Las Vegas Review-Journal (Sunday)
July’s top seller is an $8M home in The Ridges
Uber luxury real estate market slows
An $8 million home in The Ridges in Summerlin and another for $7 million in Ascaya in Henderson topped the list of closings in July when the existing luxury home segment saw its slowest month since January 2021.
The decline mirrors what’s happening in the single-family existing home market overall, but there’s debate over how much of that decline is attributed to summer vacations or buyers feeling the effects of the stock market decline, worrying about the economy and deciding to stay on the sidelines for now.
There were 105 closings of $1 million and higher in July, down from 155 in June and 167 in July 2021. That’s the fewest closings since 86 recorded in January 2021, according to Forrest Barbee, corporate broker with Berkshire Hathaway Homeservices.
The luxury market hasn’t dried up because there are 157 sales pending of $1 million and higher. That’s only 10 fewer than June, according to Barbee.
■ The most expensive home sold in July was on Promontory Ridge Drive in The Ridges in Summerlin for $8 million. It measures 12,345 square feet with six bedrooms, 7¼ baths and a four-car garage. It was built in 2005 and sits on 0.54 acres.
Listing agent Gavin Ernstone, broker/owner of Simply Vegas, said the home has undergone a complete remodel with higher-end finishes. It has golf course, mountain and city views that are enhanced by a rooftop terrace.
The great room has a seamless indoor/outdoor transition to the backyard where there’s a resort-style pool/spa and outdoor kitchen. The master suite has two sitting areas and a wraparound balcony.
The home has an indoor basketball court, gym and putting green. There’s a game room and movie theater. Javier Mendez, a Realtor with Keller Williams Realty, was the buyer’s agent.
■ The No. 2 sale of the month was on Rockstream Drive in the hillside community of Ascaya that sold for $7 million. The one-story home measures 7,062 square feet with five bedrooms and 5½ baths. It sits on 0.58 acres. Ivan Sher with the Ivan Sher Group with Berkshire Hatha
way Homeservice was both the listing agent and buyer’s agent.
Sher said the home is perched on a corner lot with unobstructed views of the Strip, valley and mountains from every angle, including a rooftop deck.
The home has five en suite bedrooms, an office with a separate entry and a media room. There’s a gourmet kitchen with two expansive islands with waterfall-edge quartzite. The master suite has its own fireplace and a private patio accessed by pocketing doors. The exterior is built for entertainment with seating areas, a fire pit, outdoor kitchen, spa and pool.
■ The No. 3 home sold in July was for $5.4 million on Cedar Chase Drive in Anthem Country Club in Henderson. It measures 10,333 square feet with seven bedrooms, eight baths and a 10-car garage.
The two-story home has Strip, city, mountains and golf course views. It has an underground wine cellar and theater. The home has seven fireplaces, a wet bar and an atrium. The backyard has a pool, spa, fire pit, fountain and water features. There’s a casita with a separate entrance.
Matthew Brimhall, a Realtor with MDB Realty, was the listing agent. Victor Hecker with Hecker Real Estate & Development was the buyer’s agent.
No other sales were above $3.5 million, which represents a shift in the luxury marketplace. The uber luxury market felt the impact the most.
The median price of luxury homes
An $8 million home in The Ridges in Summerlin and another for $7 million in Ascaya in Henderson topped the list of closings in July when the existing luxury home segment saw its slowest month since January 2021.
The decline mirrors what’s happening in the single-family existing home market overall, but there’s debate over how much of that decline is attributed to summer vacations or buyers feeling the effects of the stock market decline, worrying about the economy and deciding to stay on the sidelines for now.
There were 105 closings of $1 million and higher in July, down from 155 in June and 167 in July 2021. That’s the fewest closings since 86 recorded in January 2021, according to Forrest Barbee, corporate broker with Berkshire Hathaway Homeservices.
The luxury market hasn’t dried up because there are 157 sales pending of $1 million and higher. That’s only 10 fewer than June, according to Barbee.
■ The most expensive home sold in July was on Promontory Ridge Drive in The Ridges in Summerlin for $8 million. It measures 12,345 square feet with six bedrooms, 7¼ baths and a four-car garage. It was built in 2005 and sits on 0.54 acres.
Listing agent Gavin Ernstone, broker/owner of Simply Vegas, said the home has undergone a complete remodel with higher-end finishes. It has golf course, mountain and city views that are enhanced by a rooftop terrace.
The great room has a seamless indoor/outdoor transition to the backyard where there’s a resort-style pool/spa and outdoor kitchen. The master suite has two sitting areas and a wraparound balcony.
The home has an indoor basketball court, gym and putting green. There’s a game room and movie theater. Javier Mendez, a Realtor with Keller Williams Realty, was the buyer’s agent.
■ The No. 2 sale of the month was on Rockstream Drive in the hillside community of Ascaya that sold for $7 million. The one-story home measures 7,062 square feet with five bedrooms and 5½ baths. It sits on 0.58 acres. Ivan Sher with the Ivan Sher Group with Berkshire Hathaway Homeservice was both the listing agent and buyer’s agent.
Sher said the home is perched on a corner lot with unobstructed views of the Strip, valley and mountains from every angle, including a rooftop deck.
The home has five en suite bedrooms, an office with a separate entry and a media room. There’s a gourmet kitchen with two expansive islands with waterfall-edge quartzite. The master suite has its own fireplace and a private patio accessed by pocketing doors. The exterior is built for entertainment with seating areas, a fire pit, outdoor kitchen, spa and pool.
■ The No. 3 home sold in July was for $5.4 million on Cedar Chase Drive in Anthem Country Club in Henderson. It measures 10,333 square feet with seven bedrooms, eight baths and a 10-car garage.
The two-story home has Strip, city, mountains and golf course views. It has an underground wine cellar and theater. The home has seven fireplaces, a wet bar and an atrium. The backyard has a pool, spa, fire pit, fountain and water features. There’s a casita with a separate entrance.
Matthew Brimhall, a Realtor with MDB Realty, was the listing agent. Victor Hecker with Hecker Real Estate & Development was the buyer’s agent.
No other sales were above $3.5 million, which represents a shift in the luxury marketplace. The uber luxury market felt the impact the most.
The median price of luxury homes in July was $1.3 million, down from $2.47 million in June. The average price of luxury homes sold was $1.68 million, down from $2.19 million in June.
Sher said the decline in luxury sales isn’t unexpected because there’s always a shift in every market. That doesn’t mean the market will go backwards but instead he called it a “slight correction” on the luxury side.
“Nothing goes up forever, and I