This month we examine some of the highest prices of luxury home sales in the Las Vegas Valley. 2018 is already shaping up to be more interesting than 2017. We have already had one sale that exceeded $10 million. This home was nearly 13,000 square feet and traded for just over $1,000 per square foot. The home is located near the TPC golf course in Summerlin.
Spanish Hills Estates also contained an impressive sale of a recently constructed 9,300 square foot home which sold for nearly $700 per square foot.
Year-to-date, Las Vegas had seven sales through the MLS that exceeded $5 million. These sales took place within The Estates at Southern Highlands, The Ridges, The Enclave (Country Club Hills), Spanish Hills Estates and MacDonald Highlands. By comparison, the entire year of 2017 registered just eight sales of more than $5 million.
While these sales are impactful to the overall picture of Luxury in Las Vegas, the development horizon is equally impressive. Currently, there are several super-custom homes being developed in The Ridges, Ascaya and MacDonald Highlands that will be staggering in their design and features. Additionally, the lots that are being purchased at The Ridges and within The Summit in Summerlin will likely have some of the Southwest region’s most grand estates. This will be a whole new echelon of luxury living within the Las Vegas Valley since there have been several homesites that exceed $5 million. So, for perspective, there are custom homesites trading for more than most existing luxury home sales. Inevitably, Las Vegas will be posting home sales above $10 million on a regular basis.