Summerlin land sales almost quadrupled last quarter from a year before, a sign of homebuilders’ increased appetite in Las Vegas.
The 22,500-acre master-planned community, which runs along the western rim of the valley, had $28.2 million of residential land sales in the quarter ending March 31, up from $7.1 million a year earlier, according to a financial report Thursday from developer Howard Hughes Corp.
Last quarter’s revenue nearly matched the amount generated by all of last year’s Summerlin land sales, $31 million.
The Hughes corporation has three other master-planned communities — two in Texas and one in Maryland. However, CEO David Weinreb only discussed Summerlin in his comments in Thursday’s quarterly earnings report, saying he was “particularly pleased that the Las Vegas housing market is showing such strong improvement.”
Company officials sold 99 acres of residential land in Summerlin last quarter, up from 25 acres a year earlier. Over that period, the price per acre rose to $285,000 from $282,000.
via Summerlin’s surge in land sales signals a healthier Las Vegas housing market – VEGAS INC.
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