Most Expensive Streets in Vegas are a Bargain

 Most Expensive Streets in Vegas are a BargainA Penthouse Suite at the Mandarin Oriental or a Contemporary Golf course Home in the Ridges of Summerlin will establish you as living in the most elite communities in Las Vegas, and compared to other world class cities, such as Hong Kong, London or Monte Carlo, they’re bargains…

In a report recently released by the Institute for Luxury Home Marketing, the most expensive streets in the world have homes selling for more than $70,000 in Hong Kong & London, followed by a home in Monaco which went for a huge $69,700/sf.

By comparison, Vegas only had 10 single family homes which sold for more than $400/sf. The top three in terms of price per square foot was led by a home on Orient Express in Queensridge. The 9303 sf Tuscan style home on almost an acre closed for $6,350,000 or $683/sf.

It was followed by the home that Michael Jackson had expressed interest in buying, located on historic Tomiyasu Ln., near Wayne Newton’s estate. ┬áThat estate home provided more than 24,000 sf of living space on over 11 acres when it sold for $15M or $625/sf.

The 3rd and 4th most expensive homes in price per square foot were both on Golden Sunray in the Promontory Point section of the Ridges of Summerlin. One of the homes offered 9853 sf on just over an acre which sold for $6,150,000 or $624/sf. That one was followed by a slightly smaller home which offered 8546 sf on just over half an acre. It sold for $4,361,500 or $510/sf. Considering that both of these homes are on smaller parcels of land than the two higher priced homes, I still think the Promontory Point community in the Ridges is our most exclusive residential community.

Also included in the highest priced per square foot with homes that sold for more than $400/sf was Southern Highlands, a few more homes in the Ridges and a home in Bellacere of Summerlin.  The home on Tomiyasu was the only home in Henderson to close for more than $400/sf over the past twelve months.

For High Rise properties, the single family homes are topped by two penthouse suites which sold for $1061 and $1012/sf at the Mandarin Oriental. Considering that MGM had originally priced those units at $2300/sf, the buyers definitely bought them at a bargain. And, those prices have established 3750 S Las Vegas Blvd as ‘THE MOST EXCLUSIVE ADDRESS” in Las Vegas.

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The Drummond/Petit Team looks forward to assisting you in buying and selling your Las Vegas home. If you are looking for a rental home, you should find a company that has a Property Management license.