Summerlin developer sells more than $100M of land to homebuilders

Howard Hughes Holdings sold roughly 63 acres of land to three homebuilders for about $109 million, closing the transaction last month, according to county records. The parcels lie approximately one mile west of the 215 Beltway, situated between Summerlin Parkway and Lake Mead Boulevard. Two of the deals were priced at just over $1.7 million per acre, while the third fetched $1.8 million per acre. Across Southern Nevada over the past year, builders paid an average of $954,200 per acre for land, as reported by Home Builders Research. Summerlin, the largest master‑planned community in Las Vegas, houses more than 130,000 residents. Its developer routinely releases parcels to select builders, inviting competitive offers. When builders pay a premium for Summerlin land, they typically sell the resulting homes at higher prices. Texas‑based Hughes Holdings declined to comment for this story. Summerlin covers 22,500 acres on the valley’s western rim, featuring parks, trails, community centers and other amenities. It records some of the highest home prices in Southern Nevada and has long ranked among the nation’s top‑selling locations for homebuilders. The community’s namesake, Howard Hughes—the celebrated business tycoon, aviator and recluse—acquired the original acreage in the 1950s. By the end of last year, Hughes Holdings still held about 2,000 acres of developable residential land within Summerlin, per a securities filing. In the recent sale, Richmond American Homes’ parent, Sekisui House U.S., purchased approximately 9.6 acres for $16.3 million, with Las Vegas city records indicating a planned 38‑lot subdivision. Century Communities acquired 22.4 acres for $40.3 million, slated for an 88‑lot subdivision. Toll Brothers bought roughly 31 acres for $52.4 million, earmarked for a 97‑lot housing tract. During the first half of this year, Summerlin’s developer sold land to four homebuilders at an average of $1.7 million per acre or more per transaction, with the highest price reaching $1.75 million per acre. John Stater, Las Vegas research manager for commercial real estate brokerage Colliers, previously stated, “going to be higher than in most other submarkets owed to demand.”