Tuesday, July 10, 2018

SUMMERLIN® CLIMBS TO #3  SPOT NATIONALLY

FOR NEW HOME SALES IN 2018 MID-YEAR RANKING

Summerlin is Nevada’s highest ranked master-planned community

with a 64 percent increase in new home sales for first half of 2018

 

Summerlin® marked the first half of 2018 with strong new home sales, topping last year’s numbers through June 2017 by 64 percent to earn the community the #3 spot on a list of country’s best-selling master-planned communities (MPCs), according to a report recently released by national real estate consultant RCLCO.  With 772 new home sales for 2018 as of June 30, Summerlin, a development of The Howard Hughes Corporation® (NYSE: HHC), is the highest ranked MPC in Nevada. 

 

According to Kevin T. Orrock, president, Summerlin, the community’s strong sales performance is even more remarkable given the Southern Nevada region’s lack of labor supply, which has affected the speed at which homebuilders can deliver new product.  “Despite the restricted labor force, our homebuilders continue to outpace last year’s sales by a significant margin, underscoring the demand for new homes in Summerlin,” said Orrock.  “We believe the Summerlin lifestyle, created by abundant amenities like parks and trails, top-ranked schools and the ongoing evolution of Downtown Summerlin® as a retail, dining, entertainment and sports destination, significantly contributes to the community’s appeal.”

 

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 an exceptionally wide range of prices and styles, with more than 150 actively selling floorplans in 34 neighborhoods throughout seven villages.  New homes in Summerlin currently range from 874 to more than 5,000 square feet, priced from the low $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 MPC sales in 1994.  Since then, Summerlin has appeared on the list 22 times, ranking among the 10 top-selling MPCs in the country for 17 of those appearances.  “That puts Summerlin in the company of only a handful of communities nationwide that have enjoyed such remarkable and sustained sales success over decades,” said Logan.    

 

In Summerlin, both market segmentation and a growing number of moderately priced homes are evident in neighborhoods like Regency by Toll Brothers and Trilogy by Shea Homes that both cater to active adults, ages 55-plus, as well as new neighborhoods in The Paseos and The Cliffs villages that offer more moderately priced homes embodied in contemporary designs that resonate with a wider range of buyers – from Millennials and beyond.  Affinity by William Lyon Homes in Summerlin Centre offers the community’s greatest variety of housing types in single neighborhood, including homes as small as 870 square feet. KB Home’s Caledonia in Stonebridge offers homes from the $300,000s; and Summerlin is expected to open an additional three neighborhoods by year-end, adding to the community’s already diverse offering of home products.

 

While the community boasts several neighborhoods with strong sales, Reverence by Pulte Homes is an exceptional bright spot with more than 270 new home sales in a single year since it opened last summer. In fact, the neighborhood took home top honors as the 2018 Community of the Year at the recent Southern Nevada Home Builders Association (SNHBA) Silver Nugget awards.

 

“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,” said Orrock.  “We anticipate strong sales to continue throughout 2018, and we are excited about the continuing evolution of Downtown Summerlin, the community’s urban core that offers residential, dining, fashion and entertainment, and now, sports.  Home to City National Arena, practice facility of the Vegas Golden Knights, and coming soon, Las Vegas Ballpark, future home of the Las Vegas 51s, Downtown Summerlin is a huge draw for fans from throughout the valley and reflects the city’s passion and excitement for professional sports.”

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“This newest 2018 mid‐year report speaks volumes about Summerlin’s remarkable and enduring success as it leads new home sales in Southern Nevada, even in its 28th year of development,” said Orrock.

 

For information on Summerlin, visit Summerlin.com.

 

About Summerlin

Developed by The Howard Hughes Corporation, 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 currently home to nearly 100,000 residents who enjoy an unparalleled list of amenities. These include more than 250 neighborhood and village parks, more than 150 completed miles of trails, 27 public and private schools, 14 houses of worship, ten 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 townhomes– priced from the $300,000s to more than $2.5 million. For information on custom homesites in The Ridges please call 702.255.2500. Luxury apartment homes offer monthly rents starting from the $900s. Visit www.summerlin.com for more information.

 

About The Howard Hughes Corporation®

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 14 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC with major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For additional information about HHC, visit www.howardhughes.com, or find us on Facebook, Twitter, Instagram, and LinkedIn.                           

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