Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
Issue link: http://digital.greengale.com/i/138830
This $10.95 million MacDonald Ranch listing includes a 72foot-long infinity pool. Haute Property NEWS, STARS, AND TRENDS IN REAL ESTATE what $10 million buys you now WHAT A DIFFERENCE A RECESSION MAKES: BUYERS LOOKING FOR A HOME IN THE TENS OF MILLIONS HAVE A LOT TO CHOOSE FROM ON THE VEGAS MARKET. BY ELI SEGALL PHOTOGRAPHY BY HENRI SAGALOW A s the US economy improves, Southern Nevadans with megamansions to sell are breathing a sigh of relief. Local real estate is starting to pick up, and few are taking their unsold properties off the market. The result: an unusually wide-ranging portfolio of massive, opulent homes for sale, with amenities such as elevators, horse stables, wine cellars, and movie theaters. But be sure to bring a hefty checkbook. Prices, although reduced from a few years back, are still high. The sellers are often successful business types who are in no rush to unload their homes and are budging little, if any, on the asking price. Some have actually upped the price tag, despite the scarcity of big-ticket sales in recent years. "They'll wait until they get what they want," says luxury-homes broker Florence Shapiro of Shapiro & Sher Group (lasvegasfinehomes.com). This confidence comes with the recovering economy and, perhaps more important, the rising stock market, where many high-end buyers and sellers earn a good portion of their wealth. In the first three months of this year, 54 homes sold for at least $1 million in Clark County, up from 33 during the same period last year, according to data compiled by broker Ken Lowman, owner of Luxury Homes of Las Vegas (luxuryhomesoflasvegas.com). Lowman's most expensive listing, at $10.95 million, is a 13,706-squarefoot mansion at 587 St. Croix Street in Henderson's MacDonald Ranch. It has seven bedrooms, 13 bathrooms, 27 flat-screen TVs, an eight-car garage with four climate-controlled spaces, and a theater that can seat up to 20 people. The estate had been listed at $10 million, but the price was raised in late January. In May 2009, by comparison, it was listed at $13.85 million. continued on page 108 VEGASMAGAZINE.COM 107 107-108_V_HP_Opener_Sum13.indd 107 6/17/13 10:17 AM