Friday, April 3, 2009 | 2 a.m.
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Sun Coverage
The most expensive gated community in the Las Vegas Valley won’t have homes anytime soon.
Developers of Ascaya, a 664-acre residential development on the north side of the McCullough mountain range in Henderson, announced they will push back the timeline for selling custom lots.
The announcement is essentially nothing new because lots were supposed to go on sale last summer, but that was pushed back without explanation.
Ascaya, previously known as Crystal Ridge, is a project of Hong Kong tycoon and developer Henry Cheng, who purchased the hillside property in 1990. At last count, more than $250 million had been spent preparing the 300 custom lots that will boast some of the region’s best views of the Las Vegas Valley. Some of the highest points will be 150 feet above the Stratosphere’s 1,149 feet.
Last year, many expected lots to sell for close to $2 million on the low end, making it the priciest community in Southern Nevada. But because of the slowdown in the housing market and economy, that has softened demand for even high-end housing developments.
Ascaya spokeswoman Liz Trosper said the decision to hold off sales was driven by the economy and Las Vegas housing market in particular.
“They are monitoring the market every single day, and when the market starts cooperating — when they feel the time is right, they will open the sales center,” Trosper said. “(Cheng) doesn’t have to worry about the bank calling a note because there is no note.”
Trosper said no cost was spared in creating the high-end hillside development, and it makes sense to launch sales in a market that allows that to be recouped.
Dennis Smith, president of Home Builders Research, said the developers of Ascaya have a big advantage over many others because they don’t have to worry about making interest payments and can wait out the economy and housing market. Eventually, the housing market will return, and there will be a demand for lots.
Even those looking to buy such high-end lots for custom homes are victims of the economy and housing market, Smith said. Obtaining financing to purchase the lots is difficult and a lot of wealthy people have had their credit lines frozen or had wealth deteriorate by declines in the stock market.
“Until there is a return of some confidence and some reason to think they are not going to lose any more money in equities, I don’t see people buying on the high end. That market is hit just as bad as everything else.”
Despite not offering any lots for sale, construction is continuing at the hillside development where Trosper said the mass grading, street and utility construction should be completed by the summer.
“We still have construction going on, and we are still moving forward,” Trosper said.
The Ascaya sales gallery will be open on an appointment-only basis with brokerage Shapiro & Sher handling clients, she said.
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