Howard Hughes Corp, developer of the master-plan Summerlin, has sold more than 200 acres for a sprawling new housing project. According to experts this is the largest land sale in years.
Hughes Corp. sold 216.4 acres off Town Center Drive and Tropicana Avenue in Summerlin for $135 million to developers who plan to build hundreds of houses. The property records show that this sale closed last month.
Pulte Homes and Toll Brothers have teamed up to develop the site that will feature 561 single-family homes, as well as parks, a recreational center, a guard-gated entry according to Clark County records. The deal’s acreage and dollar amount were on par with, if not higher than, recent full-year land sales totals in Summerlin. In 2017, for instance, Hughes Corp. sold around 207 acres of residential land in the Summerlin for $120.7 million combined, according to securities filings.
This sale of land comes as Las Vegas’ accelerated housing market shows no sign of slamming the brakes. Southern Nevada’s housing market heated up to record levels last year as rock-bottom interest rates let buyers lock in lower monthly payments and stretch their budgets.
The resale homes on the market saw buyers showering homes with offers, properties sold quickly, and median sales prices hit new all-time highs practically every month.
Homebuilders, meanwhile, put buyers on waiting lists and regularly raised prices amid higher materials costs, delivery delays and fierce demand from house hunters.
Summerlin also commands some of the highest home and land prices in Southern Nevada and is one of the top-selling spots in the nation for homebuilders.
Pulte and Toll’s new site is bordered to the north by The Summit Club, a luxury golf course community with custom-built mansions, and to the south by Mesa Ridge, an upscale project by Toll where home prices start above $1 million.
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