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Las Vegas Real Estate Report
> Summerlin Real Estate
Summerlin Real Estate
Summerlin real estate is among the hottest in the Las Vegas Valley. They can't build fast enough to supply demand in this master-planned community in the northwest foothills. Summerlin is the largest such community around with more than 20 villages; Summerlin has been the fastest-growing community of its kind in the country since 1995. Sumerlin real estate is red hot and shows no signs of cooling off. It is known for offering a very desirable quality of life, with highly rated schools, cultural centers and medical facilities, and plenty of parks, trails and golf courses.
Built on land owned by Howard Hughes, Summerlin real estate purchasers have enjoyed substantial returns on their Summerlin real estate investments; builder price increases for new homes has been as much as $100,000 in the first year, according to data from the fourth quarter of 2003. Average new home prices are over $300,000, and it is difficult to find resale homes under $500,000. For the most part, homebuilders do not allow investors to buy new Summerlin real estate. Frequently, hundreds of potential buyers are on the waitlist for the lottery that chooses which ones will be given new Summerlin real estate homes that come available.
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Summerlin real estate is spread across a number of villages, each of which contains multiple neighborhood communities, all built strictly according to code set by the overall master plan. The newest of these is called The Paseos, positioned along a mountain slope to provide excellent views of The Strip and Las Vegas Valley. Very popular among the more established villages is The Arbors, known for its public community center, a large recreation and sports park complex, as well as a unique toddler tricycle track and play area called Arborville. Summerlin real estate offerings also include homes in gated luxury home communities, the newest of which is the Red Rock Country Club.
The next trend in new Summerlin real estate development will be to offer multiple homebuilder choices within the same neighborhood. This is a new concept for Summerlin real estate that is expected to soon become the norm.
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