The emerging and growing market for ultra-luxury Las Vegas homes (properties over $5 million) has achieved world-class status offering diverse five-star lifestyles to a new group of buyers.
Anthony Spiegel, one of the region’s most productive brokers in this rarefied ultra-luxury sector of the Ivan Sher Group, studies market dynamics. “We’ve never really had an ultra-luxury market here in Las Vegas. Over the past two or three years, a variety of properties have traded at world-class valuations,” Spiegel says. “We’re seeing prices in the $1,000+ range per square foot trading on the global economy. If you’re from California, what you can own here for $4 million surprises those new buyers in Las Vegas,” adds Spiegel.
Three of Spiegel’s current lists highlight the unique lifestyles that Las Vegas offers. For lovers of Lake Como in Italy, an Italian-inspired lakefront estate on Lake Las Vegas is on the market for nearly $8 million. A new $10 million condominium residence at the Martin is one of the most prestigious addresses in town. A premier equestrian estate just minutes from Summerlin offered at $7,950,000 sits on over two acres. “It’s hard to believe that these three very different properties are all within 25 minutes of the Strip,” notes Spiegel.
Figures provided by Spiegel, who holds an MBA from UCLA’s Anderson School of Management, illustrate the growth of the market. “Ultra-luxury didn’t really exist five years ago. Looking back a decade, you only see 131 homes selling for over $5 million. In 2020, there were 32 and 53 in 2021.” There have only been 15 resales in the $10 million range over the past ten years. “Of those 15 sales, 11 actually took place within the last two years,” confirms Spiegel.
The aptly named Palazzo Di Lago Lake Las Vegas estate is 10,000 square feet with five bedrooms with 11 bathrooms controlled by full home automation. It is a 3-storey residence with private elevator, wine cellar, home cinema and sauna. The resort’s private facilities include a wading pool and main pool, outdoor kitchen, decks and a private dock.
The newly built condo at the Martin has over 5,000 square feet of interior space and an 800 square foot “strip-facing” balcony. Look for the best Italian finishes everywhere. Other perks include a custom Dada kitchen with Gaggenau appliances, Franke sinks and a Boffi glass hood.
There are even options for ultra-luxury shoppers wanting an equestrian lifestyle just a short drive from the Vegas Strip. This equestrian estate centers on an 8,000 square foot hacienda-style home. Additionally, on the property are pastures and a riding arena surrounded by steel plank fencing by Buckley Fence, including a 60ft round paddock for practice. The estate also offers direct private access to the 8.5-acre Lone Mountain Equestrian Park and Trail.
The Summit Club of Las Vegas, a Discovery Land Company members-only residential community on 555 acres, is also responsible for bringing seven-figure ultra-luxury properties to Las Vegas. The Summit Club is rated as the “most exclusive” community with a Tom Fazio golf course and only 260 residences. “One of the main reasons these ultra-luxury properties are trading is because The Summit has established these numbers,” says Spiegel. Current residence listings are limited at this time. According to the Summit Club website, there is a 2,862 square foot Club Tower Suite residence with “panoramic views of the Las Vegas Strip for $13,500,000.
The new demographic of buyers, according to Spiegel, are young, affluent buyers with a significant number from California. “Las Vegas should pay Gavin Newsom a commission for all the people who left California to come here,” jokes Siegel, who grew up in a Beverly Hills family with generations of real estate ties. “People want to leave California because of taxes, crime and real estate prices,” he said. “Then they see what they can buy here while staying an hour’s 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.
The Ivan Sher Group is an exclusive member of Forbes Global Propertiesa consumer marketplace and member network of elite brokerages selling the most luxurious homes in the world.