About ten years ago, while traveling through the Las Vegas Valley, you faced a whole host of real estate mishaps.
From the Strip to the suburbs, Southern Nevada was littered with halted construction sites such as the towering Fontainebleau resort, former ManhattanWest residential and commercial complex, and giant holes in the ground where it was supposed to build high-rise buildings.
These and other sites were vivid symbols of the disastrous real estate collapse in Las Vegas that followed the violent bubble – including, in Henderson, a luxury community blown up from the mountains.
Askaya’s developers stopped sales even before any housing was built, leaving empty plots lined with layers of cakes on the streets. They reopened when the economy emerged from the Great Recession and sales were slow at first.
But now that the market is in a prolonged “hot” streak, Askaya is one of the many areas in which the tide of housing development in the valley is growing.
Sales revenue Its developer is set to double this year from 2020, when revenue was three times the average three years earlier, Ascaya managing director Kelly Foster recently told me.
Most of the income comes from the sale of vacant lots, a smaller part from the sale of speculative houses.
Its sales have accelerated along with the broader housing market in Southern Nevada, which, fueled by low borrowing costs and people moving here from more expensive areas, has seen transactions and prices skyrocket over the past year or so.
Askaya has also attracted some famous buyers. Raiders owner Mark Davis bought a 6.3-acre lot for $ 6 million last summer and laid the foundation for the mansion, and the rock star Gene Simmons of Kiss this year bought a 10,871 square foot mansion and a half-acre plot next door for $ 10.8 million combined.
Both deals caught media attention and caught the attention of the residents of the mountain mansions.
“It doesn’t hurt when famous people buy things in your project and then people like you write about them,” said Mike Leipart, managing partner of The Agency Development Group, which was hired late last year to manage Ascaya’s sales. … … “It’s definitely the wind on our sail.”
Hong Kong billionaire Henry Cheng, chairman of the conglomerate NWS Holdings Ltd., is developing Ascaya. Located in the McCullough Range, this village boasts stunning valley views, over 300 accommodations and street names such as Cloud Chaser Boulevard and Epic View Court.
Huge homes are needed, according to project director John Simmons, as they must cover at least 4,500 square feet.
The project took shape during the rabid bubble of the mid-2000s, when crews reportedly drilled, blasted and moved. 15 million cubic yards material. Foster said only three lots were on sale when the economy collapsed and Ascaya developers closed the store.
They reopened in 2014 and only closed two sales that year and three in 2015. The developers closed 11 sales last year and, as the market accelerates, 24 sales this year through mid-June, Clark County reports show.
While in the mountains, homeowners also live close to wildlife. On a recent tour, a bighorn sheep was spotted in Askaya.
“We have a herd of them here,” Simmons said.
Askaya may not look like your typical valley area, but it does have at least one thing in common: clustered mailboxes.
It turns out that even the rich and famous don’t have their own mailbox in Southern Nevada.
“I can’t figure it out anymore,” Simmons said.