The Las Vegas luxury home market picked up steam by posting its best February in history with sales of the 2024 New American Home in Ascaya and a Summerlin estate to Las Vegas Raider defensive end Maxx Crosby. That momentum continued this month with a sale of a mansion in The Summit Club for $19.7 million.
There were 144 February sales of $1 million and higher, including condos, a gain from the 102 in January, according to Forrest Barbee, corporate broker for Berkshire Hathaway Home Services. The previous most-ever February luxury sales was 122 in 2022 and that tallied off to 77 in February 2023 when even the luxury market was impacted by higher interest rates and concerns about the direction of the economy. The average sales price in February was $1.8 million.
The $19.7 million sale on Witchcraft Court in The Summit Club in Summerlin started March off on a good note for the direction of the luxury market. The Blue Heron-designed home completed in late 2021 was originally listed for $23.5 million before coming down in price.
It sits on 1.16 acres along the 10th hole of the resort community’s championship course. The one-story main home measures 7,727 square feet with four bedrooms, four baths, gym, a flex room and four-car garage. There’s a two-story casita of 2,100 square feet with a private entrance. It has five bedrooms and three full baths, one half-bath and a two-car garage. There’s two zero-edge pools, two spas, one of which is private and accessible from the primary suite. There’s three retractable flat-screen televisions, an outdoor kitchen and pizza oven.
The kitchen/great room is considered the hub of the home that can access other areas of the home from a flex room, secondary bedrooms, pool, gym, casita and elevator to a rooftop deck.
Lillie Shines with Coldwell Banker Premier was the listing agent while Randy Char of Las Vegas Sotheby’s International represented the buyers, Witchcraft Court LLC, according to Clark County property records.
“I knew I was going to find the perfect buyer for it but knew it was going to take a little bit of time,” Shines said. “Not everybody needs such a large casita. Most people who buy there are interested in the lifestyle.”
Top home sale in February
The leading Las Vegas area sale of a single-family home in February was for $10.17 million on Sky Arc Court in Ascaya in Henderson to Craig Arnold, the chairman and CEO of Eaton, a global intelligent power management company, according to Clark County property records. The sale closed on Feb. 29. This is the 2024 New American Home that was displayed during the last week in February at the International Builders Show in Las Vegas hosted by the National Association of Home Builders. It has the latest in building technology and products throughout the home.
The one-story home sits on 0.5 acres and measures 7,722 square feet with an open floor plan. It has five bedrooms, 5½ baths and a four-car garage. It has a pool and spa.
Sun West Custom Homes owner, Daniel Coletti, as part of Sun West Luxury Realty, was the listing agent. Matthew Brimhall of MDB Realty represented Arnold.
It’s the third New American Home Coletti has built and sold. The other two were sold in Ascaya in 2020 for $5.5 million each.
Coletti said the home was on the market before it was finished and showcased at the builder show and closed on its last day.
The home sits on one of the highest lots in Ascaya and its design is contemporary with a lot of glass across the back to have city views. There’s a stone monolith that goes through the house that has an open floor plan and wood ceilings and wood elements throughout, Coletti said.
The home has a 136-inch screen as part of a video wall in the media room. It has a voice automation system Josh.ai. The backyard has a pool with fire features.
“We built it in 10 months, and the schedule is demanding when you do a New American Home but you get the synergy of the manufacturers and contractors and us as the general contractor,” Coletti said. “The icing on the cake is to have sold it. It wasn’t hard to sell it. We only had a handful of people to look at it, and it went really fast. It’s a testimony to our design, the quality of the products and quality of construction.”
Construction is already underway for the 2025 New American Home in Ascaya.
Maxx Crosby
The next highest sale was to Crosby for $5.68 million in the guard-gated enclave of Mountain Trails in Summerlin North bordering Sun City Summerlin. It closed on Feb. 27, according to Clark County property records.
The estate sits on 1.24 acres and the home measures 20,558 square feet with seven bedrooms, 10 baths and a six-car garage.
Built in 2002, the two-story home has lofty ceilings, marble flooring and expansive windows. Beyond the main living areas, there’s a private screening room, a wine room, a billiards room, and a well-equipped home gym.
Listing agent Austin Sherwood with Luxury Estates International said the “crown jewel of this property is the remarkable indoor basketball court, complete with an upstairs viewing gallery and a convenient kitchenette.”
Outdoors, there is an in-ground trampoline, play set and resort-style pool and spa.
“This sumptuous Las Vegas estate is an entertainer’s dream and offers the pinnacle of luxury living for those who appreciate the finer things in life,” Sherwood said in the listing.
Katherine Castro with Realty One Group, Inc. represented Crosby.
Sherwood said the previous owners purchased the main home and acquired the lot next door and combined them into one to make a second dwelling with the basketball court. It has a wall for lacrosse, tennis and volleyball.
In 2020, Real Estate Millions reported Crosby closed on a home in Green Valley for $480,000. The two-story Henderson home measures 2,951 square feet with four bedrooms. It was built in 1990.
In April 2022, Crosby paid $2.4 million for a two-story home in Henderson in the guard-gated Fountains’ neighborhood off Green Valley Parkway north of the I-215 Beltway. That home measures 6,100 square feet with five bedrooms and five baths. It was built in 1992 and sits on 0.47 acres.
Other top sales
A one-story home built in 2023 on Vintage Ridge Drive in the guard gated Vintage Valley in Southern Highlands sold for $5.15 million on Feb. 26. The home sits on 0.51 acres and measures 6,817 square feet with five bedrooms, six baths and three-car garage.
The home features European imported doors, flooring, countertops and limestone walls flowing from the exterior throughout the home. It has 10-foot disappearing glass doors that blur the lines of indoor-outdoor living, according to listing agent Alecia Taylor with Clear Sky Realty.
There’s a Zen-inspired green space courtyard with a large fire pit for relaxing or entertaining, Taylor said.
The home has a chef-ready kitchen with two large islands, premier appliance package and a wet bar. The primary bedroom has oversized dual closets, a private outdoor shower from the bath and access to the laundry room. The home has a resort-style pool and spa, fire feature and mature trees for privacy.
The custom home was built in 2023 by BLK Development. Diane Dobson with RE/MAX Advantage was the buyer’s agent representing Adam and Katherine White.
The only other sale in excess of $5 million was on Vegas View Drive in The Canyons at MacDonald Ranch in Henderson. It sold for $5.07 million on Feb. 22. The two-story home built in 2016 sits on 0.67 acres and measures 5,561 square feet with four bedrooms and 4½ baths.
Christopher Logan with Realty One Group was the listing agent. Travis Williams with Real Broker LLC represented the buyer, L B S Trust.
The Blue Heron home sits adopt a hillside with unobstructed Strip and mountain views. It has a soaring atrium, spacious living room, kitchen and dining room that the listing said all blend seamlessly for effortless entertaining and natural light and views. Through pocket doors, the interior spaces open to decks, covered seating areas and a barbecue area.
The primary suite includes private office, sitting area and exterior access. The home has a movie theater.
State of luxury market
Barbee said the luxury market is so robust that it went from eight months of inventory in January to six months in February.
“That end of the market has not been impacted nearly as much by politics, interest rates and the economy,” Barbee said. “When you get into that million-plus range, it’s more of a national and international marketplace compared to the rest of the market.”
There were 203 pending sales to start March, Barbee said.
The lower end of luxury has rebounded strongly as mortgage rates have fallen. There were 111 sales in the valley between $1 million and $1.99 million, according to Rob Jensen with the Rob Jensen Group. That’s up from 59 a year ago.
Taylor called the luxury market strong and expects that to continue in 2024.
“I see that it’s going to continue to go up,” Taylor said. “There’s no stopping right now, and luxury seems to be the strongest part of the market. With the rumors of teams coming to Vegas, I suspect we’re going to have more high net-worth individuals moving here. We have all the baby boomers retiring who can afford to buy luxury homes after selling homes in neighboring states. I think the sky’s the limit.”
Sherwood said the best luxury homes are going fast and prices are staying strong. The problem is a lack of good inventory that luxury buyers are seeking.
“I had a client who just purchased a home (in escrow) for just under $6 million that was on the market one day in The Ridges. I’m seeing a shift where the higher-end luxury market has higher demand and lower inventory and people have to move quickly.”
Shines said the luxury market is moving faster than the lower-priced segment, saying she got multiple offers on her listing and the desire for The Summit Club where homes are appreciating. The previous owners paid about $12 million for the land and the construction of building their own custom home with Blue Heron.
“We still have a lot of people from California moving here (for taxes) and moving businesses here,” Shines said.
