Custom lot within The Ridges at Summerlin sells for record price

A custom lot in The Ridges Village of Summerlin sold on March 13 for $9 million, which translates to nearly $3 million per acre, or about $61 per square foot -- the highest price ever paid for a custom lot in The Ridges.

The 3.4-acre parcel is located at the end of a cul-de-sac adjacent to Bear's Best Las Vegas, the Jack Nicklaus-designed golf course that is the centerpiece of The Ridges community. The lot also borders Red Rock National Conservation Area to the west, which ensures the new property owner that the federally protected land adjacent to his parcel will forever remain free of commercial development.

According to Kevin Orrock, top division executive of The Howard Hughes Corp., an affiliate of General Growth Properties and developer of Summerlin, this sale not only reinforces the value of land in The Ridges, it also underscores The Ridges as the valley's most desirable luxury address.

"For a number of reasons, The Ridges has maintained its reputation as one of Southern Nevada's most exclusive luxury communities," Orrock said. "A Summerlin address with access to the community's abundant amenities, adjacency to Red Rock Canyon National Conservation Area, proximity to major retail and dining under development in Summerlin Centre and a growing collection of the valley's most spectacular homes -- all come together to make The Ridges what it is today. A sales price like this speaks volumes not only for that individual lot, but the entire Ridges community. Lots this special, even in The Ridges, are rare. In fact, there is only one other unsold lot of similar size remaining."

According to Ivan Sher of Shapiro & Sher Group, (Prudential Americana Realtors), who handled the transaction, the lot is special in terms of its location and positioning within The Ridges.

"The Ridges is situated on an elevated hillside overlooking the entire valley," Sher said. "This creates superb views as well as a sanctuary from the hubbub of the city, yet it's a short distance from the action unfolding in Summerlin Centre. Add to that the area's dramatic topography and it's the ideal and private setting for a magnificent custom home. This prime lot and others like it in The Ridges easily command a multi-million-dollar sales price."

Last summer, a completed and furnished custom home in Promontory at The Ridges sold for $7.85 million, or $1,047 per square foot, setting the record for price per square foot in the Las Vegas Valley, according to Orrock.

"That home sale, coupled with this most recent lot sale, puts The Ridges in a league of its own," he said.

To date, more than 250 custom lots have been sold in The Ridges, which was named by Forbes.com in 2004 as the country's third-most exclusive gated community.

The custom neighborhoods of Arrowhead, Promontory, Rimrock, Redhawk and The Pointe are sold out, while Falcon Ridge has a few remaining lots available. Azure is actively selling.

Custom lots in The Ridges are typically priced from the $500,000s to more than $1 million.

Lot sizes typically range from one-quarter to one acre, with a limited number of lots measuring more than one acre.

Summerlin began to take shape in 1990. Located along the western rim of the Las Vegas Valley, the master plan encompasses 22,500 acres with about 9,000 acres still remaining to accommodate future growth.

The community is home to more than 95,000 residents who have access to amenities such as more than 100 neighborhood and village parks, more than 150 completed miles of the Summerlin trail system, nine golf courses, a dozen houses of worship, shopping centers, medical and cultural facilities, business parks, 22 public and private schools and more than 100 actively selling floor plans.

For more information, visit summerlin.com. For information on The Ridges, visit theridgesinsummerlin.com.