Homebuilders within the Summerlin community have already sold 544 new homes this year and are expecting to sell over 1,000 by the end of 2023. The origin of Summerlin started in the 1980s when the Howard Hughes Corporation began planning the area’s development. Construction officially began in 1990 and bloomed into one of the most popular areas in the valley. According to the Las Vegas Review-Journal, approximately 75% of the newly constructed 1700 pavilion, a 265,000 sq ft high-rise office building in Downton Summerlin is leased. Summerlin West is the last major district to be developed, with homes in 15 neighborhoods and about 4,500 acres left to develop. There are currently nine national homebuilders in the community. It is located west of the 215 Beltway and north of West Charleston Boulevard. Summerlin has approximately 123,000 residents and holds the highest home prices in the valley, with the median sale price being $580,000 in August. According to Redfin, the average sale price of a single-family home in the Las Vegas Valley is $379,000, and $485,000 for the average sale price for a home in Henderson. Julie Cleaver, senior vice president for commercial and residential planning for Howard Hughes Corporation says it may take around 20 years for Summerlin to finish developing but it depends on the market and other outside factors.
Read more here:
https://www.reviewjournal.com/local/summerlin/summerlins-final-stage-when-will-community-be-completed-2901139/