Three Las Vegas Masterplans Command Premiums for Place Making
Even as the housing recession all but incinerated the Las Vegas market, three well located, designed, and marketed master-planned communities remained relatively unscorched and are still among the John Burns Real Estate Consulting’s Top 20 Masterplans in the country.
A seven-mile trip from the strip, but no need to leave. The granddaddy of Vegas masterplans, the 22,500-acre Summerlin (No.12) remains one of the metro area’s most desirable places to live thanks to phenomenal amenities and careful planning by The Howard Hughes Corp.
- Since development began in 1990, this community has become almost a city unto itself, with more than 150 parks, over two dozen public and private schools, 14 houses of worship, nine golf courses, three resort hotels, plenty of retail and entertainment, and world-class recreational facilities—all connected with more than 150 miles of award-winning trails.
- All that convenience and connectivity commands 15% to 20% higher home prices than the rest of the metro area. And then there are the stronger per-project absorption rates. Summerlin sold 566 homes in 2013, up 20%.
- Here for the long run. Currently home to 100,000 people in 40,000 residences, build-out of the remaining 6,000 saleable acres is projected to take 30 years.
Mountain’s Edge and Providence
These two Focus Property developments have been solid sellers since they started in 2004 and 2006, respectively. Placing in our ranking of the nation’s 2013 Top 10 Masterplans, Mountain’s Edge (4) and Providence (7) prove that solid locations, simple amenities such as parks and open spaces, and a cohesive marketing effort do enhance absorption.
King of the Hill
- A 2,846-foot-tall hike-able and bike-able mountain at its entrance serves as Mountain’s Edge’s signature image, amenity, and resident magnet, proving that parks need not be much more complicated than a really big pile of dirt with some very green grass at the top and a panoramic view of the neighborhood and the Las Vegas Valley. For those who need a little more than that, there’s a Western town replica at its base for the kids.
- Since opening in 2004, Mountain’s Edge has sold more than 10,000 homes. At build-out the 3,500-acre development will have about 12,500 homes in more than 60 single- and multifamily subdivisions.
- Sales slowed some among price-sensitive buyers after mortgage rates rose and after prices in Mountain’s Edge climbed 30% in 12 months. Still, Mountain’s Edge was the fourth fastest-selling masterplan in the country in 2013 with 841 net sales, down 11%.
Promenade to the Top
- Focus Properties proved again at Providence that a simple open-space amenity can help foster community. For Providence, it’s a promenade bisecting its middle, creating a path that helps stitch together the community. Residents travel, meet, greet, celebrate, and intersect with Providence’s many secondary trails and paths to parks from the invitingly landscaped byway.
- Providence has sold more than 4,000 homes in the 1,200-acre masterplan in northwest Las Vegas. It was the seventh best-selling masterplan in the country in 2013, with 726 net sales, down 4%.