luxury as much as they did in 2022 but it’s “a bit of a challenge” when it comes to inventory. Homes between $1 million and $3 million are seeing the most activity while the $3 million to $6 million category is “starving” for inventory. The category of $6 million to $15 million is getting more competitive with new construction coming to the market.

“I think we’re going to see a lot of record-breaking sales in the first quarter going into the second quarter as the bigger homes get completed,” Coleman said.

Sher called it a great January and barring any political or global dynamics, Las Vegas is well-positioned with growth and development and remains optimistic about the rest of 2024.

Dan-Goor said the luxury market is holding strong and strengthening and is seeing more showings. It doesn’t mean prices are going up, but he expects more transactions. A record stock market helps, he added.

“I expect more buyers to pull the trigger instead of shopping around,” Dan-Goor said. “At the end of the day, they still want value.”

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