Friday, March 07, 2003
Copyright © Las Vegas Review-Journal

Data: Summerlin still top-selling master-planned community

Dan Van Epp, president of The Howard Hughes Corp., calls sales decline a result of limited available inventory. REVIEW-JOURNAL FILE PHOTO

Summerlin retained its position as America's best-selling master-planned community in 2002, reported Robert Charles Lesser & Co., a national independent real estate advisory firm based in Maryland.

It's the 10th time in 11 years that Summerlin has earned the distinction as the country's top seller.

From 1992 to 1995, Summerlin was ranked No. 1 in new home sales by Arthur Andersen Real Estate Services Group. In 1996, the community missed the top position by only two home sales.

Developed by The Howard Hughes Corp. on the western rim of Las Vegas Valley, Summerlin had 2,634 new home sales last year, down from 2,976 the previous year.

The Villages in Orlando, Fla., was second with 2,260 sales, followed by Irvine Ranch in Orange County, Calif., with 2,080. These were also the top three communities in 2001.

Dan Van Epp, president of Hughes Corp., a subsidiary of the Columbia, Md.-based Rouse Co., said the decline in sales was mostly a result of limited available inventory. Despite the slide, Hughes was able to sustain revenues, he said.

Single-family homes, townhomes and condominiums are priced from the mid-$100,000s to more than $700,000. Custom home sites in The Ridges run from the high $400,000s to more than $1 million.

"The Summerlin success story continues to be one of the most compelling in the real estate development world," said Gadi Kaufmann, managing director and chief executive officer of Robert Charles Lesser.

He gave some of the credit for Summerlin's decade-long run to the economic strength of Las Vegas. But he also said the ability to hold the best-selling position over a sustained period of time is testament to Summerlin's marketing plan, its segmentation efforts and the working relationship management has fostered with its builders.

Total sales of the top 20 master-planned communities were 24,542, an average of 1,227 per community, up 9.7 percent from 2001.

The top master-planned communities offer a wide range of housing prices and styles, various amenities and land uses that provide residents an attractive environment to live, work and play, Kaufmann said.

Summerlin encompasses 36 square miles, or 22,500 acres, acquired by the legendary Howard Hughes in the 1950s. Named after Hughes' grandmother, the community's first home was sold in 1991.

Today, Summerlin is home to more than 65,000 residents. It has 105 neighborhood and village parks, nearly 107 miles of walking trails and eight golf courses.

Similar to smaller planned communities, Summerlin villages each have their own major park or golf course and a range of recreational, educational and retail amenities.

"The villages make it possible to bring a high degree of intimacy, variety and individuality into people's lives," Van Epp said. "Each village has its own personality."