Summerlin, the largest and premier master-planned community in the Las Vegas Valley, had new home sales of 769 in 2016, a 28 percent increase over the previous year’s new home sales of 602.
According to RCLCO (formerly Robert Charles Lesser &Co.), a leading national real estate consultant that has ranked sales of master-planned communities since 1994, this earned Summerlin the No. 5 spot on its national best-selling MPC list for 2016.
Developed by Dallas-based The Howard Hughes Corp., Summerlin moved up one spot on the list from the No. 6 position in 2015. According to the report, Summerlin is the highest-ranking Nevada master-planned community and one of only two in Nevada to make the top 20 list.
The report, which noted Las Vegas’ economic recovery, cited the addition of new villages and mixed-use areas as factors contributing to Summerlin’s strong home sales in 2016. Both The Cliffs, Summerlin’s newest village, and Downtown Summerlin, the community’s 106-acre fashion, dining and entertainment destination, saw significant growth during the year. In 2016, three new neighborhoods opened in The Cliffs village: Regency and Ironwood by Toll Brothers and Vistara by Pulte Homes. The ongoing expansion of Downtown Summerlin’s retail and dining lineup brought the addition of 14 new brands, including many first-to-market names, such as Dave &Buster’s, buybuy Baby, Casa del Matador and Fabletics by Kate Hudson; along with the first off-Strip Maggiano’s Little Italy.
According to the report, which includes only true master-planned communities as defined by many criteria, one of the most prevalent features of the top-selling MPCs is the inclusion of mixed-use districts, which tend to be heavily food-oriented, and typically include other convenience retail and services supportive of daily living.
“The Downtown Summerlin area, with more than 35 restaurants, (and) a mix of office, casino hospitality, retail, residential and a future practice facility for Vegas Golden Knights, the city’s first professional sports franchise, is creating a new center of commerce in Summerlin,” said Kevin T. Orrock, president, Summerlin.
“A variety of uses are concentrated here to create a level of vibrancy unprecedented in the community that attracts everyone from millennials and families, to retirees.
As the only MPC with a downtown, Summerlin is in a league of its own, and Downtown Summerlin has proven to be a real difference-maker in enhancing the quality of life here,” he added.
The report also cites another common attribute of the most successful communities: the availability of various healthy community features, including fitness classes, active-lifestyle activities, easily accessible parks, and multiuse or dedicated paths and trails that offer a variety of experiences for biking, walking, running and hiking, as well as proximity to nature.
“With more than 150 miles of trails; over 200 parks of all sizes, including major community parks; 10 golf courses; and adjacency to Red Rock Canyon National Conservation Area, Summerlin has long been synonymous with healthy, active living,” Orrock said.
“Added to that are centers like TruFusion and Life Time Athletic that create additional fitness opportunities. In 2016, Summerlin added a fourth resident-exclusive community center and third pool to its list of amenities, as well as a major public indoor aquatic center. Summerlin has no equal in Southern Nevada in terms of amenities.”
Regarding age segmentation, the report also cites that MPCs target millennials, active adults and empty nesters in roughly equal numbers.
Eleven of the 20 top-selling MPCs, including Summerlin, have active-adult community components. Regency by Toll Brothers opened in 2016 in The Cliffs village as an active-adult neighborhood and is experiencing very strong sales, according to Orrock. An additional active-adult neighborhood is in planning with more in long-range planning to accommodate a growing demand from baby boomers, he said.
The report also stated that attached rental products are beginning to gain traction in some MPCs. In Summerlin, Constellation, a luxury rental community, opened in third quarter 2016. Constellation is leasing well with more residents moving in daily.
According to Orrock, additional rental neighborhoods are planned for both the Downtown Summerlin area and other villages throughout the community to accommodate growing demand from population segments like Gen Xers and millennials whose preferences for low-maintenance and carefree lifestyles are creating greater demand for attached and rental housing products.
To read the full RCLCO report, visit rclco.com/advisory-mpc-survey-2016-year-end-2017-01-04#top-50.
Now 27 years into development, Summerlin still has more than 6,000 gross acres left to develop. To learn more about Summerlin, visit Summerlin.com.