Las Vegas Fine Homes - First Quarter 2015
Las Vegas fine homes have had an outstanding first quarter in 2015. We've sold 54 luxury homes and 22 luxury high rise condos for $1 Million plus. That's 76 luxury homes sold in the first quarter. Seventeen of the properties came in above $2 Million and the top 7 were $3M or more.
Top home prices included an estate that sold for $8,050,000 in the Ridges of Summerlin. This spacious 12,445 sf home was on just under an acre of land. The contemporary masterpiece offered Mountain views and was only listed for 15 days when it went into contract. Another home in the Ridges came in at $4.55M.
The second highest price paid in the first quarter went to the "Crown Penthouse" at ONE Queensridge Place. The 15,691 sf mansion in the sky included a 3000 sf private garage. Offered as a greyshell with a list price of $8.99M and it sold for $7.7M. Two residences at the Mandarin Oriental closed for $5.4M and $3.8M.
The highest number of luxury homes were sold in the Summerlin area where 26 homes sold for more than $1 Million. Henderson was second with 17 homes closing for $1 Million plus. Southern Highlands made the list with 2 homes. Henderson only had one home that reached the $3 Million mark. It was a contemporary home built by Blue Heron in their Canyon Heights subdivision. Based on the number of luxury homes sold and the highest prices paid, Summerlin Luxury Homes have a slight edge over Henderson Luxury Homes.
Contemporary/modern homes made up 26% of the homes sold in the first quarter. That included the most expensive homes sold. The Ridges of Summerlin continues to lead our guard-gated communities with 6 homes going for $1 Million plus. Red Rock Country Club had 8 closings for $1 Million plus. While Red Rock had more million plus closings, the highest price paid for a Red Rock home was $1.89M. Compare that to the Ridges where 4 homes closed for more than $2 Million and two of the top prices were recorded. And, this does not include the new construction homes that closed in William Lyon's Sterling Ridge community. That community is nearing the final phases. The larger models in Sterling Ridge are all coming in over $1 Million. The new construction homes aren't tracked through the MLS, but it would be more evidence that the Ridges of Summerlin is the leading luxury home community in the valley.
Where have the luxury homes been selling? Half a dozen of the luxury homes that closed in the first quarter were custom homes that were not located in a community or HOA. Red Rock Country Club had 8 closings, The Ridges of Summerlin was next with 6. MacDonald Highlands in Henderson took third place with 5 homes sold. Seven Hills in Henderson tied Canyon Fairways of Summerlin with 3 luxury homes sold.
Top high rise building would have to be The Mandarin Oriental with 11 residences that sold for $1 Million plus. Followed by ONE Queensridge Place with 7, Veer Towers with 2. Palms Place and the Cosmopolitan made the list with 1 each. These luxury high rise properties are demonstrating that high rise luxury can compete with traditional luxury homes.
How fast are luxury homes selling? The single family homes were on the market between 4 days and 390 days. On average, luxury homes were listed for 128.5 days before getting an accepted offer. 14 of the luxury homes sold in less than 30 days and 21 in less than 60 days.
Days on the market in the high rise buildings ranged from zero to 343. The average days on market for luxury penthouse condos was 108.
Las Vegas Fine Homes Compared to First Quarter 2014
This is where we find the most impressive news. In the first quarter of 2014, we sold a total of 70 homes for more than $1 Million. The highest price paid during that time was $3.03M or $761/sf for a penthouse at The Mandarin Oriental.
We've sold 6 more luxury homes than we did in the same quarter last year. The big improvement is in the closing prices. We've sold 6 luxury homes that were priced above the high for this time last year. Four of those were substantially higher. The higher prices should help luxury home values in our most popular neighborhoods.