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Luxury Market Sets Record

July 20, 2007

Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas recorded the highest dollar per square foot sale for a residential property at $1047 per square foot on July 20, 2007 . The home is located in Promontory at The Ridges, a Summerlin village on the west side of Las Vegas . Although there have been a handful of high rise sales over $1000 per square foot, this is the first such sale of a single family residential property. “This sale shows how solid the ultra-luxury market is in Las Vegas and where it may be headed,” Lowman remarked. The total price was $7,875,000. The home was on the market 51 days prior to selling and sold for 96% of the listed price in an all cash sale. “This truly was one of the most spectacular homes that Las Vegas had to offer, inside and out. A tremendous amount of thought and quality were built into every square foot of this 7519 square foot home that was completed in 2006,” Lowman observed.

Some of the luxurious amenities in this world class turnkey estate include:

  • Unequaled 270 degree views of the Las Vegas Strip, City, Golf and Mountains
  • 2 nd Gate for Promontory Residences only
  • Prime end of Cul-de-sac location with approximately 2.5 acres of Open Space Behind It
  • Elevated Lot for Maximum Views with 13,000 total square feet under roof
  • Fully Furnished Single Story Estate with Custom Furniture and Artwork Included
  • Stone Driveway, Circular Drive, Side-loaded oversized 4 Car Garage
  • Iron entry gate, Courtyard with Firepit, Fountain and Lush Landscaping
  • Exterior Stone Accent Walls, Copper Integrated Roof
  • Custom Glass Entry Door set in metal frame
  • Wine Cellar with two temperature control units and custom racking
  • Formal Living Room with Red Rock and City Views through floor-to-ceiling Glass,
  • Piano, Wet Bar with fossil granite slabs, wine chiller, beverage coolers, ice maker
  • 24” Limestone flooring with stone baseboards, Wall of windows disappears – opening to outside, solid mahogany wood ceiling, custom made mushroom-like chandeliers.
  • Formal Dining room with Strip View, built-in hutch, wood ceiling, custom rain glass chandelier.
  • Gourmet kitchen with galaxy slab granite, island, stainless appliances, 48” Wolf double oven/range, double sub-zero refrigerator/freezer, double built-in ovens, warming drawers, microwave, food preparation sink, 2 beverage coolers, Miele cappuccino maker, skylights, pantry and flat screen TV.
  • Over 1 Million dollars of interior stonework
  • Family room with Flat Screen TV, booth seating, wall of windows, salt water aquarium,Strip views.
  • Theatre room with theatre seating and state of the art equipment
  • Office with built-ins and partner desk, flat screen TV
  • Master Suite with vaulted ceiling, easy access to outdoor Spa, Marble fireplace, Flat
  • Screen TV, Custom shower, infinity jetted tub, sauna, luxurious closet with fur storageand laundry valet, Elegant marble custom bath.
  • Guest Suite 2 (27×15) with full custom bath, walk-in closet, ceiling fan, kitchenette, fire-on-ice fireplace, flat screen TV and private entrance.
  • Guest Suite 3 (17×14) with full custom bath, walk-in closet, ceiling fan, flat screen TV.
  • Guest Suite 4 (19×14) currently a gym, with full custom bath, flat screen TVs.
  • Detached Casita (26×15) with separate entrance, full custom bath, walk-in closet, kitchenette, fireplace, flat screen TV, private patio area.
  • Laundry Room with all appliances behind cabinets, 2 washers, 2 dryers, laundry valet
  • and special sink for hand washables
  • Custom wall treatments, custom fixtures, designer sinks, recessed lights and custom etched glass shower surrounds in every bathroom by local artisan
  • Crestron home automation and sound system throughout
  • Infinity Edge Pool, Separate Spa, Built-in BBQ, Pizza oven, multiple outdoor fire-on-ice fireplaces, flat screen TVs, putting green, conversation area and captivating views in every direction.

In the past four months there have been 17 closed sales reported by the Greater Las Vegas Association of Realtors for over $3,000,000.

Kenneth Lowman specializes in luxury home sales and is an expert in the marketplace. He can be reached at 702-216-4663 or klowman@luxuryhomeslv.com or on his websitewww.luxuryhomesoflasvegas.com