Luxury boom: Catching up with development at the valley’s most exclusive communities

The Las Vegas luxury real estate market had its strongest year since the Great Recession and shows no signs of slowing in 2019. Here’s a look at some of the communities that offer luxury living:

The Summit Club

The newest community that will be the ultimate in a resort and concierge setting is making strides since the first multimillion lot sales began in 2016. The Summit Club, a joint venture between Discovery Land Co. and the Howard Hughes Corp., had its first residents move in last summer and more homes will be completed this year. Opened in October, the 6,000-square-foot golf house, which has a restaurant and pro shop, is between the 18th green and a practice facility near the planned clubhouse.

Last year, there were 38 custom-lot sales in the ultra-luxury community with a championship golf course. Lots sold from $3.4 million to a high of $6.5 million in 2018, according to Home Builders Research. In the past three years, 111 lots out of 146 were sold. The highest price paid was in the first year of the development, at $12.6 million for a combined lot of 4½ acres, Home Builders Research reported. The 555-acre development includes multimillion-dollar bungalows that will be completed this year and luxury clubhouse condominiums. The $100 million-plus clubhouse will be completed within two years.

Ascaya

The Henderson hillside community had nine custom-lot sales in 2018 with an average price of $965,506 and a high of $1.15 million, according to Home Builders Research. Ascaya sales manager Darin Marques, who is with the Ivan Sher Group, Berkshire Hathaway HomeServices, Nevada Properties, said there are seven residents living in the development, 12 homes are under construction and 12 are completed. Another six are under design review. Some 140 of the more than 300 lots have been made available. “We have started architects designing several shovel-ready homes based on feedback from potential buyers,” Marques said. These new homes will cost between $3.8 million and $4.5 million.

Lake Las Vegas

There were 10 custom lot sales in 2018 with an average price of $471,450 in the Henderson lake development, according to Home Builders Research. The high was $1.95 million. Luxury builder Blue Heron held a groundbreaking in March on its Vantage, a community of 37 homesites on the bluffs overlooking estate lots. Below that hillside development is the Estates at Reflection Bay with 50 lots for sale. At the center of the development is the showcase home, an 8,800-square-foot custom home with modern design and 270 feet of waterfront, which is on the market for $7.5 million.

MacDonald Highlands

In MacDonald Highlands, there were 31 custom-lot sales in 2018, which does not include larger development projects in the Henderson hillside development. The highest priced went for $1.5 million and the average was $956,778, according to Home Builders Research. The Vu luxury town homes, whose sales by Christopher Homes were launched in 2017, has sold 71 of 110 of the units that start in the low $900,000s and can reach $1.5 million.
Sales have begun for Vu Estates, 17 single-story homesites.

Christopher Homes is taking reservations for VuPointe, a collection of single-story homes. Blue Heron launched a new luxury community named Equinox last year that’s under construction in MacDonald Highlands. In December, MacDonald Highlands unveiled the Richard Luke Collection, named after a local architect. It’s nearing a sellout.

Southern Highlands

The master-planned community in the south end of the valley had 11 custom-lot sales last year for an average price of $572,636 and a high of $1.25 million, according to Home Builders Research. That doesn’t include lots for Blue Heron development The Bluffs, which was unveiled in 2018. In addition, there are several spec custom luxury homes under construction in the master-planned community.

“That shows the market has turned around on the luxury side (because) builders are specing out new homes,” said Dana Limon, luxury home specialist for Southern Highlands Realty, the brokerage for Southern Highlands. “Usually, it’s just build to suit. They know the demand is out there. There are a lot of good things happening in the luxury market.”

The Ridges

There were seven custom-lot sales in The Ridges and the average price was $1.32 million with the high at $2.25 million, according to Home Builders Research. That does not include William Lyon Homes’ Silver Ridge.
In January, Summerlin developer Howard Hughes Corp. opened Talon Ridge — home to celebrities, business and civic leaders. It’s the ninth and last custom-home neighborhood in the 793-acre, guard-gated residential village, which has Bear’s Best golf course, designed by Jack Nicklaus.

Six custom neighborhoods in The Ridges are sold out, while two neighborhoods currently being sold, Azure and Indigo, offer lot sizes from one-quarter to more than 1 acre. There are more than 300 custom homes and more than 20 are under construction or in design. Sales and marketing manager for Summerlin Elle Gaensslen said she expects 2019 to surpass 2018, due to an influx of Californians and others across the country who are drawn by shopping and amenities there, and who want to build a second home.

 
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