The luxury home market in the Las Vegas Valley is ever-changing, with one area increasingly becoming a destination for affluent buyers.
"I've noticed a migration of Summerlin residents moving to the Northwest," said Darin Marques, owner and founder of Virtue Real Estate Group. "One reason is price per square foot. Summerlin is one of the most expensive areas to live in, making migrating to the Northwest a natural move. You can get a custom home for a great price compared to anywhere else in the valley."
Marques further demonstrated his assertion by noting that the price per square foot in the Northwest ranges from $650 to $750, while Summerlin is over $1,200 for a comparable home. Another significant reason is the rapid appreciation of home values. Marques shared that one of his Northwest clients saw their home double in value in under two years, showcasing the area's promising investment potential.
"They paid $1.1 million for their home," said Marques. "I pulled the comps for them a few months ago, and the home is now valued between $2.2 and $2.5 million."
Another advantage of purchasing in the Northwest is it is governed by the Rural Neighborhood Preservation and Overlay District, which states that lots must be half-acre or larger. This ordinance ensures a spacious and rural feel, with more land and space between homes.
One developer leading the way in the Northwest is Templeton Development. In 2019, Kris Templeton of Templeton Development broke ground on his passion project, Estates at Lone Mountain, a 40-acre luxury home development at the base of Lone Mountain. Kris and his father, Ken Templeton, took two years to oversee five separate transactions to acquire the acreage needed for the premier community.
The development features eight distinct sections, including 15 large custom one-acre estate-style homes, 18 half-acre properties and nine three-quarter-acre Estate-Style homesites.
The one-acre sites feature individual private-gated compounds.
"I call it the Beverly Hills of Las Vegas," said Marques. "The estate lots are similar to what you see when you drive down the streets of Beverly Hills. In my opinion, the community redefines luxury living."
Templeton recently broke ground on a 6,550-square-foot, one-acre estate-style spec home that sold for $5.5 million during framing. It will be completed early next year.
“Nowhere else are you getting one-acre lots for these prices,” said Templeton.
The custom property boasts a walk-in wine room with Jerusalem stone walls, walnut cabinetry, floor-to-ceiling windows, a custom art piece using basalt columns, a hallway encased in glass, wood-paneled ceilings, a fully enclosed indoor/outdoor shower, a wet bar and a loft. It also features a detached RV garage with a game room that opens to the pool through double slider doors, offering a unique and luxurious living experience.
"I think there is no doubt The Estates at Lone Mountain has elevated the price per square foot and the overall price point in the area," said Marques. "You've never seen prices like what you see now in that area."
Developer Eric Tan broke ground last year on a stately, one-of-a-kind speculative project in the Northwest on three half-acre lots. Under the umbrella of Eight Silk Road, Tan designed and built his first project at 4390 Conough Lane. The 5,993-square-foot two-story Spanish Modern home features four ensuite bedrooms, four and a half baths, a glass-encased executive office, separate primary and guest wings, and an expansive motor court entry. It is listed for $3.75 million through Marques.
Tan focuses on providing unique garage spaces with usable, functional storage and multi-purpose areas. The property's distinctive garage features a 1,400-square-foot RV space with a 700-square-foot loft/flex area overlooking the space below.
"I feel garages are underutilized and an afterthought," said Tan. "People love their toys. This house has almost 2,000 square feet of garage."
Another signature feature is the 'super' laundry room located off the garage and connected to the primary suite. The oversized, highly functional room provides extra storage and space. Tan believes positioning it between the garage and primary bedroom gives the home good flow.
The sophisticated kitchen showcases a central island with quartz countertops, two-tone custom veneer cabinetry, Jenn Air appliances and an ancillary prep kitchen. The hidden prep kitchen houses a refrigerator, dishwasher, counter space and storage, providing a convenient space for meal preparation and storage.
Both developments are in proximity to the regional Lone Mountain Park. The over 21-acre popular recreation area offers equestrian facilities, picnic areas, a dog park, pickleball, basketball, tennis courts, playgrounds and hiking trails.
"It's one of the largest parks in Southern Nevada," said Marques. "And it's got everything."
In addition to the park, the Northwest is close to Downtown Summerlin, Harry Reid Airport, the Las Vegas Strip and lifestyle amenities such as Mount Charleston and the Red Rock Canyon National Conservation Area. Marques sees the typical buyer profile as small business owners who want to keep their vehicles at home or outdoor enthusiasts who want a place to store all their recreation vehicles.
"The Northwest is perfect for people who love nature and don't want to be in a traditional gated community," said Marques. "They want more room to store their toys and flexibility to go out and play in the desert."
