Nine custom-home lots with a combined sales price of about $4 million recently sold in The Ridges, Summerlin's nearly 800-acre exclusive, guard-gated residential village located at the foothills of Red Rock Canyon National Conservation Area.
Lots range in size from one-quarter to one-half acre and are in the Azure and Falcon Ridge neighborhoods.
The sales included the final lot in Falcon Ridge, becoming the sixth sold-out neighborhood in The Ridges, leaving Azure as the only neighborhood with available homesites.
In addition to the recent lot sales, 23 homes in various neighborhoods are under construction, an additional 23 home plans were recently approved by the developer's design committee and 16 plans are pending approval. This means more than 60 homes are in various phases of development in The Ridges.
"What a difference a year can make," said Kevin Orrock, vice president of master-planned communities for The Howard Hughes Corp., Summerlin's developer. "The volume of sales and building activity we're now experiencing demonstrates a significantly improving consumer confidence level in the local market. Things are not only starting to stabilize, they've rebounded faster than anticipated."
Sales throughout Summerlin - from custom lots to entry-level homes - are surpassing expectations, requiring community developers and their many homebuilder partners to accelerate development to meet market demands. More than 200 new homes have sold in the community this year, exceeding the total number of new homes sold in 2011, just five months into the year.
According to Peggy Chandler, senior vice president of land sales for The Howard Hughes Corp., homebuilders, as well as individual custom-lot buyers, are noting the market changes, and are more aggressively pursuing purchases.
"Pricing and interest rates remain relatively low, making it a great time to buy or build a new home," she said.
Azure is a 117-home neighborhood and features homesites from one-fourth to more than one-acre in size. The neighborhood is along holes Nos. 3, 4, 5 and 6 of Jack Nicklaus' Bear's Best Las Vegas, one of the world's first Bear's Best golf courses.
For more information on Azure or The Ridges, visit www.theridgesinsummerlin .com or call 702-255-2500.
Summerlin's new-home neighborhoods include more than 70 floor plans that range from 1,450 to 6,000 square feet. Homes are located in more than a dozen neighborhoods .
Summerlin began to take shape in 1990, and has been ranked in the country's top 10 best-selling master-planned communities for nearly two decades by regional and national studies.
Located along the western rim of the Las Vegas Valley, Summerlin encompasses 22,500 acres with about 7,500 acres still remaining to accommodate future growth within the master plan. The community is home to nearly 100,000 residents.
Amenities include more than 150 neighborhood and village parks, more than 150 miles of the Summerlin Trail System, 26 public and private schools, 14 houses of worship, nine golf courses, shopping centers, medical and cultural facilities, business parks and more than three dozen actively selling floor plans.
Homes are available in a variety of styles - from single-family homes to townhomes and condominiums - priced from the mid-$100,000s to more than $1 million.
Custom homesites in The Ridges are priced from the high $200,000s.
Luxury apartment homes offer monthly rents starting from the $800s.