By Andy Wang | October 2, 2014 | Home & Real Estate
Las Vegas prepares for its massive luxury growth spurt. Who’s buying?
At 99 Hawk Ridge Drive is this 13,490-square-foot residence with Midcentury Modern interiors, plus mountain and city views.
Lots of new luxury is coming to the Vegas real estate market. Hundreds of lots, as it happens, containing—if all goes according to plan—multimillion-dollar homes built with the newest materials and technologies in communities that emphasize nature, conservation, and sustainability.
On one side of town, there is the 555-acre Summerlin project in which the Howard Hughes Corporation has partnered with Discovery Land Company to create a residential resort community unlike anything Las Vegas has seen. The Arizona-based Discovery, known for constructing elite private clubs and residential complexes all over North America, will build a Tom Fazio–designed golf course on land that’s well-suited for it, with peaks and valleys and views of the adjacent Spring Mountains, nearby Red Rock Canyon, and the Strip. “This is probably as good as it gets,” Discovery partner Steve Adelson says of the community’s location, just south of The Ridges. “We’re really excited about the elevation changes from a golf perspective and creating view corridors for the real estate.”
The residential offerings (in a project that Adelson predicts will take five to seven years to sell and 10 years to fully build out) will include club suites that could start at 1,000 square feet and five-bedroom units that will weave together indoor and outdoor living. But the biggest draw for elite buyers—who will also enjoy the development’s private restaurants, fitness center, and spa—is the custom home sites. From one-third to two acres, these lots are expected to fetch $1 million or more each and eventually hold around 250 estate homes and club cottages starting in the $3.5 million to $4 million range. “This project is five minutes from downtown Summerlin,” says Kevin T. Orrock, president of Summerlin and vice president of master-planned communities for Howard Hughes (howardhughes.com). He expects houses from 3,400 to well over 20,000 square feet.
Summerlin isn’t alone in its desire to lure new buyers who have the bankroll to purchase a multimillion-dollar home. Henderson’s 664-acre Ascaya development has its own stunning desert and mountain backdrop, and broker Ivan Sher of Shapiro & Sher is excited to sell its 313 custom home lots. “It’s unique not just for Vegas but for anywhere,” he says, noting that international buyers long familiar with the location rave that they haven’t seen anything like it: “You kind of meander in a canyon 3,200 feet in the air. This is going to be the place for people who are looking for world-renowned modern architecture.” Ascaya’s home sites start at just under $1 million, but the residences built on them will sell for at least $3 million. Darin Marques, Sher’s sales manager for Ascaya, notes that one huge selling point is that all the sites are ready for construction: “The water, power, sewer—all the infrastructure is in place. That’s very rare for a project.” And the setting, rising from the McCullough Range with Strip views, is hard to beat.
This four-bedroom home at 45 Hawk Ridge Drive in The Ridges is part of a wave of new luxury developments sweeping Las Vegas.
Is Vegas ready to handle this much high-end housing? Leading brokers aren’t sure. “Summerlin has done a fantastic job of providing infrastructure that is second to none,” says broker Gavin Ernstone of Simply Vegas, who has sold many of the top homes in The Ridges, where a contemporary desert style meshes well with modern architecture. Ernstone, who recently went into contract on the $8 million, 13,490-square-foot home at 99 Hawk Ridge Drive, and the $4.499 million, 7,016-square-foot listing at 45 Hawk Ridge Drive, has seen the market soar. But he has concerns about the sheer amount of luxury product being introduced into new communities. “It will be interesting to see if the price points stay where they are,” he says.
And, of course, Las Vegas is already packed with exclusive communities where you can find fantastic homes, either finished or still in progress. Broker Bob Barnhart of Luxurious Real Estate is working with eco-friendly developer Growth Construction (growthconstruction.com) on plans for new residences, including a 20,000-square-foot colossus with a 20-car garage in Southern Highland’s ultra elite Shadow Canyon. “A house of this caliber could be priced at $20 million,” Barnhart says.
The home at 45 Hawk Ridge Drive in The Ridges just sold for $4.5 million.
Then there are communities like Red Rock Country Club, where those without the desire for a custom home can find what Barnhart calls “entry level luxury.” Ernstone’s listings there include the nearly 5,000-square-foot Red Rock house at 11352 Golden Chestnut Place for $1.19 million.
Another rarefied area is Spanish Trail. “It’s a legendary community here, being the first high-end golf-course master-planned community on the west side,” says John Tippins, a partner with The Agency Nevada and founder and CEO of Northcap, which owns and manages more than 2,000 Vegas residences. The Agency’s listings include the Spanish Trail mansion at 26 Vintage Court, a 24,563-square-foot house built in 1993 and listed for $7.85 million. Tippins, for one, is eager to see new high-end developments around the city. “This is just the beginning,” he says. “There seems to be no ceiling for the top end of the market. They aren’t making any more mountains to offer these views.”
photography by LesLie CuLLer; pauL t. stoCum (99 hawk ridge)