After launching Vu, Vu Estates and Vu Pointe, luxury home builder J. Christopher Stuhmer unveiled another project with, as the name suggests, stunning views of the Las Vegas Valley.
His company, Christopher Homes, this month announced plans for SkyVu, a 102-lot mountainside development in the MacDonald Highlands. The homes will range from 2,700 to 6,100 square feet and more, with prices expected to range from around $ 1.5 million to “well over” $ 2 million, according to a press release.
This is the fourth Vu de Stuhmer branded subdivision in the affluent Henderson Enclave. SkyVu has no connection with the failure of the SkyVue Observation Wheel on the Strip project, which was carried out by different developers and for years consisted of little more than two giant concrete columns sticking out of the ground opposite of Mandalay Bay.
“We have no affiliation with the Ferris Wheel debacle,” Stuhmer told me.
Despite huge job losses triggered by the pandemic, the Las Vegas housing market has accelerated over the past year or so with rapid sales, record prices and a barrage of listings, in in large part thanks to the lowest mortgage rates which allowed buyers to stretch. their budgets.
Luxury homes are a fraction of all sales in the valley, given their huge asking prices. But mansions have gone from owner to owner at a faster rate, buyers have paid record prices for oversized dwellings, and people have bought lots to build custom homes.
Kristen Routh-Silberman, listing agent for lots owned by developers at MacDonald Highlands, told me this week that buyers had closed 53 individual residential sites in the community this year, and 23 more were under contract to sell.
By comparison, 21 lots were traded there in 2020, she reported.
“We’ve never seen anything like it,” she said of the current sales volume.
Additionally, the billionaire founder of mortgage company LoanDepot bought a three-story, 15,000-square-foot mansion in MacDonald Highlands in June for $ 25 million, the most expensive home sale on record in southern Nevada. .
Stuhmer, who launched his first Vu brand project at MacDonald Highlands in 2016, said he has started leveling the SkyVu site and plans to start the model homes in November.
The coronavirus outbreak initially triggered a sharp drop in home sales in southern Nevada. But within months, the market started to heat up, with the pandemic proving to be an “accelerator” for housing in the United States, Stuhmer said.
Besides all the cheap money in circulation, one of the main reasons Las Vegas is ramping up is more out-of-state shoppers than usual.
By all accounts, an increasing number of Californians and other newcomers have bought homes in the valley amid the pandemic, leaving them to work remotely in larger, cheaper properties.
Routh-Silberman, a broker at Corcoran Global Living, said 95% of California buyers at MacDonald Highlands are from Southern California. About 25% of her Golden State buyers this year are from the San Francisco Bay Area, she said.
She described them as the young, high-tech, “Bitcoin jet-set” type.
After the pandemic caused all manner of chaos and turmoil last year, the Las Vegas housing market has recovered and has embarked on what is now an almost uninterrupted heat streak. As Stuhmer noted, who would have imagined that the epidemic would cause house hunters to step on the accelerator?
“Nobody did it,” he said.