Mortgage

Take a look at the extreme ends of Las Vegas’ market

Take a look at the extreme ends of Las Vegas’ housing market
Written by Publishing Team

With cheap money feeding voracious buying, the Las Vegas housing market accelerated to record speeds last year.

Homes sold quickly, prices hit all-time highs almost every month, and the area saw a record number of resales, as low mortgage rates allow buyers to expand their budgets.

Finally, the median sales price for previously owned single-family homes — the bulk of the market — hit a record $425,000 in December, up 23 percent from the previous year, according to the Las Vegas Realtors trade association.

As reported by the association, here’s a look at both ends of the extreme southern Nevada market in 2021: the most expensive and cheapest single-family home sales of the year.

685 Dragon Peak Drive, Henderson

Billionaire Anthony Hsieh, founder of mortgage company LoanDepot, bought this newly built mansion in the foothills of the Henderson Mountains for $25 million, the most expensive home purchase ever recorded in southern Nevada.

The sale of luxury builder Blue Heron closed in June.

The three-story, 15,000-square-foot home in the affluent MacDonald Highlands community includes two saltwater infinity pools, a wine glass storage wall, sky lounge, DJ cabin, catering kitchen, and elevator, one listing said.

The home is, according to Blue Heron, “a design lover’s dream and Instagram paradise.”

Blue Heron founder Tyler Jones previously confirmed that Hsieh leased the house back to Blue Heron, allowing the company to continue using it as a “show” home.

Hsieh’s purchase price beat the previous Southern Nevada record of $17.55 million, set by David Copperfield in 2016.

The famous magician bought a four-story steel and concrete mansion in Summerlin that came with a gym, nightclub, golf simulator room, two commercial elevators, a movie theater and a guesthouse.

3305 Ernest Street, North Las Vegas

This tiny home near the North Las Vegas Airport traded in November for just $57,000.

Title records indicate that the buyer, using the LLC, purchased the home through a probate case.

Built in 1967, the one-story home spans 1,010 square feet and sits on a 0.24-acre plot, which is a large plot compared to typical tract homes around the valley.

And in true Las Vegas fashion, the house has already flipped. County records indicate that the buyer sold it last month to an investor for $70,000.

Her neighbors include a house closed with foreclosure and a council on a plot of approximately half an acre.

As seen on Zillow, this fire-ravaged home was up for sale this week and has already secured a buyer.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. He follows Tweet embed on Twitter.

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