The Southern Nevada housing market may have slowed in 2022, but its range of selling prices, from one extreme to the other, was very wide.
In the most expensive sale of the year, a Summerlin mansion with a golf simulator and outdoor shower traded for nearly $19 million.
In the cheapest sale of the year, a fire-damaged home in North Las Vegas traded for the price of a used Honda at CarMax.
A look at the highest and lowest sale prices for single-family homes in 2022, as reported by the trade association Las Vegas Realtors:
“Decadent” room
Spanning 9,427 square feet, a five-bedroom, eight-bathroom home in the Summit Club, an affluent Summerlin enclave, sold for $18.95 million in June.
It was one of the most expensive home sales ever in Southern Nevada.
The luxury home on Stardust Drive featured wood-beamed ceilings and a “spa-like bathroom” with an outdoor shower for the “decadent” master bedroom, listing materials as declared.
The house also had a games room, lounge, bar, golf simulator and a “secluded private apartment”.
“This is home, on every level,” the listing said.
From fire to flips
On the night of November 28, 2020, a fire was reported in a one-story house on Bassler Street in North Las Vegas.
Investigators determined it was an accidental fire that started in a clothes dryer on the back patio and spread to the kitchen.
The fire caused no deaths or injuries, but resulted in damages estimated at $203,500, according to North Las Vegas spokeswoman Brittany Toth.
On January 12, 2022, the house sold for just $25,000. “Cash only due to condition”, materials list declared.
The house was quickly returned to a new owner at a significantly higher price. On Jan. 25, 2022, Las Vegas-based Better Assets Inc. purchased the home for $130,000, according to property records.
About a month later, a building permit worth more than $68,000 and described as a “rehab by fire” was issued for the property, according to North Las Vegas records.
The house, built in the 1950s, has been emptied. Plumbing, electrical, windows, flooring, drywall, heating, air conditioning, baseboards, cabinets, appliances and doors are new, according to the list of materials.
In August, Better Assets sold the house for $330,000.
Better Assets owner Eyal Karban told me this week that he does about 200 corrections and reversals a year. He couldn’t explain why he had bought the house for such a high price compared to what it had sold for just two weeks earlier.
But Karban said his company buys a house if “the numbers work for us”, and his group has made significant improvements to Bassler’s.
“They really bought a new house,” he said of the new owners.
Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.