Two months into 2022, Las Vegas has recorded its first sale in excess of $10 million and more are on the horizon as the luxury housing market starts the year a little slower, but with high-profile and dollar-amount transactions pending, including the Southern Highlands home of former Las Vegas Raiders head coach Jon Gruden.
By the end of March, the undisclosed buyer of Gruden’s 8,684-square-foot two-story home and an adjacent lot are expected to close. The final sales price remains unknown but the home and lot are listed for $7.5 million.
One sale not going through as previously announced — KISS rocker Gene Simmons had his Henderson home and adjacent lot in Ascaya under contract for $14.95 million before the deal fell through, according to listing agent Evangelina Duke-Petroni, of Berkshire Hathaway HomeServices Nevada Properties.
Earlier this month, there was buzz on social media by national sports writers about Green Bay Packer star wide receiver Davante Adams purchasing a home in The Ridges in Summerlin. It was announced Thursday that Adams was traded to the Las Vegas Raiders in a blockbuster deal, giving some credence to the buzz.
There is a 10,609-square–foot home on Hawk Ridge Drive in The Ridges that is under contract for $11.99 million. It’s scheduled to close on March 28, according to the Multiple Listing Service.
The listing agent, Gavin Ernstone of Simply Vegas, said he doesn’t know who the buyer is and has been working with an out-of-state attorney. There’s no buyer’s Realtor involved in the transaction, he said.
Through the first two months of 2022, there were 243 sales of single-family homes and condos of $1 million and higher with an average sales price of $1.72 million in February. There were only 195 sales through the first two months of 2021, a record year, but the start of 2022 isn’t as strong as the last two months of 2021 and most of the year.
There were 282 pending sales of $1 million and higher at the start of March, according to Forrest Barbee, corporate broker with Berkshire Hathaway HomeServices. There were 451 available units on the market.
Duke-Petroni said since Simmons’ home came back on the market, it has seen “a tremendous amount of interest.”
“We have multiple showings scheduled,” Duke-Petroni said. “There’s a lot of interest, and it feels like in the last couple of weeks the market has really started to pick up again. All of our listings have multiple showings. It’s spring and people are getting out. I feel like the first month of the new year is when people come out of hibernation from the holidays, but that lasted a little bit longer this year. Maybe, people were waiting to see what the market was going to do before they pulled the trigger as far as buying something. Now, that the year is in full swing, we’ve definitely seen an increase in activity even though inventory remains really low. It’s definitely driving a seller’s market.”
Luxury Realtor Kristen Routh-Silberman with Corcoran Global Living said the market is slower because there’s limited inventory of luxury homes buyers want without major makeovers. That’s creating opportunities for builders, she said.
“If we had more houses, we could sell through more,” Routh-Silberman said. “I think a lot of smart developers like (luxury builder) Blue Heron who used to release their spec line and would wait for a buyer, (but) now, everybody is just building.”
■ A Blue Heron home in MacDonald Highlands measuring 9,725 square feet on Dragon Peak Drive, is under contract for $11.5 million, according to Routh-Silberman, the home’s listing agent. It won’t close until March 2023 since the home remains under construction, and Blue Heron is about to start six homes, she added.
One of six homes listed for at least $1M
Barbee said one of every six available single-family homes on the MLS are $1 million and higher, which is a high for the marketplace and reflection of a lack of inventory for lower-prices points. Currently, there are 2,289 available units with 382 being $1 million or more, he said.
“However, it’s like looking at a hologram,” Barbee said. “It depends on what plane or angle you are viewing. On one hand, we’ve seen the constant market contraction of inventory and sales at the lower end of the market. Moreover, it’s not just the shrinking inventory, but the high turnover at price points below $1 million. There’s less than (0.9 months of available) single-family inventory, but there is five months of inventory at $1 million and higher. So, the turnover rate is much slower and at any given time it appears that we have an unusually high percentage of $1 million listings.”
Barbee said this new reality of one out of six being $1 million and higher “demonstrates and validates the considerable market shift away from the lower-price points and toward the luxury end of the market. In turn, that says a lot about buyers and potential buyers along with the wealth, affluence and disposable income they are bringing into Las Vegas. I would expect this to be the norm for some time, especially since this did not happen overnight.”
Top sales in February
■ As for sales in February, Luxury Realtor Ivan Sher with the Ivan Sher Group of Berkshire Hathaway HomeServices was the listing agent for a 2016 Blue Heron home that sold for $12.5 million in February.
An estate on Soaring Bird Court in The Ridges in Summerlin sits on 1 acre and has 11,211 square feet of heated living space in four stories with six bedrooms, eight baths and a detached casita. There’s a four-car garage with more than 1,270 square feet. The home has expansive living and dining areas, glass-walled wine storage and exercise room, office and a theater.
A fenced and landscaped backyard includes a pool surrounded by gardens, comfortable seating areas, a fire pit and grilling area and a bocce ball court. An upper-level deck overlooks the pool. It provides access to the pool via an artistically integrated circular staircase.
“This is one of the most stunning homes in Las Vegas, from the modern architecture to the contemporary design elements,” Sher said. “This estate is truly special. It’s best in class with multiple levels. The top level is the gym and the bottom level is for entertaining. The main level is for day to day, and then you have a level for guests.”
Soaring Bird LLC is listed as the buyer. The seller was RP TTD VEGAS LLC. The buyer’s agent was Tierra Baer-Warndahl with Realty ONE Group. She said the buyers don’t want to disclose their name. She said the buyer is someone from out of state looking to build their real estate portfolio and likes Las Vegas.
“It’s super ultra-modern,” Baer-Warndhal said. “Blue Heron did a fantastic job. The home is beautifully done. You walk in and it’s stunning. There’s a Koi pond. There’s an infinity pool.”
■ Ernstone’s listing on Hawk Ridge Drive, which is set to close for $11.99 million on March 28, has four bedrooms and 5½ baths.
Ernstone called it an exceptional home. It sits on a three-quarter acre lot, which allows for a proper circular driveway as well as a large, modern, porte-cochere, he said.
“The house is absolutely amazing,” Ernstone said. “Once inside you’re greeted by the drama of the entry, a three-story floating staircase and the overall warmth, yet industrialist of this unique home. The entertainment and living spaces are second to none.
There’s a huge kitchen and great room with floor-to-ceiling windows all around and a dramatic sliding door allowing for a perfect transition from the inside to the outside.”
Ernstone there are two bars, a downstairs theater and game room that opens to the outside. The master bedroom has a $35,000 tub.
The home has a pool, an air conditioned pool house and eight-car garage. Ernstone has another home on San Moritz Drive in MacDonald Highlands in Henderson that closed for $8.5 million on Thursday. It sits on 1.3 acres and measures 9,995 square feet.
Other top sales in February
■ There was a big drop off between the top sale in February at $12.5 million and the next highest sale at $5.85 million in The Ridges. This two-story home with five bedrooms on Promontory Ridge Drive measures 8,388 square feet with a four-car garage and casita.
The new owner is Jason Matalon, who was represented by Bryan Turner of PSI Realty. Ernstone was the listing agent. He said the home is nestled into the mountains of The Ridges in a 12-home enclave called The Pointe.
“The mountain views from this home are absolutely stunning and endless, not to mention the privacy with not a single home behind,” Ernstone said in the listing. “The house was built with no expense spared using only the finest materials. The first thing that you notice when you walk in is the total serenity and the charm.”
No other single-family home sold for more than $4 million in February, but two sold at $4 million.
■ One of the $4 million homes is on Palisade Rim Drive in MacDonald Highlands. The one story measures 4,999 square feet with three bedrooms and four baths. It’s part of the Richard Luke Five Star Collection built in 2018 and has an infinity pool and spa.
Routh-Silberman was both the buyer’s agent and seller’s agent. The buyer was an LLC. The sellers are a celebrity couple.
The home was bought for $2.9 million 2019 by a famous YouTube couple. The home was listed under the Red Channel Living Trust and Evan Young Trust, according to Clark County and state records. They are famous video gamers Alia Shelesh, who goes by SSSniperwolf, and Evan Young, known as Evan Sausage.
■ The other $4 million sale was on Hawk Ridge Drive in The Ridges and purchased by an LLC. It is two stories and measures 5,856 square feet with four bedrooms. Jamie Kiger with Corcoran Global Living was the buyer’s agent.
Sher, the listing agent, described the home in the custom estate Redhawk community in The Ridges as having an impressive entrance into a grand foyer and open great room with multiple French doors, wood flooring and custom marble fireplace.
The second level is separated into two wings, offering a private master suite from secondary bedrooms. The backyard is built for entertaining with multiple covered patios, built-in barbecue, lush landscaping, a pool and spa.
Sher has another deal pending. He’s the listing agent for a newly built two-story home measuring 9,288 square feet on Rockstream Drive in Ascaya in Henderson under contract. It’s listed for $11 million.