Saturday, January 28, 2017
SUMMERLIN® RANKS #5 NATIONALLY FOR TOP-SELLING MASTER-PLANNED COMMUNITIES IN 2016
Summerlin 2016 new home sales up 28 percent over 2015
In 2016, Summerlin®, the largest and premier master-planned community (MPC) in the Las Vegas valley, had new home sales of 769, a 28 percent increase over 2015 new home sales of 602. According to RCLCO, a leading national real estate consultant that has ranked sales of MPCs since 1994, this earned Summerlin the #5 spot on its national best-selling master-planned community list for 2016.
Developed by Dallas-based The Howard Hughes Corporation® (NYSE: HHC), Summerlin moved up one spot on the list from the #6 position in 2015. According to the report, Summerlin is the highest ranking Nevada master-planned community and one of only two in Nevada to make the top 20 list.
The report, which noted Las Vegas’ economic recovery, cited the addition of new villages and mixed-use areas as factors contributing to Summerlin’s strong home sales in 2016. Both The Cliffs, Summerlin’s newest village, and Downtown Summerlin®, the community’s 106-acre fashion, dining and entertainment destination, saw significant growth during the year. In 2016, three new neighborhoods opened in The Cliffs village: Regency and Ironwood by Toll Brothers and Vistara by Pulte Homes. The ongoing expansion of Downtown Summerlin’s retail and dining line-up included the addition of 14 new brands, including many first-to-market names such as Dave & Buster’s, buybuy Baby, Casa del Matador and Fabletics by Kate Hudson; along with the first off-Strip Maggiano’s Little Italy.
According to the report, which includes only true master-planned communities as defined by many criteria, one of the most prevalent features of the top-selling MPCs is the inclusion of mixed-use districts, which tend to be heavily food-oriented and typically include other convenience retail and services supportive of daily living.
“The Downtown Summerlin area, with more than 35 restaurants, a mix of office, casino hospitality, retail, residential and a future practice facility for Vegas Golden Knights, the city’s first professional sports franchise, is creating a new center of commerce in Summerlin,” said Kevin T. Orrock, President, Summerlin. “A variety of uses are concentrated here to create a level of vibrancy unprecedented in the community that attracts everyone from Millennials and families to retirees. As the only MPC with a downtown, Summerlin is in a league of its own, and Downtown Summerlin has proven to be a real difference-maker in enhancing the quality of life here.”
The report also cites another common attribute of the most successful communities: the availability of various healthy community features, including fitness classes, active lifestyle activities, and easily accessible parks and multiuse or dedicated paths and trails that offer a variety of experiences for biking, walking, running, hiking, along with proximity to nature.
“With more than 150 miles of trails, over 200 parks of all sizes including major community parks, ten golf courses, and adjacency to Red Rock Canyon National Conservation Area, Summerlin has long been synonymous with healthy, active living,” said Orrock. “Added to that are centers like TruFusion and Life Time Athletic that create additional fitness opportunities. In 2016, Summerlin added a fourth resident exclusive community center and third pool to its list of amenities, as well as a major public indoor aquatic center. Summerlin has no equal in Southern Nevada in terms of amenities.”
In terms of age segmentation, the report also cites that MPCs are targeting Millennials and active adults/empty nesters in roughly equal numbers. Eleven of the 20 top-selling MPCs, including Summerlin, have active adult community components. Regency by Toll Brothers opened in 2016 in The Cliffs village as an active adult neighborhood and is experiencing very strong sales, according to Orrock. An additional active adult neighborhood is in planning with more in long-range planning to accommodate a growing demand from baby boomers, he said.
The report also stated that attached rental products are beginning to gain traction in some MPCs. In Summerlin, Constellation, a luxury rental community, opened in third quarter 2016. Constellation is leasing well with more residents moving in daily. According to Orrock, additional rental neighborhoods are planned for both the Downtown Summerlin area and other villages throughout the community to accommodate growing demand from population segments like GenXers and Millennials whose preferences for low maintenance and carefree lifestyles are creating greater demand for attached and rental housing products.
To read the full RCLCO report visit: https://www.rclco.com/advisory-mpc-survey-2016-year-end-2017-01-04#top-50
Now 27 years into development, Summerlin still has more than 6,000 gross acres left to develop. To learn more about Summerlin, visit Summerlin.com.
CAPTION: Summerlin is the country’s #5 best-selling master-planned community (MPC) for 2016, according to RCLCO, a leading national real estate consultant that has ranked sales of MPCs since 1994. In 2016, the community had new home sales of 769, a 28 percent increase over 2015 new home sales of 602.
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, 25 public and private schools, 14 houses of worship, nine 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 15 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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