For Release –January 5, 2018
Five Las Vegas Valley Communities Among Top 50 in US for New Home Sales
Five Las Vegas Valley communities cracked the top 50 nationally for new-home sales last year, new reports show.
Leading the pack locally was Summerlin, where builders sold 1,052 homes, up 37 percent from 2016, according to separate reports this week from two firms, RCLCO and John Burns Real Estate Consulting.
Summerlin’s sales tally was fourth-highest in the country among U.S. master-planned communities, the firms reported.
Buyers also picked up 837 new homes in Inspirada, up 48 percent and No. 8 in the country, their reports said.
According to the firms, builders sold 456 homes in Cadence, up 36 percent; 345 in Mountain’s Edge; and 315 in Skye Canyon.
Some data differed slightly. According to RCLCO, Cadence was 22nd nationally for sales, and sales climbed 10 percent in Mountain’s Edge. For Skye Canyon, the firm did not report comparison sales figures for 2016.
According to John Burns, Cadence was 23rd nationally for sales, and sales climbed 9 percent in Mountain’s Edge and 93 percent in Skye Canyon.
Overall in Las Vegas, homebuilders’ sales totals are climbing but remain a fraction of what they were during the mid-2000s bubble and in the 1990s. But they fetched record prices last year amid rising demand, plunging inventory of previously owned homes, higher development costs and a focus on building bigger, pricier houses.
In master-planned communities, landowners draw up which sections will have homes, retail, parks and other components, and they often sell land in pieces to developers who build housing tracts and other projects.
Summerlin spans 22,500 acres along the valley’s western rim and has more than 100,000 residents. It is the largest masterplanned community in Las Vegas and is being developed by The Howard Hughes Corp.
Caption: A 55-acre lot is prepared for the construction of 354 homes in Shea Home's Trilogy, an age-restricted community, at the corner of Town Center and Flamingo in Summerlin on Tuesday, July 18, 2017. Michael Quine/Las Vegas Review Journal. @Vegas 88s
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.
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.