A California tech entrepreneur and his wife have paid the second-highest-ever known price for a Las Vegas Valley home that closed for $18.75 million in the Summit Club, while a second home sale in the same Summerlin resort community set an all-time record of price per-square-foot.
The sale reflects the continued strength of the luxury market at the high end and the emergence of the Summit Club, the uber luxury resort community, for record-setting sales in the future. A second home recently sold in the Summit in for $15.4 million and set a new record inthe valley by selling for $2,321 per square foot.
The $18.5 million sale — the second highest ever in the market for a residential estate — follows the $25 million paid for a new Blue Heron home in MacDonald Highlands in Henderson in June. Last summer, a home in the Summit Club sold for $17.5 million, then representing the highest ever paid per square foot in valley history at $2,248.
In July, Real Estate Millions reported a wealthy buyer with ties to the California tech industry paid a record $36 million for 4.47 acres to build an estate in the Summit Club, which has attracted the likes of Vegas Knights owner Bill Foley, Raiders owner Mark Davis, singer Celine Dion and wealthy entrepreneurs from across the country.
“The market is changing,” said Sheri Sanderson, a Realtor with Award Realty, who represented the buyer on the second-highest sale. “The typical house in the past when a Californian would come would get it at $4.5 million to $5 million. Now, that number is $8, 9, 10 and 12 million. It’s going up even more than that. We’re going to hit in the double digits as a norm because there’s a lot of high-end homes coming on the market, soon. The Summit is the game changer. It’s the billionaires club.”
Clark County property records show the buyers of the $18.75 million home as Jonathan and Nicole Cronstedt.
His LinkedIn page says he’s a “proven operator with experience building and scaling companies across multiple industries” and an active investor. The page went on to say “Cronstedt has experience leading digital marketing and SaaS-based companies, and currently as the president of Kajabi, the premier integrated marketing automation and digital education platform.”
Clark County records show the seller was Peter Kravitz, who’s LinkedIn page shows he’s the principal at Province in Henderson, a financial services and business consulting firm.
The two-story property wasn’t listed on the Multiple Listing Service of the Las Vegas Realtors association; and sale was handled by the Summit Club, itself, Realtors said.
Clark County records show it has five bedrooms, five bathrooms and measures 9,427 square feet. It was built in 2019 by Growth Luxury Homes and sits on a lot measuring 26,572 square feet with golf course views, while not situated alongside it.
“It’s a great home,” said Ivan Sher with the Ivan Sher Group of Berkshire Hathaway HomeServices, Nevada Properties, who toured the home with a client. “It has a Santa Barbara exterior and eclectic interior. It has a separate guest casita and the only way you can get to it is with an outside staircase or internal elevator. One of the garages was converted to an indoor basketball court. It’s in a great location. If this home were in The Ridges or anywhere else it wouldn’t get anywhere near that price outside of the Summit.”
The buyer’s agents were Sanderson and Michelle Manley.
“It’s a stunning estate,” Sanderson said. “The Summit is like a sanctuary. When you buy there, you’re buying into the best lifestyle you can ever imagine. It has five-star amenities and a championship golf course. The culinary experience is five stars. Everything from the moment you pull up to the gate is five stars.”
Sanderson said this is one of her best year’s ever as California buyers continue to be the driving force behind the luxury rush.
Sher agreed that the luxury market is shifting upward and said given other prices paid per square foot, the buyers got a deal at $18.5 million.
“We have a new plateau for high sales,” Sher said. “ For sure, next year, if not this year, the $25 million sale will be broken. There’s too many homes coming on the market worth more than $30 million. You have some in The Summit. There’s our Seven Hills property. There’s some off market in Ascaya. There’s some properties in The Ridges, should they choose to go on the market, would be north of $30 million.”
Sher was the listing agent for the record-setting per-square-foot price paid for a home in The Summit that sold for $15.4 million. It has two stories with four bedrooms and six bathrooms. It measures 6,634 square feet and sits on 0.61 acres.
The buyer is listed as John Kim and Jim and Dana Manacher as the sellers. Frank Napoli, a Realtor with Berkshire Hathaway HomeServices, Nevada Properties, represented the buyer.
Sher’s listing described the home having “distinctive ambiance, beauty, and lifestyle ease (that) come together in this gem of a home situated in the distinctive” members-only golf club community in Summerlin.
“This was a stunning one-of-a-kind home,” Sher said. “The owner of the property owns Guest Book, a high-end hospitality company. With her thought process and luxury background and design appeal, she put together a stunning home.”
This two-story home was designed by two California-based firms, architect R. Douglas Mansfield of San Clemente, with the interiors done by Ohara Davies Gaetano of Del Mar. The Montecito-inspired home, in addition to four bedrooms and six baths, has five fireplaces and a main-level primary suite.
“The decor is perfectly executed to capture exterior light and views while enveloped in comfort and luxury,” Sher’s listing said. “Two bedrooms, each with en suite baths and walk-in closets share second-floor space with a large den, a sitting room and two exterior patio spaces. The main-level spaces are not only beautifully integrated with the natural surroundings but also designed to appeal to all of your needs. With a home theater, distinctive laundry center and dramatic kitchen, there is nothing ordinary here.”
Sher said the majority of homes that get the highest prices per square-foot are modern and contemporary, but that home is California contemporary with a different vibe than most selling for luxury premiums.
“It has this high-quality appeal and has this feeling of class, sophistication and design,” Sher said.
As for the direction of luxury, Napoli said the market continues to be strong, and there’s a steady demand for Las Vegas and buyers who are willing to pay.
“We’re confident in our market and the sustainability of it,” Napoli said. “We anticipate the market is going to continue to improve and hold for the foreseeable future and definitely for 2022.”
Sher said the “frenzy has normalized” when it comes to luxury. They are starting to see some price reduction because owners outside The Summit were pushing the prices artificially upward.
“I think 2022 is going to be phenomenal,” Sher said. “I think we will have a little more inventory, which is good because that creates business in our business. We’re going to continue to have high pricing but there will be some reductions for homes that overpriced themselves by anticipating a continued increase in the market.”
Sanderson said there’s not enough inventory on the market, today, because some owners are putting their outdated homes in need of upgrades on the MLS that aren’t desirable for many buyers, especially at the prices they are seeking. Those who have what luxury homesbuyers want are benefiting, she said.
“My client bought a house for $1.6 million and put it back on the market (five days later) and didn’t even put it into the MLS yet. We sold it for $150,000 more within 12 hours,” Sanderson said.