monologue
Golden Knights dominate!
Debt limit debacle resolved without the catastrophic outcomes hoped for by click baiters. MGM’s Head Honcho Hornbuckle reports largest Las Vegas rooms booking day following the announcement of NFL’s Raider’s football schedule for calendar year ’23/’24. He also coined a new phrase he feels meets the times and circumstances of the world view on our lovely city we call Las Vegas. Here it is “The New Sports and Entertainment Capital of the World.” Previously we were known as The Entertainment Capital of the World. Nvidia breaks the Trillion Dollar valuation threshold and melts the minds of mavens, media outlets and the markets. 1440 reports’ “The company becomes the ninth worldwide to have eclipsed the mark joining the likes of Apple, Amazon, Alphabet (Google) and Microsoft. Rates are the highest they’ve been since March inching close to 7%. Majority opinions of intelligent economists still forecasts future rates, lower. Prices stable? Prices increasing? Well they’re not falling. March and April saw home prices improve back to back month over month and when looking year over year they improved too, although gains seen were skinny.
At the bottom please find the “archive” button to unlock past email newsletters most recent and going back quite some time…
market makers
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The last 7 days saw 175 single family residential resale properties MOVE in Southern Nevada.
ASH is an acronym for Architecturally Significant Homes. These homes are turning heads, making headlines and drawing attention from the wealthiest buyers from all over the globe. Henry Chang’s ASCAYA’s chairman doubled down on architecture and it paid off. MacDonald Highlands is right behind with Luke, Jones, Colletti and more. The other side of our valley is doing it too. Discovery Land’s The Summit Club and The Ridges both in Howard Hughes’ Master Planned Community known as Summerlin feature ASH as well.
Blue Heron, Kristin Routh Silberman and old-man Richard MacDonald get all the attention this week in my view with what is a remarkable and architecturally signifiant home now under contract and set to close on July 14th with all cash. I will address this property more below. Property photos and details can be seen on my website. If you have the time I recommend stopping by to take a look at it. The address is 681 Dragon Rock Drive Henderson Nevada 89012. MLS #2470225. The asking price, $13,900,000. The original list price was $14,500,000. It was on the market for 114 days before coming under contract with a nonMLS office on the buy side. Click here.
Sun West Homes’ Heavens Edge Court closed at ASCAYA last week and God is it Heavenly! Daniel S. Coletti B.0036474 designed it, built it and listed it (Sun West Luxury Realty). As previously reported, Ivan Sher BS.0046822 brought the buyer who closed all cash in less than 15 days. Well done Ivan! He’s the Goliath for a reason. Address is 3 Heavens Edge Court Henderson Nevada 89012 MLS #2397478. Closing price was $14,250,000 which is $1,486 p/sqft. This one was on the market for 338 days. The sale was worth the wait! Original list price was almost $16,000,000. This is the home I featured in this post today. See below.
Breaking down the SOLD gold. On average homes sold at a 5% discount off asking price with the 16% being the largest discount recorded and the highest premium over asking price was 7%. Sold homes accounted for 44 of the 175 homes that moved last week featuring a million dollar minimum price tag. Of the homes sold, 8 were without any view at all, 16 featured views of the mountains, 11 featured strip, 8 golf course, 7 city and or valley and 1 had a lake. Henderson accounted for 33% of the sales. Gated subdivions governed by CC&R’s made up nearly 80% and 75% had swimming pools. Zoned for Coronado High School was 6 and 7 others were near Gorman High School. Lots larger than a ¼ acre made up 68%. A third were sold all cash. And a little more than ⅓ were sold marked with “Other” which typically means they were financed by the seller or another private lender. Seventeen were built in 2014 or newer. Twelve were single story and 13 had at least a 4 car garage.. Average price per square foot was $421. And the average days on market was 49. Highest days on market caught the highest price and the highest price per square foot this week (Heavens Edge Court already addressed above). Of those sold the average home featured a 16,000 square foot lot, 5 bedrooms, 5 bathrooms, 3 car garage and sold at a sales price of approximately $2,089,000 which was nearly 95% of the average asking price.
The highest priced home to come on the market last week was another one by Daniel S. Colleti and Sun West Custom Homes. I feel like I keep featuring Dan, Sun West and Henderson! 😉 This time he is at the top of MacDonald Highlands Country Club inside an even more exclusive subdivision within known as Stone Mountain Ridge. List price is $30,000,000. Address is 761 Dragon Peak Drive Henderson Nevada 89012. MLS# 2497892. Listed by Daniel S. Coletti of Sun West Luxury Realty.
My favorite home of the week came under contract with an asking price of $13,900,000. This is a Blue Heron home designed, built, decorated and furnished by now titan Tyler Jones, listed by Douglas Elliman of Nevada’s licensed veteran luxury real estate sales-agent and REALTOR Kristin Routh Silberman. The contracted buyer is a non-MLS office. Visit my website to see the property and details.
Remember, we have historically low distressed sales activity. Don’t listen to the dooms day prepares telling you there is a wave of foreclosures coming. There isn’t. They have it wrong! One sale from the bunch of 44 this week was distressed. That was MLS#2469348. The address was 7521 Captains Harbor Las Vegas Nevada 89117. It sold for $177 p/sqft.
Daniel S. Coletti owner, builder and broker B.0036474 with Sun West Luxury Homes and Sun West Custom Homes listed the home. Ivan Sher of IS Luxury BS.0046822 sold the home. Address is 3 Heavens Edge Court Henderson Nevada 89012 and MLS#2397478. Sales price was $14,250,000.
Daniel S. Coletti owner, builder and broker B.0036474 with Sun West Luxury Homes and Sun West Custom Homes listed the home. Ivan Sher of IS Luxury BS.0046822 sold the home. Address is 3 Heavens Edge Court Henderson Nevada 89012 and MLS#2397478. Sales price was $14,250,000.
be the change
My friend Julie Murray gave me the phrase be the change. It’s her moniker. It is the hallmark of her philanthropy consultancy Moonridge Group and the mantra attached to its signature annual event series known as the Philanthropy Leaders Summit. I was fortunate enough to participate as a sponsor for the two years leading up to C-19. Be the change was the message on the event marketing and branding materials at the time. The day Julie communicated it to me was the day I adopted it as my own. I haven’t let it go since. It’s wrapped around my arm. It’s on my steering wheel. It’s on my gear shift and has become part of my almost daily vernacular.
Thank you Julie Murray. You gave me something that will last a lifetime. A message I could connect with, a mantra I can turn to again and again to reset my compass when I stray.
I respect and admire Julie more than words can communicate. From Moonridge Group and the Philanthropy Leaders Summit to feeding food insecure people today through Delivering with Dignity Julie has always been committed to advancing the converations around doing good and doing good while she does it.
Click on Julie’s photo below to be delivered to her website for Delivering Dignity to learn more. The below photo was pulled from my diamond cake magazine archives. Julie was on the over. Jerry Metellus was the photographer. Jerry shot all 23 cover subjects for me over the two year period I owned and operated the magazine. He helped me make it, in my view, one of the most distinguished magazines in the market. Thank you to you too Jerry!
sold $1,374,900
1860 Jasmine Joy Street Las Vegas, Nevada 89117. The is one of my past sales. It is a two story home custom home on 1/2 acre lot in Section 10. The area was west Las Vegas. The home sold for $1,364,900. I represented the sellers. They are some of the most authentic, straight forward and real people I’ve met. Their home was an off market property whereby previous listing agents were unable to get the job of selling their home done. I got the job done and I did it to their satisfaction. That’s how I like to service my seller clients.
Sold by James P Foster B.0146172. 1860 Jasmine Joy Court Las Vegas Nevada 89117. MLS #23408064
why
Get your arms around the million dollar real estate market fast, and keep it there! It’s a quick piece to consume with what I hope is entertaining commentary.
The report will keep you informed on the market activity on a week by week in a digestible and fun format you can read, listen to or watch me present. Listening and watching coming soon.
Set in the now featuring the most recent and relevant market making transactions. A unique view through the eyes of an experienced real estate broker who has been a full time licensed real estate professional for the last 8 consecutive years. And I’ve lived here for more than 33 years.
I personally research, analyze, interpret, write, present, record and edit this report. It keeps me fresh and focused. Every 7 days I track and analyze the movement of single family residential properties featuring a million dollar minimum price.
I write a draft on Sunday mornings, write more, revise and edit again on Monday too. Tuesday I continue to copy edit while fact checking and adding in details like captions, credits and license numbers and names. I also begin to source property photos. Tuesday is also the day to begin sending test emails with subject line versions, opening and viewing email newsletter experiences and overall tinkering and toying trying to make it better and easier to publish week over week. Wednesday I publish it to my website and YouTube and send an alert to my list of email subscribers.
thank you
The real estate market remains active. I’m in the field everyday previewing property, studying prices and reading the reports. Text, call or email any questions you have about the market, your home value and or what it means to sell or buy in today’s market. I have answers.
Hope this message finds you well.
Best,
Jimmy
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Contact points, credentials, clickable links and a recent photo below.
Jimmy Foster
Real Estate Broker
REALTOR
jimmy(at)jimmyfoster(dotted)com
P. 702.274.8872
Nevada Real Estate Division License #B.0146172
Multiple Listing Service Public ID #235623
8275 S. Eastern Avenue Ste 200
Las Vegas, NV 89123
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Jimmy Foster sells, buys and builds property representing—above all else—the best interest of his clients. He specializes in luxury residential real estate, raw undeveloped land and buyer representation.
Photos sourced from MLS property listings with watermark shown. Permission provided from listing agent prior to publication.
Notice: This message is not intended as a solicitation to any person or persons currently in an agency relationship with a Nevada Real Estate Division licensee.
P.S. This is a developing idea. I plan to improve it week over week and I invite your feedback to help me make it better. Please send me your feedback with a call, text or email. Thank you for taking the time to get to the bottom of my new and developing weekly newsletter. And here’s to progress over perfection, again.