One of the nation's largest master-planned communities, Summerlin in Las Vegas has experienced phenomenal growth, say local Realtors.

"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."

They explain, "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."

Says Realtor Cindy Rose, "It is still a seller's market. That means there are more buyers than homes for sale, prices are rising, and there are multiple offers on homes. Some homes are selling faster than the sign can go in the yard. Because there are so many buyers, many agents are able to sell their own listings easily, and buyers are buying almost anything just to get into a home."

Rose advises, "Particularly with low interest rates like we have now, affordable homes are selling the fastest. Buyers who wait at all to buy a home are finding they are paying more than last month. To be ready to buy, you need to be pre-approved by a lender and be ready to go out and see homes as soon as they come on the market. This is the perfect time for first-time buyers and buyers that are looking for a bigger home to get into the market. If you can afford to buy a home, now is the time to do it."

Suggests 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."

The beauty of the surroundings insures that demand will continue.

"Unfolding along the western rim of the Las Vegas Valley in the shadow of the Spring Mountain Range and Red Rock Canyon National Conservation Area, Summerlin is as well known for the splendor of its natural surroundings as it is for the beauty of its streets, parks and neighborhoods," says Durdel. "Summerlin has ranked as America's best-selling master-planned community nine of the past ten years. Summerlin has quite a large retirement community, easy access with the newly opened 215 Beltway."

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Published: October 15, 2003

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