The luxury housing market rebounds: This year’s most expensive real estate deals in Las Vegas
Las Vegas’ housing market is on a hot streak, thanks to cash investors who are buying cheap homes in bulk to rent out.
But the valley’s luxury sector also is picking up speed.
There were 85 local sales of million-dollar homes during the three months ending March 31, up from 39 deals during the same period last year, according to Redfin, a real estate listing service.
If sales continue at that pace, 2013 will be the best year by volume for Southern Nevada’s high-end housing market since the economy bottomed out.
There were 194 sales of million-dollar homes last year, compared with 188 in 2011, 252 in 2010, 219 in 2009 and 352 in 2008, Redfin reported.
What will a couple of million dollars buy these days? These are the six most-expensive homes sold during the first half of 2013, according to the Greater Las Vegas Association of Realtors and Clark County property records:
9940 Orient Express Court, Las Vegas
Price: $6.3 million
Price per square foot: $677
Sale recorded: March 11
This two-story, 9,303-square-foot Tuscan-style mansion was built in 2005 and sits on a lot next to a golf course in Queensridge. It has six bedrooms, nine bathrooms, an 18-seat movie theater, a courtyard and 200-year-old entry gates.
27 Skybird Court, Las Vegas
Price: $6 million
Price per square foot: $771
Sale recorded: June 3
Carlos Santana bought this two-story, 7,785-square-foot Summerlin mansion.
He’s not moving far, though: The guitarist has been living next door at 23 Skybird Court, a two-story, 7,241-square-foot estate that he bought three years ago for $3.5 million. That house is up for sale.
Santana's new home has five bedrooms, seven bathrooms, more than $2 million in electronics, a game room with a billiards table and pinball machines, a fitness center and an outdoor putting green.
3910 E. Russell Road, Las Vegas
Price: $4.5 million
Price per square foot: $217
Sale recorded: Feb. 28
This 11-acre equestrian ranch has a 12,147-square-foot main residence, as well as guest, trainer and staff houses.
The main home includes four bedrooms, five bathrooms, five gas fireplaces and a four-car garage. The compound also features three barns, a horse-breeding facility, a riding arena, water wells and a gazebo.
4575 Dean Martin Drive, #3401, Las Vegas
Price: $3.9 million
Price per square foot: $275
Sale recorded: April 18
At 14,176 square feet, this top-floor penthouse condo at Panorama Towers offers plenty of space, not to mention 360-degree views of the valley. But it needs some work.
The home is an empty shell that hasn't been built out. Plans call for six bedrooms, nine bathrooms, a 22-seat movie theater and a Zen garden on the balcony.
Communal amenities include valet parking, concierge service, a fitness center, a cigar room, poolside cabanas and 24-hour security with dozens of cameras, video-phones and fingerprint scanners.
5170 Scenic Ridge Drive, Las Vegas
Price: $3.7 million
Price per square foot: $309
Sale recorded: April 26
This two-story, 11,954-square-foot Spanish Hills estate is squeezed onto a 0.42-acre lot. Built in 2009, the house has six bedrooms, eight bathrooms, an elevator, a wine room and a movie theater.
49 Hawk Ridge Drive, Las Vegas
Price: $3.5 million
Price per square foot: $399
Sale recorded: June 13
Located in the Ridges area of Summerlin, this two-story, 8,639-square-foot house was built in 2007 and includes four bedrooms and seven bathrooms. It also features upstairs and downstairs family rooms with wet bars, guests quarters with a kitchenette and a nursery/play area.
Outdoor living areas include a kitchen, fire pit and putting green.