The gigantic master-planned community of Summerlin in Nevada's Las Vegas Valley is so popular, say local agents, that there is little new home inventory to choose from, pressuring both new and existing home prices skyward.

Summerlin is a master-planned community of 22,500 acres located on the western rim of the Las Vegas Valley," explain Realtors Peter Griffiths and Linette Coles. "Summerlin has been designed as a multi-generational and fully integrated community where residents can live, work and play. The developer,The Howard Hughes Corporation, has integrated parks, residential communities, houses of worship, cultural and recreational facilities along with commercial/business parks. Summerlin offers many opportunities to purchase new construction as well as resales."

"Summerlin new AND resale single family home sales under $700,000 continue to be in high demand and low supply," says Realtor Bruce Hiatt. "Since January of this year, I have seen an ever-increasing demand for new Summerlin homes priced from $200,000 to $700,000. The price trend continues upward as the average home price in Summerlin is trending towards the upper $200,000's, and it will not surprise me to find that the average new home price in Summerlin by the end of 2003 to be in the low $300,000's. I continue to stand behind that forecast regardless of the current trend of rising interest rates."

Hiatt explains, "Recently we saw a new two-story community open in Summerlin with starting price per-sq-ft at over $123! Just six months ago, it would have been under $100. The trend we are beginning to see are new homes opening in the high $200,000's, selling the last home in the mid $300,000's and selling the models in the mid or upper $400,000's. The overall demand for new homes in Summerlin is very, very strong with one builder telling me this week that the interest list is over 800 people."

"Red Rock Country Club for one of the two builders is coming to an end. No lots are left on the Sunrise Colony side and Toll Brothers is swamped for reservations for their 203 homes to sell. It appears that for Red Rock CC resales that the starting price is quickly becoming the $500,000's. Homes in that price range go quickly once on the market as that is the only way to get into Red Rock CC. A new home builder opened their two-story community in Summerlin with sq footages over 2400 and 3-car garages. On the first day, they had lines of people to buy 16 homes. A lottery was done and the demand is very strong. These are open and spacious floor plans and this community will sell very well." The opening day price for the smallest of their four home plans was $350,000."

"The next village in Summerlin (each village consists of many neighborhoods) to open will be called the Paseos. Six builders have been announced for the first six neighborhoods. We are tracking these builders closely and ask if interested in early opportunities to contact us soon."

"Resales in Summerlin are amazing!! Last week we had a client ask us to search for homes under $300,000 with over 2000 sq ft with 3-car garage. One listing appeared. The inventory in homes under $350,000 across Summerlin is a short list and demand is still strong," says Hiatt.

Says Realtor Sharon Durdel, "New homes are getting more difficult to find as there is less land available - driving up prices in new and resale homes. Demand is still high in Summerlin and surrounding areas. Very few new home subdivisions in Las Vegas have standing inventory. New home buyers typically have to wait four to six months for a home to be delivered to them. Permits have not kept up with demand, resulting in low inventory and rising prices in both new and resale."

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Published: August 27, 2003

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