Sale of Summerlin home for $11M highest since 2011 — PHOTOS
It's hard to say what's most remarkable about the Wednesday sale of a high-end home in Summerlin's The Ridges neighborhood.
Maybe it's the sale price — at $11 million, the highest in the local market since 2011.
Perhaps it's the marquee names involved in the deal. Think a hotel-casino developer and, indirectly at least, one of the Strip's most beloved performers.
Or it could be how much it shows that the city's most rarefied neighborhoods seem in some ways to have bounced back from an epic housing bust.
First, about that property.
SLS Las Vegas redeveloper Sam Nazarian sold the Falcon View Court home, which has 14,464 square feet of space. It sits behind four gates on 1.65 acres that front The Ridges' Bear's Best golf course. It has six bedrooms, seven full and two half baths, and a "disappearing" wall that opens up to Strip views. There's also a home theater, a wine cellar and a pool with a swim-up bar. The 2,846-square-foot garage is nearly 60 percent bigger than the average Las Vegas home and has space for roughly 30 cars.
Statistics from the Greater Las Vegas Association of Realtors confirm it's the priciest sale in the local market since May 2011, when TI owner Phil Ruffin plunked down $15 million on a 24,006-square-foot home at 7030 Tomiyasu Lane.
Nazarian, whose SBE Entertainment owns 10 percent of SLS Las Vegas, was traveling and unavailable to discuss why he sold. But sources close to him said he still owns his condominium at Park Towers, inside HC|The Hughes Center, and he plans to build another place inside Summerlin's ultraexclusive Summit Club, just south of The Ridges. Home sites there will start in the low seven figures, with lots of as much as three acres.
Sale broker Florence Shapiro, with the Shapiro & Sher team of Berkshire Hathaway HomeServices Nevada Properties, would not discuss the property's buyers for privacy reasons.
But a recent Review-Journal report said Jim and Sherrie Hale of Henderson were buying Nazarian's home. The Hales have listed the Roma Hills home that once belonged to popular Strip headliner Danny Gans, who died in May 2009. The Hales bought his home in October 2010 for a little more than $3.7 million. They've listed it for $5.7 million.
In his sale, Nazarian made a tidy profit. He bought it in 2012 for $8.5 million, for a nearly 30 percent gain in three years.
That 30 percent jump in price from 2012 to 2015 did lag the overall market: The median single-family resale sold for $218,000 in July, according to the Realtors' association. That was an 85 percent improvement on its 2012 nadir of $118,000.
But the luxury segment had less to regain than the broader market because its values didn't fall off that much in the first place, Shapiro said.
It's hard to compare similar homes in The Ridges because there are less than 20 properties along the same stretch of golf course where Nazarian's former home sits. But a nearby home with nearly 14,000 square feet sold in 2008, years before prices would bottom out, for $11.5 million. That puts Nazarian's Wednesday sale in the same price neighborhood.
The market has come back in other ways as well. Shapiro said her sales team has closed on $160 million in luxury sales since the beginning of 2015. That is comparable to the team's typical midyear dollar volume before the recession, she said.
In other areas, it lags. The Realtors' association showed 300 home sales above the $1 million mark in 2014 — less than half of the 625 units closed in 2006.
Also, Nazarian's home sold for well below its list price of $17.5 million. That was the case as well in 2012, when it was listed for $18 million. By the time Nazarian bought it, it had been on the market for three years. Sun West Custom Homes built the property in 2009.
Shapiro said it's difficult to know what such an unusual home at the top of the market might sell for.
"You have all of the ingredients of a very high-priced home, but you don't really know where that price is going to settle," she said.
Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.
