With relatively little land available for development throughout the Vegas valley, a large land purchase in Summerlin South will mean the already finite amount of land available in Summerlin South and Summerlin in general, has decreased even more.

The largest Las Vegas land sale in years, Summerlin developer Howard Hughes Corp. unloaded more than 200 acres for new housing project.

Hughes Corp. sold 216.4 acres off Town Center Drive and Tropicana Avenue in Summerlin for $135 million. Hundreds of homes are set to be built on the site.

Pulte Homes and Toll Brothers are the builders involved to develop the site. Parks, a recreational center, a guard-gated entry and 561 single-family homes, are planned according to Clark County records.

As this home site comes to fruition, property values in Summerlin are set increase over time. With the market showing little signs of slowing and the potential for higher prices in the future, buyers are scratching and clawing to get into their new homes asap.

This week (Feb 28th-Mar 6th 2022) Interests rates took a sharp dip (3 points) because of the war in Ukraine but that dip will not last as the Federal Reserve is set to change rates in March. That rate change will most certainly have a continued effect on mortgage rates. The question is, will this slow the purchase market enough to allow for more inventory in the Vegas Valley..? Watch Rob Hau’s latest video and subscribe to his YT for all the changes coming ahead.