Monday, January 7, 2019
SUMMERLIN® EARNS #3 RANKING NATIONALLY FOR NEW HOME SALES IN 2018
Las Vegas Master-Planned Community Boasts 25 Percent Increase in Home Sales in 2018
Following another year of milestone development and a 25 percent increase in new home sales over 2017, the master-planned community (MPC) of Summerlin®, a development of The Howard Hughes Corporation®, moved up one spot from 2017 to earn the #3 national ranking on the list of 2018 best-selling MPCs by RCLCO, a leading national real estate consultant that has been ranking MPCs since 1994. The ranking is determined by number of new home sales, and in 2018, 1,318 new homes were sold in Summerlin - the community’s strongest performance in more than a decade.
According to Gregg Logan, managing director, RCLCO, Summerlin has consistently appeared on its annual list 23 times since the firm began tracking 25 years ago. “The community was ranked #1 as the nation’s top-selling MPC eight times between 1994 and 2002, putting Summerlin in the company of only a handful of communities nationwide to enjoy such remarkable and sustained success,” he said. “Among the top ten best-selling communities in 2018, Summerlin’s robust 25 percent increase over the previous year was the strongest, a testament to the community’s enduring appeal.”
According to Kevin T. Orrock, President of Summerlin for The Howard Hughes Corporation, Summerlin’s success is attributed to three primary factors: a growing inventory of new homes that includes a wider variety of homes in all sizes, styles and prices to meet the demands of various market segments, from Millennials to empty-nesters and retirees; the community’s growing vibrancy created by landmark projects at Downtown Summerlin, including both City National Arena – practice facility and home of the Vegas Golden Knights, and Las Vegas Ballpark®, a Triple-A baseball stadium and future home of the Las Vegas Aviators®; and an influx of buyers from other regions of the country where housing is more expensive, especially California.
In addition to record new home sales, Summerlin marked 2018 with milestone developments that included the opening of ten new neighborhoods; the sell-out and completion of seven neighborhoods; groundbreaking and topping out of Las Vegas Ballpark® at Downtown Summerlin, a 10,000-capacity minor league baseball stadium and future home of the Las Vegas Aviators®, the city’s professional Triple-A baseball team of the Pacific Coast League (PCL) and affiliate of the Oakland A’s; completion of Two Summerlin, the second Class-A office at Downtown Summerlin spanning 150,000 square feet; growing success of Downtown Summerlin as a retail destination with the opening of 10 new stores and annual visitation up by more than eight percent with 2018 visitation topping 18 million; commencement of construction on Downtown Summerlin’s second luxury apartment complex that includes 267 residences and scheduled for completion in early 2019; completion of construction on a 180,000-square-foot campus for Aristocrat Technologies, a global gaming leader; and the opening of Oak Leaf Park, a five-acre park in The Cliffs village and continuing development of two major parks: Sagemont Park, a nearly 10-acre park in Summerlin Centre; and a 12-acre park in the village of Stonebridge.
Summerlin currently offers more than 180 floorplans in 36 neighborhoods in seven distinct villages and two custom home enclaves throughout the community. Homes are available in a variety of styles – from single-family homes to townhomes, priced from the $250,000s to more than $1 million. And for those looking for quick occupancy, there are dozens of homes available for quick move-in. Visit Summerlin.com for information.
About Downtown Summerlin®
Downtown Summerlin is part of a planned urban center, serving the entire Las Vegas Valley. It includes retail, entertainment, office, hotel and multi-family residential elements, all designed to create a vibrant, walkable urban core within the award-winning 22,500-acre master planned community of Summerlin®. Downtown Summerlin totals nearly 400 acres and features more than 125 stores and restaurants in a streetscape-shopping environment with pedestrian thoroughfares and dynamic storefronts. The first phase of development opened to the public in October 2014. Today, Downtown Summerlin is also home to City National Arena, practice facility for the National Hockey League’s Vegas Golden Knights, and in 2019, Downtown Summerlin will welcome Las Vegas Ballpark®, a 10,000-capacity minor league baseball stadium. Downtown Summerlin boasts two Class-A office towers that encompass a combined 380,000 square feet. In addition to Downtown Summerlin’s first luxury multifamily development, The Constellation, more than 4,000 attached residences are planned at Downtown Summerlin to create a high-density urban residential community comprised of apartments, condominiums, lofts and brownstones. A second luxury apartment complex is in early development. Rounding out Downtown Summerlin landmark facilities are Red Rock Casino Resort & Spa, Lifetime Athletic and the City National Bank building. Downtown Summerlin is located just east of the 215 Beltway between Sahara Avenue and Charleston Blvd. Additional information can be found at www.downtownsummerlin.com.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: The Seaport District in New York; Columbia, Maryland; The Woodlands®, The Woodlands Hills, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; and Ward Village® in Honolulu, Hawai'i. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative place making, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.