Theater club

Summit Club houses highlight the luxury market

A California tech entrepreneur and his wife paid the second highest price on record for a Las Vegas Valley home that closed for $ 18.75 million at the Summit Club, while a second home sale in the same community Summerlin Resort set an all-time record. price per square foot.

The sale reflects the continued strength of the high-end luxury market and the emergence of the Summit Club, the uber luxury resort community, for record sales going forward. A second home in the Summit recently sold for $ 15.4 million and set a new record in the valley, selling for $ 2,321 per square foot.

The $ 18.5 million sale – the second-highest on the market for a residential estate – follows the $ 25 million paid for a new Blue Heron home at MacDonald Highlands in Henderson in June. Last summer, a Summit Club home sold for $ 17.5 million, the highest price ever paid per square foot in valley history at $ 2,248.

In July, Real Estate Millions reported that a wealthy buyer with ties to California’s tech industry paid a record $ 36 million for 4.47 acres to build an estate in the Summit Club, which attracted the Vegas Knights owner Bill Foley, Raiders owner Mark Davis. , singer Celine Dion and wealthy entrepreneurs from across the country.

“The market is changing,” said Sheri Sanderson, a real estate agent at Award Realty, who represented the buyer at the second highest sale. “In the past, the typical house when a Californian would come in and fetch between $ 4.5 million and $ 5 million. Now that number is $ 8, 9, 10, and 12 million. It goes up even more than that. We’re going to hit double digits as a standard because there will be a lot of high-end homes on the market soon. The Summit is a game-changer. This is the club of billionaires.

Clark County real estate records show that the buyers of the $ 18.75 million home are Jonathan and Nicole Cronstedt.

His LinkedIn page says he is a “proven operator with experience building and scaling businesses across multiple industries” and an active investor. The page went on to say, “Cronstedt has experience leading digital marketing and SaaS companies, and currently as president of Kajabi, the leading integrated marketing automation and digital education platform. . “

Clark County records show the seller was Peter Kravitz, whose LinkedIn page shows him to be the Province Director at Henderson, a financial services and business advisory firm.

The two-story property was not listed on the Multiple Listing Service of the Las Vegas Realtors Association; and the sale was handled by the Summit Club itself, Realtors said.

Clark County records show it has five bedrooms, five bathrooms, and measures 9,427 square feet. It was built in 2019 by Growth Luxury Homes and sits on a 26,572 square foot lot with golf course views, without being next door.

“It’s a great house,” said Ivan Sher of the Ivan Sher Group of Berkshire Hathaway HomeServices, Nevada Properties, who toured the house with a client. “It has a Santa Barbara exterior and an eclectic interior. It has a separate casita and the only way to access it is by an exterior staircase or an interior elevator. One of the garages has been converted into an indoor basketball court. It is in a great location. If this house was in The Ridges or elsewhere, it wouldn’t be close to that price outside of the Summit.

The buyer’s agents were Sanderson and Michelle Manley.

“It’s a beautiful area,” said Sanderson. “The Summit is like a sanctuary. When you buy there, you are buying the best lifestyle you can imagine. It has five star amenities and a championship golf course. The dining experience is five stars. From the moment you park to the door, everything is five star.

Sanderson said this was one of his best years yet, as California buyers continue to be the driving force behind the luxury rush.

Sher agreed the luxury market is on the rise and said given other prices paid per square foot, buyers have secured a deal at $ 18.5 million.

“We have a new plateau for high sales,” Sher said. “For sure, next year, if not this year, the $ 25 million sale will be broken. There are too many homes coming on the market worth over $ 30 million. You have it in The Summit. There is our Seven Hills property. There is something off the market in Ascaya. There are some properties at The Ridges, if they choose to go on the market they would cost north of $ 30 million.

Sher was the listing agent for the record-breaking price per square foot paid for a home at The Summit that sold for $ 15.4 million. It has two floors with four bedrooms and six bathrooms. It measures 6,634 square feet and covers 0.61 acres.

The buyer is listed as John Kim and Jim and Dana Manacher as sellers. Frank Napoli, real estate agent at Berkshire Hathaway HomeServices, Nevada Properties, represented the buyer.

Sher’s listing described the home having “a distinctive vibe, beauty, and lifestyle (which) come together in this gem of a home in the distinctive community” of the Summerlin Members Only Golf Club.

“It was a wonderful one-of-a-kind house,” said Sher. “The owner of the property owns Guest Book, an upscale hotel business. With her thoughtful process, luxury background, and design appeal, she has put together a stunning home.

This two-story home was designed by two Californian firms, architect R. Douglas Mansfield of San Clemente, with interiors by Ohara Davies Gaetano of Del Mar. The Montecito-inspired home, in addition to four bedrooms and six bathrooms, has five fireplaces and a master suite on the main level.

“The decor is perfectly executed to capture the exterior light and views while enveloped in comfort and luxury,” Sher Listing said. “Two bedrooms, each with private bathroom and dressing room, share the space on the second floor with a large living room, living room and two outdoor patio areas. The main level spaces are not only beautifully integrated with the natural surroundings, but also designed to meet all your needs. With a home theater, a distinctive laundry center, and a spectacular kitchen, there’s nothing ordinary here.

Sher said the majority of the homes that get the highest prices per square foot are modern and contemporary, but this home is California contemporary with a different vibe than most luxury goods sales.

“It has that high quality appeal and has that feeling of class, sophistication and design,” Sher said.

As for the luxury direction, Napoli said the market remains strong and there is constant demand for Las Vegas and buyers willing to pay.

“We are confident in our market and in its sustainability,” said Napoli. “We expect the market to continue to improve and hold for the foreseeable future and certainly into 2022.”

Sher said that “the frenzy has normalized” when it comes to luxury. They are starting to see price drops because owners outside of the Summit were artificially pushing prices up.

“I think 2022 is going to be phenomenal,” Sher said. “I think we’ll have a bit more inventory, which is good because it creates business in our business. We are going to continue to have high prices, but there will be discounts for homes that have gone too expensive in anticipation of a continued increase in the market. “

Sanderson said there was not enough inventory on the market today as some homeowners put their obsolete homes in need of upgrades on the MLS that are undesirable for many buyers, especially at the prices they are looking for. Those who have what luxury home buyers want benefits from it, she said.

“My client bought a house for $ 1.6 million and put it back on the market (five days later) and hasn’t even listed it with MLS yet. We sold it for another $ 150,000 in 12 hours, ”Sanderson said.