Real Estate · Summerlin
Summerlin developer sells about 63 acres to three homebuilders for almost $109 million, property records show
Howard Hughes Holdings sold land near the 215 Beltway to Toll Brothers, Century Communities and Richmond American's parent at $1.7 million to $1.8 million an acre, above last year's regional average, the Review-Journal reported.
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What happened
Howard Hughes Holdings, the developer of Summerlin, sold about 63 acres to three homebuilders for almost $109 million, according to property records cited by the Las Vegas Review-Journal. The newspaper reported the sales closed last month.
The land sits about a mile west of the section of the 215 Beltway between Summerlin Parkway and Lake Mead Boulevard. Two of the deals worked out to just over $1.7 million an acre, and the third came to $1.8 million per acre, the Review-Journal reported.
Who bought the land and what is planned
Each buyer has subdivision plans shown in records described by the Review-Journal. The three deals vary in size and price.
Sekisui House U.S.
Sekisui House U.S., the parent company of Richmond American Homes, bought roughly 9.6 acres for $16.3 million. Las Vegas city records show plans for a 38-lot subdivision on the site, the Review-Journal reported.
Century Communities
Century Communities paid $40.3 million for 22.4 acres. Records show plans for an 88-lot subdivision there, according to the Review-Journal.
Toll Brothers
Luxury builder Toll Brothers purchased nearly 31 acres for almost $52.4 million. The Review-Journal reported that records show plans for a 97-lot housing tract on that land.
How the prices compare
The per-acre prices in these deals are above the regional figure. Across Southern Nevada last year, builders paid an average of around $954,200 an acre for land, according to Home Builders Research, as previously reported by the Review-Journal.
The latest sales follow a similar pattern from earlier this year. During the first half of the year, the developer sold land to four homebuilders at an average value of $1.7 million per acre or more in each deal, with the highest at $1.75 million an acre, the newspaper reported.
Why land prices matter to buyers
The Review-Journal noted that, in general, when builders pay high prices for land, they sell homes at higher prices too. John Stater, Las Vegas research manager for the brokerage Colliers, previously told the newspaper that land prices in Summerlin are "going to be higher than in most other submarkets due to demand." For broader market conditions, see our report on Las Vegas home prices and sales in September.
About Summerlin and its developer
Summerlin is the largest master-planned community in Las Vegas, with more than 130,000 residents, according to the Review-Journal. It covers 22,500 acres along the western rim of the valley and includes parks, trails and community centers.
The community has some of the highest home prices in Southern Nevada and has long ranked among the top-selling places in the nation for homebuilders, the newspaper reported. The developer is known for selling land methodically, inviting select builders to make offers on the parcels it releases. Other projects in the area include the Summit House condo towers planned in Summerlin.
Howard Hughes, the business tycoon and aviator for whom the company is named, acquired the land in the 1950s. Texas-based Hughes Holdings did not comment for the Review-Journal's story.
What to watch next
- Development of the planned subdivisions: a 38-lot subdivision shown in Las Vegas city records for the Sekisui House site, plus an 88-lot subdivision and a 97-lot housing tract that records show for the Century Communities and Toll Brothers sites.
- Future land releases by Hughes Holdings, which still owned nearly 2,000 acres of saleable residential land in Summerlin at the end of last year, according to a securities filing cited by the Review-Journal.
