July 19, 2019 - 2:49 pm
Summerlin marked the first half of 2019 with strong new home sales, earning the No. 4 spot nationally on a list of country’s best-selling master-planned communities, according to a report recently released by national real estate consultant RCLCO.
With 675 new home sales for 2019 as of June 30, Summerlin, a development of The Howard Hughes Corp., is the highest ranked master plan in Nevada. It is the only Nevada MPC on the top 10 list, and the only residential development outside of Florida among the nation’s top five best-selling MPCs. The ranking means Summerlin remains on the top five list after being ranked No. 3 for 2018 new home sales.
According to Kevin T. Orrock, president, Summerlin, the community’s strong sales performance and enduring appeal is created by many factors.
“Summerlin’s elevated location, which overlooks the Las Vegas Valley and sits at the foot of Red Rock Canyon can’t be beat when it comes to views and adjacency to the most stunning natural landmark in Southern Nevada,” he said. “The active Summerlin lifestyle is another big draw and is created by more than 250 parks of all sizes, 10 golf courses, 150-plus miles of trails, and, of course, Downtown Summerlin, which now includes two major sports venues in addition to shopping, dining and entertainment — all minutes from home.”
Just this spring, Downtown Summerlin welcomed Las Vegas Ballpark, a world-class Triple A baseball stadium and home to the Las Vegas Aviators, the city’s professional Triple-A baseball team, member of the Pacific Coast League (PCL) and affiliate of the Oakland Athletics. Located adjacent City National Arena, practice facility of the Vegas Golden Knights, Las Vegas Ballpark currently leads Minor League Baseball for game attendance. Ballpark Digest named Las Vegas Ballpark 2019’s best Triple-A ballpark.
According to the report, master-planned communities that achieved sales increases continue to credit successful market segmentation — the targeting of various age, income and household segments with appropriately priced and designed residential product types and lifestyle amenities.
This is true in Summerlin where homes are available in a wide range of prices and styles, with more than 180 actively selling floor plans in 42 neighborhoods throughout nine villages.
New homes in Summerlin range from 874 square feet to more than 5,000 square feet, priced from the mid- $200,000s to more than $1 million and meeting the needs of multiple market niches.
According to Gregg Logan, managing director, RCLCO, Summerlin has consistently appeared on the list since RCLCO first began tracking master plan sales in 1994. Since then, Summerlin has appeared on the annual list 21 times, not counting midyear rankings. Summerlin has ranked among the 10 top-selling MPCs in the country for 18 of those appearances, including an impressive run at the No. 1 spot seven times from 1997 to 2003.
“That puts Summerlin in the company of only a handful of communities nationwide that have enjoyed remarkable and sustained sales success over decades,” Logan said.
In Summerlin, market segmentation is evident in the strong sales at neighborhoods on both ends of the pricing spectrum.
At Reverence by Pulte Homes and Mesa Ridge by Toll Brothers, expansive luxury homes with abundant neighborhood amenities like clubhouses and resort-style pools, experienced strong sales during the first half of 2019. Equally successful are a growing number of moderately priced homes that appeal to millennials, young professionals and families.
Among these are the Moda collection at Affinity by William Lyon Homes in Summerlin Centre that offers the community’s greatest variety of attached housing types in single neighborhood, including homes as small as 870 square feet. Other 2019 success stories include KB Home’s Caledonia in Stonebridge with homes from the $300,000s. In fact, the neighborhood has been so successful, KB Home will soon launch Bristle Vale, offering similarly priced and styled homes to meet market demand.
And finally, Bixby Creek by Woodside Homes, with homes priced from the mid-$500,000s, is leading the sales pace in Summerlin. According to Orrock, while Summerlin is now offering a growing diversity of home product, mid-range priced, family-style homes are one of the community’s sweet spots.
“From Reverence on Summerlin’s northernmost boundary to The Cliffs village on the south, Summerlin has never offered such a wide range of housing product as it does today,” Orrock said. “This includes a growing number of active-adult neighborhoods, an increasing number of town homes, condos and attached housing products, and even a growing number of for-rent apartments. The increasing diversity in home product is a direct reflection of changing consumer preferences for smaller footprints, reduced maintenance and homes that better accommodate a ‘lock and leave’ lifestyle.”
While The Howard Hughes Corp. anticipates strong sales to continue throughout 2019, the company is particularly excited about the continuing evolution of Downtown Summerlin, the community’s urban core. According to Orrock, Summerlin is the only master-planned community in Southern Nevada with its own downtown.
“While Downtown Summerlin welcomes Southern Nevada residents from all corners of the valley, those who live in Summerlin take special pride in having such a world-class destination right in their own backyard.”
“This newest 2019 mid-year report speaks volumes about Summerlin’s remarkable and enduring success as it leads new home sales in Southern Nevada, even in its 29th year of development,” Orrock said.
For information on Summerlin, visit Summerlin.com.
Developed by The Howard Hughes Corp., Summerlin began to take shape in 1990 and has ranked in the country’s top 10 best-selling master-planned communities for nearly two decades.
Located along the western rim of the Las Vegas Valley, Summerlin encompasses 22,500 acres with approximately 6,000 gross acres still remaining to accommodate future growth, including infrastructure, open space and common areas, all within the master plan.
The community is home to nearly 100,000 residents.
Amenities include more than 250 neighborhood and village parks, more than 150 completed miles of trails, 27 public and private schools, 14 houses of worship, 10 golf courses, shopping centers, medical and cultural facilities, business parks and dozens of actively selling floor plans.
Homes are available in a variety of styles – from single-family homes to town homes – priced from the $300,000s to more than $2.5 million.
For information on custom homesites in The Ridges, call 702-255-2500. Luxury apartment homes offer monthly rents starting from the $900s. Visit www.summerlin.com for more information.
The Howard Hughes Corp. owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S.
Properties include master-planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawaii.
The Howard Hughes Corp. is traded on the New York Stock Exchange as HHC with major offices in New York, District of Columbia, Maryland, Dallas, Houston, Las Vegas and Honolulu.
For additional information about HHC, visit www.howardhughes.com, or find us on Facebook, Twitter, Instagram, and LinkedIn.