Las Vegas’ emerging and evolving ultra-luxury home (properties above $5 million) market has reached world-class status offering diverse five-star lifestyles to a new demographic of buyers.
Anthony Spiegel, one of the area’s top-producing brokers in that rarefied ultra-luxury sector at The Ivan Sher Group, studies market dynamics. “We never really had an ultra-luxury market here in Las Vegas. In the last two to three years, a variety of properties have traded at world-class valuations,” Spiegel explains. “We are seeing prices in the $1,000 plus per square foot range that are trading on global economics. If you come from California, what you can own here for $4 million surprises those new buyers to Las Vegas,” Spiegel adds.
Three of Spiegel’s current listings highlight the unique lifestyles Las Vegas offers. For lovers of Italy’s Lake Como, an Italian-inspired lakeside estate on Lake Las Vegas is on the market for close to $8 million. A new $10-million condominium residence at The Martin is one of the city’s most prestigious addresses. A premier equestrian estate just minutes from Summerlin offered at $7,950,000 sits on over two acres. “It’s hard to believe these three very different properties are all within 25 minutes of the Strip,” Spiegel notes.
The numbers provided by Spiegel, who holds an MBA from UCLA’s Anderson School of Management, illustrate the market’s growth. “Ultra-luxury never really existed five years ago. When you go back a decade, you can see only 131 homes sold for over $5 million. In 2020 there were 32 and 53 in 2021.” There were only 15 resales in the $10 million range in the last ten years. “Of those 15 sales, 11 were actually in the last two years,” Spiegel confirms.
The Lake Las Vegas estate aptly named Palazzo Di Lago is 10,000 square feet with five bedrooms with 11 bathrooms controlled by full home automation. It is a 3-story residence with a private elevator, wine cellar, home theater, and sauna. Private resort amenities include wading and main pool, outdoor kitchen, terraces, and private dock.
The newly constructed condo at The Martin has over 5,000 interior square feet and an 800 square foot “strip facing” balcony. Look for the finest in Italian finishes throughout. Other perks include custom Dada kitchen with Gaggenau appliances, Franke sinks, and a Boffi glass hood.
There are even options for those ultra-luxury buyers desiring an equestrian lifestyle that’s only a short drive from the Vegas Strip. This equestrian estate centers on an 8,000-square-foot Hacienda-style home. In addition, on the property are pastures and a riding ring surrounded by steel board fencing by Buckley Fence, including a 60-foot round pen for training. The estate also offers direct private access to the 8.5-acre Lone Mountain Equestrian Park & Trail.
The Summit Club in Las Vegas, a Discovery Land Company members-only residential community on 555 acres, is also responsible for bringing ultra-luxury seven-figure properties to Las Vegas. The Summit Club is noted as being the “most exclusive” community with a Tom Fazio golf course and only 260 residences. “One major reason for those ultra-luxury valuations properties are trading at is The Summit established those numbers,” Spiegel declares. Current listings for residences are limited right now. According to the Summit Club’s website, there is a 2,862 square foot Club Tower Suite residence with “panoramic Las Vegas Strip views listed at $13,500,000.
The new demographic of buyers, according to Spiegel, are younger wealthy buyers with a sizable number from California. “Las Vegas should pay Gavin Newsom a commission for all the people who have left California for here,” quips Siegel, who grew up in a Beverly Hills family with generations of real estate ties. “People want out of California because of taxes, crime, and the real estate prices,” he said. “Then they see what they can buy here yet still be an hour flight from Los Angeles or San Francisco and they leave California,” he adds.
As Las Vegas evolves into a five-star city, look for more ultra-luxury buyers from California and other major urban areas.