Condos, townhomes opening in Summerlin

Builders are targeting Summerlin with luxury town homes and condos, and the master-planned community is also seeing an influx of attached homes that’s making it more affordable as well.

Town home is the buzz word in Summerlin as builders opened models in August and September and will open more over the next six months. While technically they’re condos because buyers don’t own the land underneath, many functions as town homes with two or three attached either side-by-side or stacked in some cases.

There’s Toll Brothers opening models in October in The Ridges for its Fairways Hills community where town homes will be priced at $680,000 on the low end to more than $1 million at the upper level.

CalAtlantic Homes is selling town homes that start at $285,000 and will go into the upper $300,000s.

Other builders such as William Lyon Homes and Shea Homes have products whose price ranges will fall between those two, covering the whole gamut of buyers.

Builders said they’re just responding to the demand that more customers have for a lock-and-leave style where owners don’t have to worry about maintenance and landscaping, while having the feel of a single-family home. The demand for existing town homes and condos has been strong as evidenced by sales up 39 percent in July and 27 percent in August, according to the Greater Las Vegas Association of Realtors.

“It’s only natural that the town home market would improve,” said Dennis Smith, president of Home Builders Research. “The baby boomers have been a major force of the housing market and for the past two to three years, they’re downsizing. They (have wealth) and want products where they have amenities but don’t have to have a lot of upkeep. It allows them to travel to see the kids and grandkids.”

The town home and attached-home market has “always been strong in Vegas” compared to the rest of the country because of the number of people who are second and third homeowners, Smith said.

Prior to the recession, new attached homes were 15 to 20 percent of the market. It was non-existent after the recession, and grew to 4 percent of sales in 2016, Smith said. It could reach 10 percent this year with the inclusion of more affordable homes that are attractive to millennials in addition to the luxury ones getting built, he said.

Town homes can be built in phases, which means they won’t have a lot of inventory at once unlike a stack of condominiums, Smith said. Given there hasn’t been a lot of attached units built in the last decade and inventories are down, it’s a great time to build, he said.

“It’s nowhere near where it was before the recession, but it’s coming back,” Smith said. “I knew it would eventually as builders started to diversify their product types, which a lot of them had to do because they can’t find replacement lots or land at a price to build as many detached homes as they like.”

Brian Gordon, a principal at research firm Applied Analysis, said the regulatory environment has shifted in Las Vegas, starting with the 2015 Nevada legislative session related to construction defect litigation. That relief brought more builders back into the town home and condo construction, he said.

Summerlin, which has about 100,000 residents, is an attractive location for all types of town home and condo development because of its amenities. It’s home to more than 250 neighborhood and village parks, more than 150 completed miles of trails, nine golf courses, shopping centers, medical and cultural facilities and business parks.

The average price of new homes in Summerlin has centered around $600,000, and the wide range of prices for town homes covers the spectrum of buyers who want to live in the master plan.

“While Summerlin has long been known as a community comprised primarily of single-family homes, today we are welcoming a greater variety of attached housing products that accommodate emerging trends and lifestyles,” said Kevin T. Orrock, president, Summerlin. “Homes with smaller footprints and reduced maintenance are equally desired by generations on both ends of the home-buying-spectrum from millennials to empty-nesters and retirees who seek a more experiential lifestyle.

“As a result, we are responding with a growing number of attached homes in all price points. From inception, Summerlin was envisioned as a multigenerational community, and the growing diversity of housing options helps us maintain that goal.”

With many homes in the gated community of The Ridges selling in the high $1 million-range and exceeding $2 million, the opportunity to buy into Fairway Hills at much lower prices is generating a lot of interest, according to Gary Mayo, group president of Toll Brothers. The project has views of Bear’s Best golf course in addition to the Strip. There will be 129 town homes with most buildings having three units and some having only two. With three units, the buildings have one town home on the first floor and two on the top. They start at 2,210 square feet and increase to nearly 3,300 square feet. All have garages.

“It has all the amenities you have in a home,” Mayo said. “They’re highly upgraded with large decks, and the location in The Ridges at under $1 million is great. It doesn’t exist other than what we have.”

Toll Brothers started the project before the recession and had closed 20 units in 2006 until it put the project on hold, Mayo said. It’s one of the “best pieces of dirt we own in the company” and decided to wait for the market to recover for the greatest return, he said. It has recovered, and that’s reflected in that 40 percent of the buyers are likely to be from out of state, especially from California and Pacific Northwest, he said.

“I think you’re seeing a repeat of what we had prior to the recession in a lot of in-migration to Las Vegas,” Mayo said. “They’re seeing it has matured, and there’s a lot of diversity in the economy. There are many drivers bringing in people who may not have come prior. You have a lot in the tech industry, and the medical industry continues to grow. That’s fueling demand in all price points.”

Some builders are seeing opportunity with older buyers.

Shea Homes is focusing its Summerlin town home project Trilogy to those 55 and older since many want to downsize with their children no longer living with them. There will be 354 town homes with most in the form of duplexes and a small number of triplexes, said Kyle Tibbitts, Shea’s general manager in Las Vegas.

More than half will be duplexes side-by-side and vertical ones will have one unit occupying the first and second floor and second unit on the third floor accessed by an elevator.

Construction has started and the models will be completed in early 2018, Tibbitts said. They range from 1,500 to 2,800 square feet and prices start in the mid-$400,000s, and will exceed $700,000 in some cases.

There will be a clubhouse and resort swimming pool and culinary studio among the amenities, Tibbitts said. The project is drawing a lot of interest from local residents, including those who already live in high-end homes in Summerlin.

“When you wake up every day at a resort it’s a lot easier to maintain,” Tibbitts said. “We find a lot of people are looking for a great lifestyle and not have to worry about home maintenance. They want to spend their Saturday enjoying life than maintaining their lawn. They want to be able to travel on a whim and not worry about their house.”

At lower price points, William Lyon Homes is building Affinity, 485 units in four communities on Charleston Boulevard at the 215 Beltway. It includes the most affordable at the mid-$200,000s to the high $400,000s, according to Kim Chitwood, vice president of sales and marketing. They range in size from about 900 square feet to about 2,500 square feet.

CalAtlantic’s Santa Rosa town home development off the Far Hills exit of the 215 Beltway in the Paseos village has units priced from under $300,000 to more than $400,000. It’s part of the company’s strategy that made it one of the top two town home builders in Las Vegas during the last five years, according to Dana Rogers, the division president for Las Vegas. The project is a nod to Summerlin’s intent to have more affordable housing in the master plan, he said.

“Summerlin hasn’t done this is quite a while,” Rogers said. “If you’re trying to find a single-family new home in the $300,000s in Summerlin, you can’t find them. There’s a market for it.”

The units feel like single-family homes and just because it’s at a lower priced point than traditionally seen in Summerlin, it has an upscale feel, Rogers said.

Some town homes have balconies and optional rooftop decks, and there’s plenty of amenities that make it attractive such as an outdoor cabana with television homeowners can program with their phone. At the center of the village is the 12-acre Paseos Park with walking trails, play areas, basketball courts, and picnic ramadas.

ad-high_impact_4
Real Estate Millions
Real Estate Millions: Say Yes To The Nest
Real Estate Millions: KB Smart Home
Marc-Andre Fleury selling Las Vegas home for $2.5M - VIDEO
Golden Knights goalie Marc-Andre Fleury has put his custom Southern Highlands home on the market for $2.5 million. The single-story home, built on a .63-acre lot in 2015, measures 5,285 square feet and has a 717-square-foot casita and three-car garage. It has five bedrooms and six baths. Fleury bought the home from former NHL player and fellow Canadian Sheldon Souray, according to public records. When he signed his three-year, $25M contract extension over the summer, Fleury told the media he and his family love Las Vegas and cited its great schools and neighborhoods with a lot of things for kids to do. Fleury said he and his family love their home in Southern Highlands, but wanted to be “closer to the Summerlin area." Home photos courtesy of Ivan Sher Group
Marc-Andre Fleury selling Las Vegas home for $2.5M - VIDEO
Golden Knights goalie Marc-Andre Fleury has put his custom Southern Highlands home on the market for $2.5 million. The single-story home, built on a .63-acre lot in 2015, measures 5,285 square feet and has a 717-square-foot casita and three-car garage. It has five bedrooms and six baths. Fleury bought the home from former NHL player and fellow Canadian Sheldon Souray, according to public records. When he signed his three-year, $25M contract extension over the summer, Fleury told the media he and his family love Las Vegas and cited its great schools and neighborhoods with a lot of things for kids to do. Fleury said he and his family love their home in Southern Highlands, but wanted to be “closer to the Summerlin area." Home photos courtesy of Ivan Sher Group
Real Estate Millions: Waldorf Astoria penthouses
Real Estate Millions: Cold Creek Log House
Real Estate Millions: Brett Torino Christmas
Real Estate Millions: Pia Zadora
Real Estate Millions: Lake Las Vegas
Real Estate Millions: 27 Burning Tree Court in Spanish Trail
LEED home
Real Estate Millions: Top 10 Most Expensive Homes Sold In 2018
Real Estate Millions: Operation Halloween
Realtor and owner of Operation Halloween, Nicole Tomlinson, shares high-end luxury 'tricks of the trade' for Halloween decorating.
Real Estate Millions: Ascaya Pool Home
$15.5M Ascaya home has 5,900-square-foot pool.
Rat Pack-era home once housed Las Vegas entertainers
3671 Tioga Way in Paradise Palms neighborhood Listed for $650,000 Professional photographers Mark and Sarah Gascoine
Home builder Toll Brothers has plans in Summerlin
Toll Brothers purchased of 128 acres of property near Mesa Park Drive and Town Center Drive will be used for a housing development. (Michael Quine/Las Vegas Review-Journal)
Rich MacDonald estate in Henderson
Rich MacDonald estate in Henderson
Real Estate Millions: Liberace Mansion
Real Estate Millions: 4120 Mont Blanc Way, Mount Charleston
Real Estate Millions: 8 Vista Crescent Court, Ascaya, Henderson
Real Estate Millions: 11172 San Terrazo Place
Real Estate Millions takes a look at Blue Heron Real Estate.
Real Estate Millions: 1325 Villa Barolo Ave
Overlooking the second hole of the Rio Secco golf course within the community of Marquis Seven Hills is a modern masterpiece of light and architectural artistry. Designed by the award-winning Blue Heron design team, the home known as The Aurora Estate adorns the likes of the most noteworthy LED displays and lighting projects from around the world. XLED Systems founder and mastermind behind the world-renowned Freemont Street Experience, Hong Kong’s Disneyland Storybook Theater and the larger-than-life concert stages of Justin Bieber, Keith Urban and the Foo Fighters (to name a few)—brings light and magic to the hills of this private and highly desirable gated community. The combination of the 133” custom HD/LED Digital Display, 150+ interior/exterior lights and 34 indoor/outdoor surround sound speakers bring a unique ambiance and entertainment level to the home. Other spectacular bonus features include a 1,200 SQFT pool, therapy spa, wet step lounge, $100K+ full Crestron system in-sync with Amazon’s Alexa, 9 security cameras and panic room.
Real Estate Millions: One Queensridge Place
Real Estate Millions takes a look at 9103 Alta Drive #1501, Las Vegas, NV.
Underground home was built as Cold War-era hideaway
The underground house at 3970 Spencer Street is one of the valley’s most unusual homes built 26 feet underground in 1978 by Girard “Jerry” B. Henderson, who, planned to survive the end of the world there.
Real Estate Millions: 323 Mont Blanc Way
Garry Tomashowski talks about his cabin in Mount Charleston.
Famous Las Vegas underground house
Did you know there is an underground house in Las Vegas? The home was originally built as a bomb shelter in 1978, and sits 26 feet below the surface. The midcentury-style home measures about 6,000 square feet, and features two bedrooms and three bathrooms. There’s a 6-foot-deep pool, a spa, a barbecue area, and a carpeted six-hole putting green. The Underground House has lighting that emulates different times of the day. And mountain and wilderness murals depict an outdoor setting. The home is accessed from a flight of stairs that’s part of a town home.
Real Estate Millions: 36 Olympia Canyon Way
Mitch McClellan and John McDonough talk about their property in Southern Highlands.
Real Estate Millions: 20 Vintage Valley Drive, Southern Highlands
Real Estate Millions: 2315 Alta Drive
Real Estate Millions: 28 Sankaty Circle
Barbara Adcock talks about her favorite parts of her home in Anthem.
Real Estate Millions: Uri Vaknin
Real Estate Millions host Susan Kocab interviews Uri Vaknin about the renovations he made to his home and why he chose a one story building.
Real Estate Millions: MacDonald Highlands
Brad and Ann Adams talk about their home in MacDonald Highlands.
Real Estate Millions: MacDonald Highlands
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Home Front Page Footer Listing
Circular
You May Like

You May Like