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Bidding to start at $1 million for Mount Charleston resort property
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Jim Miller/Las Vegas Review-Journal
Luxurious Estates broker Bob Barnhart and his wife, Jill, stand by a Mount Charleston home that's part of a two-home, four-lot property slated for auction Friday. The minimum bid for the property is $1 million. » Buy this photo
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LAS VEGAS REVIEW-JOURNAL
Once appraised at $6.5 million, a resort property on Mount Charleston is going to auction Friday with a minimum bid of $1 million for two luxury homes and four lots.
The single-family homes were built in 2006 with individual suites that the original developer had planned to use as vacation rentals, but a Clark County zoning ordinance put a stop to that, broker Bob Barnhart of Luxurious Estates said Wednesday.
The ordinance prohibits nightly cabin and home rentals. Only the Resort on Mount Charleston offers nightly rentals, he said. Private cabin rentals must be for a minimum 30 days.
Luxurious Estates, in conjunction with Premiere Estates Auction Co., will hold the auction at noon Friday at 262 Forest Valley Court.
The 1.42-acre gated compound includes two tri-level homes, each about 6,000 square feet with four bedrooms and five bathrooms. The homes have log-siding exteriors and open floor plans with a large kitchen, granite countertops, stainless-steel appliances and wood-laminate flooring.
Each home has a fully finished basement and attached garages.
The property has been on the market for two years and started off at $4.5 million, said Barnhart, formerly owner of Red Rock Realty. The most recent list price was $2.7 million.
"They had great offers on it two years ago and didn't take it. We've heard those stories before," the broker said. "I think when you look at real estate, you've always got a seller who starts off too high and real estate agents who have a tendency to list too high and you become stale on the market. You chase the market."
Barnhart said he could see someone buying this property, keeping one of the homes and selling off the other. The buyer could "flip" the vacant lots, or hold them for development when the market recovers.
The property is directly in front of Cathedral Rock and backs up to the Toiyabe National Forest so there won't be any development around it, Barnhart said.
Luxury Realtor Tom Love said he's sold million-dollar homes at auction in the past, but typically, that's not the way to go.
"The person who gets the most pressure is the seller," he said. "The money's on the table and the auctioneer puts pressure on them to take the bid. I think it's a great marketing tool, but do I think the success rate on an auction is high or does it bring in a good price? I don't. I think it's a gimmick. Are they going to take $1 million? I don't know."
If the property is marketed at the right price, it'll have multiple offers, Love said.
He's seen luxury home auctions that offer a new Mercedes-Benz or Rolex with the purchase, but it's usually $100,000 over market value.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
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Auction Success!
Bob and Jill Barnhart with Luxurious Real Estate had Success with Auction! This Luxury Mt. Charleston Compound Sold Friday November 18, 2011. The Buyer and Seller are Incredibly Happy!
Good luck with that. Won't fetch a single bid.
maybe the house comes with the people.
two of the uglyist homes up there- no wonder they cant sell them
What a joke these two look like!!
And we need a picture of the realtor and his wife instead of a clear photo of the property being offered because......?!?!?!?
Of course what they do not tell you is that the Seller purchased the Property for $1.55MM in 2008 and has not appreciated in value since that time. It takes true hubris in this real estate market to believe that a property which you purchased in 2008 and tried to triple your money on is subject to doubling your money even today.
good looks will not make you money; in this case.
Good luck.