Summerlin’s developer sold onshore to homebuilders past period astatine higher values than accustomed successful a portion of Las Vegas known for costly dirt.
Howard Hughes Holdings sold 73 acres combined to 3 builders for $126 million, spot records show. The onshore is located astir a mile oregon truthful westbound of the Lake Mead Boulevard-Summerlin Parkway interchange, astatine the basal of the mountains.
The clump of deals followed Hughes Holdings’ merchantability of astir 12.8 acres successful February for $22.4 cardinal to different builder.
Overall, the income worth for each of these 4 transactions came to $1.7 cardinal per acre oregon more, with the highest reaching $1.75 cardinal an acre.
Summerlin, the largest master-planned assemblage successful Las Vegas, boasts much than 130,000 residents and immoderate of the highest location and onshore prices successful Southern Nevada.
But adjacent by Summerlin standards, the caller deals were pricey — and successful general, erstwhile builders wage precocious onshore values, they merchantability homes astatine higher prices, too.
More lodging connected the way
Hughes Holdings’ existent property business, Howard Hughes Communities, confirmed successful a connection that its caller onshore income were among the highest per-acre prices it has achieved for tract lodging sites successful Summerlin.
“The results bespeak beardown homebuilder request and our disciplined attack to the timing and pricing of onshore sales,” the institution told the Las Vegas Review-Journal.
Summerlin spans 22,500 acres on the valley’s occidental rim. The developer’s namesake — Howard Hughes, the famed concern tycoon, aviator and recluse — acquired the onshore wide successful the 1950s.
Hughes Holdings inactive owned astir 2,000 acres of residential onshore successful Summerlin by the extremity of past year. The developer is known for methodically selling parcels, asking prime builders to marque offers connected the plots it releases.
In the deals that closed past month, Pulte Homes acquired 30.4 acres for $52.57 million, with plans for a 71-lot subdivision of single-family houses. KB Home bought 23.1 acres for $40 million, with plans for a 151-lot lodging tract, and Tri Pointe Homes picked up 19.6 acres for $33.5 million, with plans for a 74-lot subdivision, according to spot records, securities filings and Las Vegas metropolis records.
Meanwhile, Richmond American Homes purchased 12.8 acres for $22.4 cardinal successful February, with plans for a 91-lot project.
That crippled is southwest of the different precocious sold tracts, person to the Far Hills Avenue-Sky Vista Drive intersection.
John Stater, Las Vegas probe manager for commercialized existent property brokerage Colliers, said the caller deals were higher than mean for Southern Nevada, which, helium indicated, was $1.16 cardinal per acre for residential onshore implicit the past year.
The cardinal origin is astir apt location, helium said, adding that onshore prices successful Summerlin are “going to beryllium higher than successful astir different submarkets owed to demand.”
‘Builders volition wage a premium’
Summerlin has agelong been among the top-selling spots successful the federation for homebuilders, and the land isn’t cheap.
Last year, Texas-based Hughes Holdings sold 412 acres of alleged superpad sites – oregon tracts for lodging developments – successful Summerlin for much than $400 million. On average, this equated to astir $970,000 per acre.
The income measurement past twelvemonth was buoyed by a bulk acquisition of 240 acres for $100 million.
In 2024, the developer sold astir 216 acres of superpad sites successful Summerlin for $291 million, oregon an mean of much than $1.3 cardinal per acre, according to a securities filing.
Las Vegas onshore broker Rick Hildreth attributed the caller high-priced deals to some Southern Nevada’s shrunken availability of residential onshore and Summerlin’s popularity.
Hildreth, of Land Advisors Organization, said that it’s go progressively hard for homebuilders to bargain a 20- oregon adjacent 10-acre crippled successful the Las Vegas country for caller projects, and helium indicated that Summerlin is among the fewer places wherever they tin inactive prime up bigger tracts of land.
He besides noted that Summerlin is simply a fashionable spot to live, fixed its parks, trails and different amenities.
“Builders volition wage a premium to beryllium up there,” helium said.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342.
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