1 Acre of Land in Summerlin is Worth How Much Money?

1 Acre of Land in Summerlin is Worth How Much Money? According to a new article in the Las Vegas Review-Journal, 1 acre of land in Summerlin now has a price of $1,270,000.00 per acre. Land prices as well as housing prices continue to rise in Summerlin. Why did an acre of land rise so much in the past few years? As your Summerlin Realtor, I keep up with trends and new things to discuss that affect Summerlin. In this blog post I list the reasons why pricing in Summerlin is up…

 

Why Did Pricing Go Up For land in Summerlin Las Vegas? 

In the state of Nevada, the federal government owns most of the states land. It’s very rare that we see the federal government release new land for developers to buy and then turn into homes. Summerlin for example backs up to federal lands and conservation areas like Red Rock Canyon.  The area was created back in 1952 when Howard Hughes bought 30,000 acres in west Las Vegas for $3.00 an acre. Summerlin saw massive growth in the early 2000’s and that growth continues to today’s market and demand. Land continues to be hard to buy as well as finding new parcels of land to develop without involving the federal government.

The map to the left shows future development of the area and what other villages will be added in the next few years. Growth will continue as well as demand for housing. Lack of inventory and high interest rates may also discourage some buyers and we may see some changes in the real estate market based on these two factors. Will pricing be affected? It’s too early to say one way or the other.

 

Check out the Review-Journal’s article here: https://www.reviewjournal.com/business/housing/new-summerlin-neighborhood-planned-by-arizona-homebuilder-2924055/?utm_campaign=widget&utm_medium=topnews&utm_source=business_housing&utm_term=New%20Summerlin%20neighborhood%20planned%20by%20Arizona%20homebuilder

How Much More Land Can Still Be Developed In Summerlin? 

Great question! According to Howard Hughes Corporation, at least 4,000 more acres that make up Summerlin West can still be developed over the next 15-20 years.  Housing prices will continue to rise based on demand. Right now, Summerlin demands the highest prices in the Las Vegas Valley for real estate. As long as more people from out of state move into Summerlin, builders will continue to build. Demand will remain steady too. Several new subdivisions have been planned out in Summerlin West. An Urban Core of commercial spaces to support the area is also being built. Check out my Urban Core page here: https://lvrealty4sale.com/summerlin-west-urban-core-project/

 

What Other Future Projects Will Build Out Summerlin? 

There are several projects in the near future that will make Summerlin a destination for people to move to. The Sony Studios Project located at Flamingo and Town Center near RC Willey, will sit on 58 acres of land. This is a joint project between Howard Hughes Corporation and Sony Studios.  It is currently being delayed on a vote in the state legislature to approve a tax credit for motion picture studios to move to Nevada. If passed, this project will start in the next few years. Check out more information about this project here: https://lvrealty4sale.com/summerlin-production-studio-project/

New Summerlin villages are also planned as well that will make up Summerlin West. For a complete list of these new villages check out my Summerlin West page here: https://lvrealty4sale.com/summerlin-west/

 

Conclusion: 

As your Summerlin Realtor I stay on top of all current trends that affect the area. From what’s coming into the community as well as future construction projects too. I keep up with important items that affect Las Vegas, Summerlin and Henderson. If you are thinking about relocating to Las Vegas or Summerlin, let’s chat. I have helped thousands of people over the 19 years I’ve been in business buy or sell real estate in the Las Vegas Valley. I can help you too! Call me directly at: 702-768-2552.