Vegas New Home Luxury Sales Hits Record High

Las Vegas recorded its highest number of new-home sales in excess of $1 million during the first six months of 2023.

According to the Las Vegas Review-Journal, there were 87 luxury new-home sales in the first six months of 2018. That was followed by 123 in 2019; 115 in 2020; 203 in 221; 237 in 2022 and 267 this year, according to Home Builders Research.

The highest priced sale as tracked by Home Builders Research was a condo in the clubhouse at The Summit Club in Summerlin for $7.25 million. The buyer was Marc Barmazel and Discovery Builders Nevada was the seller, according to public records.

The second-highest price paid was $6.75 million for a home built in MacDonald Highlands in Henderson by Superior Builders. The buyer was Fintech Ventures LLC, according to public records.

The No. 3 sale was for $6.4 million for a custom home built in Ascaya in Henderson. The buyer was Oxbow Nevada Partners LLC, according to public records.

The No. 4 sale was for $6 million for a bungalow in The Summit Club and constructed by Discovery Builders. Marilynn Mack was the buyer, according to public records.

The No. 5 sale was for $5.1 million in MacDonald Highlands. Gilberti Construction was the builder. James Stroh was the buyer, according to public records.

Home Builders Research’s list of top builder luxury home sales does not include traditional custom home transactions in which a buyer purchases a lot and hires a builder to construct a home on it.

Toll Brothers led the way in luxury closings at 62. Lennar had 44. Tri Pointe Home had 43. Pulte Group had 31. Richmond American had 24. Pinnacle Homes had 23. Christopher Homes had 19. Landon Miller had five. Liberty Homes had five. Shea Homes had four. Richard Luke Architects had two. Taylor Morrison had two. Several had one.

Erika Geiser, vice president of marketing for Christopher Homes, said the majority of their sales are at SkyVu, the luxury single-family home community in the MacDonald Highlands mountainside. Those homes range in price from $2 million to more than $6 million. Of the 102 home sites, 29 have been sold through the end of July.

Geiser said sales have been aided by an elevated stock market while interest rates haven’t impacted that segment as much.

“We still see the luxury market as being strong,” Geiser said. “Inventory is lower and buyers at this price don’t want a used home that has to be updated and remodeled. And for us at SkyVu no one offers the views. They want new finishes and designs. They don’t want to settle for something old.”

Dan Coletti, the owner of luxury custom builder Sun West Custom Homes, said the upper-end segment has remained solid over the past year unlike the lower price points of $300,000 to $800,000 that have been affected by mortgage rates that have more than doubled.