The Stanley Cup. We did it. The Cup is ours! Hooray for Hockey and Go Knights Go!
The FED pauses rate hikes and many scratch their head because they didn’t expect the warning more hikes could be in front of us. The consensus by many economists who follow this closely and have an education on the matter is that the warning had to be made, but the outlook is no more rate hikes. Let’s see if they are right!
Inventory remains tight and seems tighter by the hour. Demand remains and prices are again moving in the upward direction as previously mentioned by me in this report before I made the switcheroo to a Monday publishing cycle over Daddy’s Day Weekend! I plan to keep publishing before midnight on Mondays moving forward. Yes I do love alliteration. Hoping my readers do too!
Homeowners that win today are those who take selling their properties seriously. How do homeowners take it seriously? By hiring a full time real estate broker who has the experience and skillset necessary to navigate the market. Those property owners who do not take hiring a real estate broker seriously are having dark dinners because doing so is a recipe for pain and uncertainty. The only thing certain for them is extended time on the market, inevitable price reductions, and a likely sales price below asking with terms that favor the buyer.
At the moment I am trying to piece together the future for a newer subdivision luxury homebuilder developer here in Southern Nevada. I recently completed an industrial lease for a longtime client, and I put my family friends into a new home as first time homeowners. I also turned down a new piece of business with the owner of three income properties. Not all business is worth taking on. That comes with experience.
At the bottom of this report please see a few person photos of the two little boys I get to call mine and my own because I made them with my DNA. They call me, “Daddy.“ The littlest one got that out as his first official word. Mommy beat me to the punch with the one who came before him.
Okay, let’s get into it!
The last 14 days saw 305 single family residential resale properties MOVE in Southern Nevada. 53 were sold.
Breaking down the sold gold, by the numbers. 24 sold all cash. 38 were guard gated. 29 had mountain views. 38 were single story structures. 9 were built in 2020 or newer. Henderson saw 15 sales while Summerlin saw 16. Average days on market was 66. There wasn’t a single distressed sale in sight. 44 had 4 bedrooms or more. 24 were 4,000 square feet or larger. 21 were on lots between 1/4 and 1 acre. 3 sold featuring 1 or more acres. 9 featured at least a 4 car garage. 6 were zoned for Coronado High. 35 had a private pool. 6 featured strip views, 7 golf course, 12 city and 5 lake. Average price per square foot was $412. Average price was $1.738M. Average sales price to list price ratio was 96.07%. Biggest discount was 12%. Largest premium above asking price was 2.25%.
Highlighting the highest priced properties. The top home sold by Las Vegas Sotheby’s International Broker Randall J. Char B.#0143566 for $8,000,000. Urban Nest Realty’s Angela K. Tina brought the property to the market. Terms cash. MLS#2489694. Address was 57 Hawk Ridge Drive, Las Vegas, Nevada 89135 located inside the coveted community of The Ridges at Summerlin. Asking price was $8,500,000. Estates at Southern Highlands delivers the highest priced new listing to the market at an asking price of $14,900,000. No surprise it comes out of Ivan Sher’s IS Luxury office. Lester R. Madsen III gets the credit for listing it. I don’t know Lester yet, but he’s on Ivan’s team for a reason. Well done guys! Address is 27 Eagles Landing Lane, Las Vegas, Nevada 89141. MLS# 2502942
The fastest movers of the lot were sold with zero days on market. There were two of them. One was by Red Rock Realty Broker James J. Bounce who listed the home located at 3020 American River Lane, Las Vegas, Nevada 89135 inside the Willow Creek subdivision at Summerlin. The buyer was represented by, here she is again, Angela K. Tina of Urban Nest Realty. The other home was listed by Eric Gorton from Gavin Ernstone’s Simply Vegas. His son Michael Gorton also with Simply Vegas brought the buyer. Sales price was $1,490,000. Conventional terms with the seller contributed $40,000 at the closing table. The father and son Batman and Robin like duo did it again! These two beat me and my buyer out of a great home last summer. It pays to have the inside track or so it seems! Well done again, fellas.
Kristin’s Dragon is my new favorite home to come on the market. Found at 509 Dragon Gate Court, Henderson, Nevada 89012 and was listed by Douglas Elliman of Nevada’s super seasoned sales associate Kristin Routh Silberman. This one is located within MacDonald Highlands Country Club. Asking price is $6,995,000. MLS#2501362. Follow this link to view the property listing on my website.
This was my sale. Below is an overhead image of the parcel and surrounding area. I represented the buyer. The opportunity to sell was uncovered by me and I found the financing necessary for the buyer to make the purchase. Property address was 2100 Boulder Highway Henderson Nevada 89011. Off Market Sale. Non-MLS transaction. APN# 178-025-1400. This 7.33 acres parcel of land was zoned Community Corridor Mixed-Use. It’s the former site of the infamous Roadhouse Casino & Nightclub before that Stucky’s Gas Station & Restaurant. The area is at the corner of Boulder Highway and Sunset just west of master planned community Cadence, further west of Lake Las Vegas and east of the new Union Village master planned mixed use development featuring the recently constructed Henderson Hospital and more. It’s also in the shadow of Google’s new billion dollar data center at Warm Springs south of Boulder Highway. I found this opportunity while assembling land for another client in the area. The other client I mentioned has been a longtime client too. The two of us closed 1, 2, 3, 4 deals together directly and I was responsible for 4 more deals that followed.
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.
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.
who’s on my list?
Broke artists, past business partners, millionaires, billionaires, active politicians, future political candidates, winning and losing entrepreneurs, builders, developers, manufacturers, past clients, future clients, existing clients, high priced homeowners, off market sellers, hard money lenders, institutional lenders, bankers, investors, business owners, professional peers, competitors, industry leaders, friends, family, philanthropists, referral sources and more.