established luxury

More

Summerlin home lists for $4.75M after full remodel

  • June 21, 2022

Located in Summerlin’s traditional luxury neighborhood Mountain Trails, the fully renovated two-story estate on Glenrock Drive lists for $4.75 million through Anthony Spiegel with the Ivan Sher Group, Berkshire Hathaway HomeServices Nevada Properties.

“We’re in an economy where you’re able to buy a home like this for what I believe is below replacement cost,” Spiegel said. “I promise you to build to this level of quality would cost more than it would cost to buy it today.”

Based on the price, it reflects $725 per square foot compared to over $1,000 a square foot in The Ridges, a newer Summerlin community.

“Right now, you can buy a home at a 25 percent to 30 percent discount compared to The Ridges, on a significantly larger lot,” Spiegel said. “The value proposition is significant.”

According to Spiegel, the property, when it sells, will be the highest price per square foot ever traded in Mountain Trails. Glenrock Drive represents a trend Spiegel sees happening in the more established luxury neighborhoods throughout the valley.

“This is the next evolution of the flip business,” Spiegel said. “Where someone is coming in and rethinking what the home could be.”

The sophisticated 6,729-square-foot property sits on an expansive half-acre. It features five en suite bedrooms including two primary suites, six baths, office/gym, an upper-level bonus room and incredible finishes throughout including over 7,000 square feet of hand-laid white French limestone.

“We wanted to use something that was a forever material,” property owner Levi Streiter said about the limestone used throughout the property. “It gives it that special Mediterranean feel but still has that contemporary look.”

Levi and Shany Streiter purchased the home in 2021 with plans to reimagine the neglected property.

“We couldn’t believe what the prices of the homes were compared to other large custom homes

Read the rest