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The Ridges sets records in Summerlin

Even during the current challenging real estate market, The Ridges in Summerlin continues to set records.

On Oct. 3, a luxury home in Promontory closed escrow for $11.5 million, the highest residential transaction in Las Vegas in 2008. The 14,000-square-foot home, which was featured in the Las Vegas Parade of Homes, sold in an all-cash transaction.

This record home sale follows on the heels of a second record set in March with the sale of a $9 million custom lot. That sale, which translated to nearly $3 million per acre, or about $61 per square feet for bare dirt, set a record as the highest price ever paid in The Ridges for a lot.

And in July 2007, a completed and furnished custom home in Promontory sold for $7.85 million or $1,047 per square foot, setting the record for the highest price paid per square foot for a home in the Las Vegas Valley.

“Summerlin set the standard for master-planned community development not only in Southern Nevada, but nationwide,” said Larry Murphy, president of SalesTraq, a real estate research firm. “So it’s only natural that Summerlin’s most luxurious village, The Ridges, is equally revered and desired. The records speak for themselves.”

The Ridges is a nearly 800-acre, guard-gated residential village that features several of the valley’s most prestigious custom home neighborhoods.

Nestled against the mountainside adjacent to Red Rock Canyon National Conservation Area, the village also features some of the most dramatic natural topography in Las Vegas.

By virtue of its elevated location, unparalleled views of the Las Vegas Valley and the Las Vegas Strip exist throughout The Ridges, said Kevin Orrock, president of The Howard Hughes Corp., developer of Summerlin.

Amenities in The Ridges include one of the world’s first Bear’s Best golf courses designed by Jack Nicklaus, as well as Club Ridges, an exclusive fitness and health club that features private tennis courts, swimming pools, a fitness center, and a community center for the exclusive use of Ridges’ residents.

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

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

Lot sizes range from 1/4 to one acre, with a limited number of larger lots more than one acre in size.

For more information, visit theridgesinsummerlin.com.

For more information about the master-planned community, visit summerlin.com.

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