Posted by Paul Francis on Wednesday, September 22nd, 2010 at 1:28pm.
New Home Builders Pay Premium Prices for Land in Summerlin
Buried in the following Story is something to the tune of what some new Las Vegas home builders recently paid for to purchase developed lots in Summerlin:
General Growth to pay Howard Hughes heirs; Summerlin’s value tumbles – Las Vegas Sun – Steve Green – O9/20/10
If I did not pay close attention to what is going on with Summerlin Real Estate and really cared… I probably would have never made it to the bottom of that article where it was announced what some New Home Builders recently payed for some developed parcels of land within Summerlin.
117 55-foot by 100-foot lots in the Mesa Village to Richmond American Homes of Nevada Inc. for $12.477 million.
Or… $106,641 per lot aka $19.39 a sq. ft.
Or… Aprox. 14.77 Acres for $844,752 an acre…
Five to six years ago paying this for a developed lot in Summerlin would not have surprised me but in 2010 that is really staggering and shows a lot of faith in future Summerlin home values…. especially when you are in $106,641 per lot before even pouring a foundation.
115 45-foot by 90-foot lots in the Mesa Village to Richmond American for $9.76 million.
Or… $84,869 per lot aka $20.96 a sq. ft.
Or….. Aprox. 10.69 Acres for $913,003 an acre
109 40-foot by 90-foot lots in the Mesa Village to Pulte Homes of Nevada for $8.989 million.
Or… $82,468 per lot aka $22.90 a Sq. Ft.
Or… Aprox. 9 Acres for $998,778 an acre
162 45-foot by 100-foot lots in the Mesa Village to Pulte Homes of Nevada for $13.981 million.
Or… $86,302 per lot aka $19.18 a Sq. Ft.
Or…. Aprox. 16.74 Acres for $835,185 an acre.
Keep in mind… this is not raw land in the middle of nowhere that needs to be developed. The lots are already finished and ready to be built on but the numbers still show that Richmond American and Pulte Homes have a lot of faith in the future of Summerlin Home Values.
Paul Francis, CRS
Prudential Americana Group – REALTORS
Summerlin Real Estate
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