Luxury home sales slow in August; still on pace for record year
The Las Vegas existing home luxury market is on a record-setting pace in 2024 even as the closings slowed in August with only two selling for more than $5 million.
There were 147 closings of $1 million and higher in August, according to Forrest Barbee, corporate broker for Berkshire Hathaway Home Services. That's fewer than the 153 this time last year but more than the 122 in August 2021 when the market set an all-time record for $1 million-plus closings.
The No. 1 sale for the month was for $6.4 million on Meadowhawk Lane in The Ridges in Summerlin. The two-story home with a basement has four bedrooms, 51⁄2 baths and a three car garage. Built in 2009, it measures 7,725 square feet and sits on 0.43 acres.
Listing agent Gavin Ernstone with described the home as having "amazing city views." It's a contemporary home with "incredible architecture and huge great room with double pocket doors leading to a 360 edgeless pool.
There's a large den with 7-1 surround, a basement with a fully soundproof recording studio and movie theater. The primary bedroom has an unobstructed view of the Strip from the bedroom and balcony.
"It's a great house I sold off the market with great views of the city with a local buyer who wanted to move into something bigger in The Ridges," Ernstone said.
Ivy Vo with Simply Vegas represented the buyer, Thanhnhi Trust. The sellers were Jon and Kara Jiles, according to public records.
The No. 2 sale during August was for $5.9 million on Overlook Rim Drive in MacDonald Highlands in Henderson. The two-story home built in 2023 measures 6,345 square feet with three bedrooms and five baths. It has a four-car garage. It's part of the SkyVu at MacDonald Highlands, the latest luxury neighborhood hillside homes offered 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," according to the listing.
SkyVu homes include 10-foot-high stacking sliders, 72-inch linear fireplace in the great room, JennAir stainless steel appliance package and other luxury features.
Christopher Homes listed the home while Randy Char with Las Vegas Sotheby's International was the buyer's agent for Terrance Ledger, according to public records.
The No. 3 sale during the month was a 30th-floor high-rise condo at the Waldorf Astoria that went for $4.45 million. It has two bedrooms and three baths. It's a unit with north-facing panoramic Strip views. It has floor-to-ceiling windows throughout.
Grant Garcia with Rhome represented the buyer, the Rosemary Martin Revocable Trust, and the seller Z-Vegas Strip LLC, according to public records.
The No. 4 sale was for $4.17 million on Opal Springs Way in Summerlin. The two-story home with a three-car garage has three bedrooms and four baths. It measures 4,618 square feet and sits on 0.36 acres.
Built in 2017, it was listed by Susan Boettcher-Kay with Urban Nest Realty while Carla Redmond of Queensridge Realty represented the buyer, Joseph Paul. The seller was BAMM Nevada Trust II, according to public records.
The No. 5 sale was for $4 million on Liege Drive in MacDonald Highlands. It sits on 0.82 acres. The three-story home built in 2008 measures 6,124 square feet with four bedrooms and five baths. It has a three-car garage.
The home has 360-degree views of the Strip, canyons, valley and mountains from every room. It incorporates outdoor living, multiple terraced balconies with lounging areas, fire features and newly renovated disappearing edge pool/spa day club and ultra lounge. There's outdoor dining space, chef's kitchen with dual islands and coffee bar.
The home has a wine room, wet bar and movie theater. The primary suite has a fireplace, balcony and morning kitchen.
Pride and Joy LLC was the buyer. Brian and Angela Nettles were the sellers, according to public records. Adrienne Terry with Key Realty Southwest LLC was the listing agent while Genaro DiDiego of Realty One Group was the buyer's agent.
Market conditions
Ernstone said he sees the luxury market with the ending of summer as having little inventory and when good houses come on the market they are selling quickly.
"I just sold two homes in MacDonald Highlands for north of $6 million (that will close in October)," Ernstone said. "There's an appetite. We're seeing relief in the interest rates, which is going to affect all portions of the market."
Ernstone said it was a slow summer with the oppressive heat and that will show up in upcoming closings. Buyers don't want to be out in 115 degrees and were waiting for the fall instead, he added.
Erika Geiser, vice president of marketing for Christopher Homes who uses the MLS for some of listings to bring attention to what's available, said some 42 of the 102 Sky Vu home sites have been sold. She said Las Vegas has always been slow in the summer in terms of sales as buyers aren't looking at homes in the extreme heat or on vacation.
"The luxury market is still very busy right now because there's not a ton of supply out there, especially new and the upper price points," Geiser said. "We're still seeing the influx of people from California and other states."
