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 bestselling 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.
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, 26 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.
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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