Real Estate Millions RJrealestatemillions.vegas

LAS VEGAS REVIEW-JOURNAL • SUNDAY, JUNE14, 2015 • SECTION G a REAL ESTATE • 702-383-0299

LAS VEGAS PENTHOUSES

COURTESY PHOTOS No. 4505 at The Residences at Mandarin Oriental sold for $1,234.10 per square foot on May 21, which set a record this year for price. Kamran Zand of Luxury Estate International had the listing. HIGH-RISE UNIT FETCHES RECORD-HIGH PRICE Residence on Mandarin Oriental’s 45th floor sells for $3.4 million

By HOLLY IVY DEVORE The listing agent was Kamran Zand of Luxury Estate Interna- REAL ESTATE MILLIONS tional, and the buyer was represented by Steven Khalilzadegan of Savi Realty. as Vegas high-rises not only offer some pretty amazing “The reason we were able to sell this in such a short period of views. Some sit high on the 2015 highest-price-per- time has to do with Rahimi Designs building and designing the square-foot sales chart, with No. 4505 at The Residences unit combined with the marketing techniques of Luxury Estates L at Mandarin Oriental selling for $1,234.10 per square International … and its location within the five-star Mandarin foot on May 21. Oriental,” Zand said. This 45th-floor, 2,755-square-foot residence within CityCenter The two-bedroom, 2½-bath residence combines high-end was purchased by a California buyer for $3.4 million, making it design elements to create a sense of modern luxury and offers the highest price-per-square-foot resale ever in The Residences at Mandarin Oriental and topping a $1,000-per-square-foot sale ▶ SEE HIGH-RISE PAGE 4G there March 5. A feeling of ‘where Zen and feng shui collide’

Steve Mason and Angeles Scorsetti listed their furnished Mandarin Oriental’s 41st floor penthouse for $3.1 million through Luxe Estates & Lifestyles. This is the master bath.

Custom luxuryhomesites. Designed by nature. Envisioned by you. ASCAYA.COM I Henderson, NV I 702 9785800 Page 2G • Sunday, June 14, 2015 a Las Vegas Review-Journal Wo rking within limits, consultant creates beauty Design of own condo at Mandarin Oriental sparks start of business

By SUSaN STONE REAL ESTATE MILLIONS

Restrictions on modifying your con- dominium are an industry given. If you want total freedom to knock down walls, add windows or add a fireplace, don’t buy a condo, especially one in a high-rise, de- sign consultant Linda Tatum said. She designed several of the model homes in the Mandarin Oriental and at CityCenter and has bought and sold several units in both. “You can’t add a fireplace or water fea- ture in a high-rise,” she said. “I was sur- prised by the restrictions.” The Veer Towers don’t have gas lines, so only an electric fire feature would work there, said Bruce Heckman, the building’s homeowners association com- munity manager. And the weight of a

▶ SEE desiGns pAGE 6G TONYa HaRVEY/REAL ESTATE MILLIONS From, gray shell to move-in-ready Design consultant Linda Tatum moved to Las Vegas in 2012 after a 20-year career selling real estate in the Los Angeles area.

Las Ve gas’ high-rise market strengthening, observer says

By HOLLY IVY DEVORE different spin is occurring in the pent- sale for $9.9 million. struction projects REAL ESTATE MILLIONS house units. Builders quickly noticed The two towers have such as the MGM that there was an influx of buyers when two other Crown Resorts Interna- The May 21 sale of No. 4505 at The a unit was ‘designer ready’ and turnkey penthouses. tional-Anschutz Residences at Mandarin Oriental for and noted they are willing to pay a pre- Another “gray Entertainment $3.4 million or $1,234.10 per square foot mium price point for this convenience.” shell” listing that has Group arena, Re- is the ’s highest per- “A noted $1,000-square-foot sale back raised eyebrows is sorts World and square-foot home sale so far this year, in March and again a $1,234-square-foot a 12,940-square-foot possible projects data show. sale in May confirmed that Las Vegas penthouse at The near Trump Inter- This sale raises a question: Is the val- was back on their game, withstood that is avail- national and SLS. Keith Lynam ley’s high-rise market is on an uptick? recession, and most importantly, has able for $4,995,000 “A lot of con- 2015 GLVAR Or is this sale a high-price blip on the continued to prove that buyers who can and listed by Luxury fidence is in the President Randy Char sales chart? afford luxury will pay for it. Only the Estates Internation- Senior vice president city. … The mar- Without a real estate crystal ball, we very unique, one-of-a-kind penthouses al. of marketing and ket dropped 79 are left with sales reports, speculation will continue to break all records.” Shari Sanderson sales, percent, and it and a casual observation: No. 4505’s Another high-rise sale that garnered and her business One Queensridge has come back sales price far surpasses the Greater media attention earlier this year was at partner Michelle Place about 30 per- Las Vegas Association of Realtors’ May in Summerlin. Manley of Award cent,” Sanderson statistics for high-rises, based on sales “We had a record-setting sell at Queen- Realty, who have said. “For ex- through the Multiple Listing Service. ridge in the first quarter of this year for sold more than 160 ample, look at the Mandarin Oriental, “Our high-rise market is obviously $7.7 million, which at the time was the high-rise residences where I have sold many, many units getting stronger,” association President highest-price home sale of the year,” in CityCenter, agree with Michelle Manley. When we started Keith Lynam said when reviewing May said Randy Char, senior vice president that buyer interest focusing there two years ago, only 35 statistics that were released June 9. of marketing and sales for One Queen- Lee Medick has increased. percent of that building was sold. Now “The median sales price of $345,000 sridge Place and president of Char Lux- Luxe Estates & “We have seen buy- there are only five or six units left. That for a high-rise unit in May is up dramat- ury Real Estate. “It was a ‘shell’ home, Lifestyles ers coming in flock, is an accomplishment, but we didn’t do ically from the May 2014 median sales and by the time they are finished with and a lot of the clients it. It was the economy coming back. price of $247,425 for a high-rise unit,” the build-out and the design, it could are coming from Cal- “In my personal opinion, during the Lynam, who owns a high-rise residence, reach $10 million which is really prom- ifornia, New York and other states be- irrational exuberance when our pric- said. “This is a pretty healthy appreci- ising and speaks volumes for the market cause of our tax structure,” Sanderson es skyrocketed, I think that our prices ation and it is holding from April 2015. and the future of the market.” said. “If you look at the whole city, the were still low when compared to Cali- This is key and shows a trend with the “Sales are definitely robust and mov- whole city is popping. Different high- fornia and other areas,” Sanderson said. appreciation.” ing along. We’ve had in the ballpark of rise properties are seeing increases in “So now, even if we go back to where we “The high-rise units, especially in the 16 or so sales this year at Queensridge, sales prices, although there are prop- were before, we are still lower than oth- mid- to lower-ranges of different build- which is a pretty good pace considering erties that have not yet peaked, like in er places. I think the potential is huge. ings, are selling pretty quickly. I think that we only have one remaining devel- the northern part of the Strip. The whole “The confidence in Las Vegas is back that the market is, overall, pretty much oper-owned unit and the rest is resale north Strip is quietly under construc- big time. Las Vegas is popping again. experiencing the same. Certainly, those activity. It seems like we are selling tion. We’ve had a complete turnaround But this time, it is rational exuberance on the Strip are getting more per square units across the board, but we seem to in Las Vegas, very quietly this time,” and last time it was irrational exuber- foot than in other places, but I think that be getting more looks at our super high- Sanderson said, citing multiple con- ance.” the overall appreciation has come up end homes,” Char said. “This speaks to and a lot of that is due to the health of the the confidence of the market that people economy. The housing market overall is are willing to pay that kind of money. It more stabilized and the appreciation in speaks to people seeing Las Vegas as a RARE OPEN HOUSE EVENT! the high-rise market is another sign.” truly luxury destination, as a place to GO INSIDE THE GUARDGATES OF MACDONALDHIGHLANDS The May sales statistics show quite have a substantial home and a lifestyle,” a difference — $930.30 – between the Char said, adding that the 15,670-square- highest price per square foot and the foot Crown Penthouse on One Queensri- 520 Regents Gate Drive 512 Regents Gate Drive median price per square foot. This dge Place’s 18th-floor residence is for Single Story|6,602 Sq.Ft. |5Bed, 7Bath Single Story|6,331 Sq.Ft. |4Bed,7Bath|.65Acres range can be attributed to the varied types of high-rise units sold. Some are sold “unfinished” with only the home’s outer walls and cement floors, common- RJrealestatemillions.vegas ly called “gray shell”; some are built out RJrealestatemillions.vegas appears Saturday and Sunday in with walls, flooring and cabinetry; and the Las Vegas Review-Journal. Submit information to lcollier@ reviewjournal.com. Deadline line for submissions is 10 days some come finished and furnished. Also, before publication, 1111 W. Bonanza Road, Las Vegas, NV some are short sales and foreclosures. 89106, 702-383-0299 “Gray shell versus unfurnished ver- INTERIM PUBLISHER 2OPENHOUSES sus turnkey makes it difficult from a James Hopson sales comparison prospective on paper,” DIRECTOR OF PRODUCT DEVELOPMENT SUNDAY JUNE 14, 12PM to 4PM said Lee Medick of Luxe Estates & Life- Hal DeKeyser EDITOR styles, which is representing sellers in Lyn Collier MACDONALDHIGHLANDS five high-rise properties. “However, CONTRIBUTORS educating the buyer on build-out costs Holly Devore, Stan Hanel, Susan Stone, Jamie Mckee, Art Call 702CA-838-LL 702-838-51005100 forFORGuGAarTEdGCLEAatRAeCNCElearance versus custom finishes and furnishings Nadler, Felicia Mello, Donna Yahner PHOTOgRaPHERS will ultimately determine what value WEEKLY $1MILLION SALES LIST Tonya Harvey, Elke Cote THE the buyer is willing to pay, and real es- Zip: 89141 VP OF aDVERTISINg aND MaRKETINg Address: 42 Ollympia HilH llsl CirC tate agents rely heavily on appraisers to Lee Bachlet List Price:$4,470,000 make the appropriate adjustments for DIRECTOR OF CLaSSIFIED aDVERTISINg Sale Price: $3,999,999 LUXURY HOME GROUP price differentials.” Nate Rodriguez SP/SqFt: $574 REaL ESTaTE DIVISION SaLES MaNagER Parcel #: 191-06-812-007 SPECIALISTS “Overall, the pricing of high-rises Carla Royter has taken a cautiously steady climb … REaL ESTaTE aCCOUNT MaNagERS Zip: 89012 Address: 618 St.Croix St primarily in the midpriced range units Cindi Slanec, Claire DeJesus, Ashley Helgerson, Lashawn List Price: $3,499,000 from 600-square-foot studio units to Guidry, Martha Salzman, Lindsey Dague Sale Price: $3,200,000 702.838.5100 TomLove For advertising call 702-383-0483or 702-480-6626 SP/SqFt: $472 www.TheTomLoveGroup.com #1 Agent in the World 1,000-square-foot, two-bedroom, two- Parcel #: 178-27-216-016 bath units,” Medick said. “A completely All information deemed reliable but not guaranteed; sources from the GLVARMLS;#1Agent in the world 2007 according to Realty Executives International

ATrueCustom Beauty! Designed for the most exclusive contemporary HOME OF taste. The 3,414 sq. ft. penthouse level is pure One of AKind Contemporary Penthouse luxury.Sold fully furnished and custom in every way,the residence features 270 degrees of THE WEEK 4525 Dean MartinDrive #2400 amazing city views. The sleek design showcases asmart home system, exotic woods, unique imported porcelain flooring, leather walls, fireplace, fresh water fish tank, Italian closets from Polyform, top of the line appliances, motorized custom drapery and furnituredesigned exclusively for the space; custom walk –through shower over looking the city center &much more. Offered at $2,199,000 For moreinformation please contact Cristine Lefkowitz Jensen at 702.595.8505 [email protected] www.PrimeLuxuryHomes.com Page 4G • Sunday, June 14, 2015 a Las Vegas Review-Journal ▶ hiGh-Rise: A feeling of ‘where Zen and feng shui collide’

Continued from page 1g north Strip views. Among its features are limestone floors, Cosentino stone countertops, Clare Control home auto- mation system and a high-tech media room. Situated behind the double doors of the master suite is uninterrupted Strip views, a spacious bath with Axor fixtures and Victoria Albert tub and an amply sized walk-in closet. Kitchen highlights include Dacor appli- ances, Grohe faucets, and imported Pog- genpohl cabinetry. “This is the second unit we collaborat- ed on with Pedram Rahimi. The first col- laboration, in just six Kamran Zand days, we were able Luxury Estate to get the highest International price-per-square-foot for a west-facing unit at Mandarin Oriental at $1,000 per square foot,” he said of No. 4307, a two-bedroom, two-bath unit with 2,167 square feet whose $2,167,000 sale recorded on March Nicole Nejezch 5. Both are above the Broker and 2014 $310,250 median director of sales sales price of vertical at CityCenter homes, as reported Courtesy photo Residential by the Greater Las No. 4505 at The Residences at Mandarin Oriental sold for $1,234.10 per square foot on May 21, which set a record this year for price. Division Vegas Association of Kamran Zand of Luxury Estate International had the listing. Realtors. According to Zand, the last time a residence sold for more $3.1 million on the Mandarin Orien- separating it from its master bedroom. 1. I like the upscale feel and the diverse- than $1,200 per square foot was in De- tal’s 41st floor through Luxe Estates & “When we started, it was just a shell ness of the residents. What I like most cember 2006 at The Signature at MGM Lifestyles. and we designed every aspect of the is when we go down to the pool we meet Grand when a 520-square-foot condo Mason and Scorsetti said their home home. It took nine months from A to Z, people from all over, we talk and there sold for $650,000 or $1,250 per square was a “labor of love.” They purchased paying attention to every little detail. is a sense of community,” Mason said. foot. it as a “gray shell” — “shell” walls and … I wanted to create a home filled with “This is a lifestyle, and our son is “This sale (No. 4505) signifies that gray cement floors — in August 2013 for glamour,” said Scorsetti, who is expe- becoming an urbanite. There’s not just our real estate market is in great shape. $770,000. They chose just about every rienced in transforming “gray shells” one type of person who lives here, there Everybody was trying to set the bar for aspect of it, configured each room, and into luxury homes as owner of Scorsetti are families, and it’s diverse.” a sale at $1,000 per square foot, which incorporated high-end designer finishes Designs, with other projects, in other Mason says that quality, attention to I did on the west-facing unit, and this throughout to create a one-of-a-kind, Las Vegas high-rises and country club detail, design and lifestyle are reasons sale has increased it to over $1,200 per designer showcase where they live with communities, as well as in Los Angeles, why buyers will be interested in their square foot. We are continuing to see their 4-year-old son. Miami and New York. home and The Residences at Mandarin positive appreciation and I anticipate Among its features are a sink import- Scorsetti says that the west-facing Oriental. that sales at the Mandarin Oriental will ed from Italy, Romo wall coverings, a residence with mountain views offers “In my experience in real estate, reach $1,500 per square foot, at least decadent custom chandelier over the a feeling of “where Zen and feng shui when I look at the high-rises in New while I am involved. I think we’ll see dining room table, Murano glass and collide.” York City, Miami and Seattle, they are this happen within a couple of years,” stylish Christopher Guy furniture. The “We wanted our home to be a show- selling from $2,500 to $3,700 per square he said. kitchen features Wolf and Sub-Zero ap- case of top-of-the-line design and foot, and even up to $5,000 to $10,000 pliances, a wine chiller for 250 bottles, lifestyle. It’s just been a labor of love. per square foot, without the quality of RaisinG the sales BaR and a 9½-foot island made of quartzite We went above and beyond, and it is a design and attention to detail like here. to $1,500-PeR-squaRe-Foot? underlit by custom light-emitting diode beauty,” Mason said. Homes in the Mandarin Oriental in New Steve Mason and Angeles Scorsetti panels. He says, like his family’s home, the York City are selling for much, much hope to be the ones to raise this price- Its spalike master bath is stunning quality of living at Mandarin Oriental is more there than in the Mandarin Orien- per-square-foot bar to $1,430 by sell- with white and subtle metallic tones, use second to none. ing their furnished 2,167-square-foot, of 17 slabs of Italian marble, chandelier “The quality of the building and the ▶ see hiGh-Rise page 5g two-bedroom, 2½-bath residence for over its oversized tub, and glass wall quality of people who live here are No. Buying chances at Mandarin Oriental limited Experts in Refined Living With morethan 30 yearsofcombined experience, TheGraffLuxuryTeamisthe premier team of real estate experts representing Las Vegas’ most esteemed homesand high-rises.

Whether youare interested in sellingyour current residenceorbuyinganew luxuryproperty,please contactustodaysowecan help youturn your dreamlifestyle into areality. Jennifer Graff Michael Bell (702)335–4779 (702)523–0239 [email protected] [email protected] GraffLuxuryTeam.com Facebook.com/GraffLuxuryTeam

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Continued from page 3g tal in Las Vegas even though we have the same five-star amenities, the same type of spa, and the same lifestyle,” Mason said. Hoping to beat Scorsetti and Mason to the top of the sales chart is the top-floor penthouse at Mandarin Oriental. Listed for sale by Award Realty for $5.95 million or $1,517 per square foot, the 3,922-square-foot wraparound corner residence features three bedrooms, 3½ baths and views of the Bellagio foun- tains. “The difference in this unit is that it is on the top floor and you do not have any neighbors. It is so customized and fully tricked out,” Shari Sanderson of Award Realty said. “The location, the view and the quality is what sets these highest-price units apart from others. They are getting top dollar, and those buyers who are used to purchasing real estate in higher-cost cities are not blinking at all about the price because of the quality.”

Limited OppOrtunities at mandarin OrientaL Opportunities to purchase at the Mandarin Oriental are limited, where there are 225 residences, in addition to the adjacent hotel’s 392 rooms and suites. “In real estate we used to speak of location, location location. Now, today’s market is about timing, timing, timing, and the time has never been better. Recent sales success at The Residences at Mandarin Oriental Las Vegas proves this is a truly unique and limited type of Above, No. 4505 at The offering,” said Nicole Nejezch, broker Residences at Mandarin Oriental and director of sales at CityCenter Resi- sold for $1,234.10 per square dential Division. foot on May 21, which set Nejezch said the developer is in its a record this year for price. final phase of sales with only six units Kamran Zand of Luxury Estate that measure from 1,500 to close to International had the listing. At 3,000 square feet and are priced from left, Steve Mason and Angeles $1.39 million. According to Zand, resales Scorsetti hope to be the ones to include 16 units and four are pending raise this price-per-square-foot or have contingent offers, with prices bar to $1,430 by selling their furnished 2,167-square-foot, ranging from $725,000 to the $5.95 million two-bedroom, 2½-bath residence penthouse. for $3.1 million on the Mandarin Buyers have been choosing high-rise Oriental’s 41st floor through living for both the opportunity for a Luxe Estates & Lifestyles. turn-key purchase and lifestyle consider- ations. “Luxury high-rises often try to emulate the services of a hotel. Mandarin is a Courtesy photos triple 5-star resort. You have a concierge staff dedicated to serving you, often and our owners deserve the best of the world’s best shopping, dining and enter- acting as a personal assistants. best,” Nejezch said. tainment. The location caters to how you Owners have access to the Mandarin’s “Mandarin offers a Zen lifestyle, yet, are feeling and what experiences you full-service pool, fitness center, world- if you are looking for that Vegas excite- choose to have in that moment.” class spa and restaurants including in- ment on any given day or night, it’s right For more information, visit www.man- room dining. … It’s a pampered lifestyle outside your door with access to the darinorientalresidenceslasvegas.com.

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Elegant unit with over $3,000,000 in recent renovations. 4 bedrooms, 4.5 baths, approx. 4903 sq.ft.Onthe 16th floor overlooking the .Private lobby leads to Grand foyer.Jerusalem stone floors with Mother of Pearl Inlays. Formal Park Towers High Rise, Only 84 Custom Units living room with Brazilian cherry wood floors, Venetian plaster, Highly upgraded, contemporary style unit.2bedrooms &den, den could be 3rd bedroom. 3 family room off kitchen. Master suite offers built-in cabinets, baths. Approx. 3515 sq. ft.with approx. 475 sq. ft.ofbalcony space. Open floorplan with neutral colors. Designer finishes, built-in furniture,& upscale lighting throughout.Electric blinds & remote TV,screens, tremendous views. Master bath offers his/ sheers. Elevator opens directly into unit.There are no shared walls with another unit.There her dressing area, Onyx counters, spa tub,Onyx walk-in shower. are balconies from every room. Kitchen with contemporary cabinet’s, stainless appliances, Separate den. 3terraces one with gas fireplace. granite counters &island. Master bedroom has built-ins with an Office& large Walk-in Closet. Offered at $5,995,000 Magnificent views of the Las Vegas Strip!! Offered at $1,999,000