New 55-and-over community taking shape in Summerlin

A caller 55-and-older assemblage is taking signifier successful Summerlin amid Las Vegas’ lodging frenzy, and its prices are not cheap.

Lennar Corp., 1 of the biggest homebuilders successful the nation, has opened 8 exemplary homes astatine Heritage astatine Stonebridge and operation is underway connected astir 20 houses, according to spokesperson Aaron Curtiss.

The guard-gated assemblage with rock-lined retaining walls and terraced tons is slated to diagnostic 421 homesites, RV-garage styles, a clubhouse, 2 pools, and different outdoor recreational facilities, helium said.

Southern Nevada has agelong been a fashionable spot for retirees, fixed its adjacent year-round sunshine, comparatively affordable lodging costs, deficiency of authorities income taxes, and ample casinos and golf. People from much costly cities tin merchantability a house, bargain 1 present for little and sock distant the difference.

Lennar’s prices successful Heritage, disconnected Crossbridge Drive adjacent Sky Vista Drive, transcend the emblematic income terms of a recently built location successful the valley. Still, the builder expects the homes to entreaty to locals and to buyers from different regions, Curtiss said.

Its prices presently scope from conscionable nether $450,000 to astir $817,000, according to the developer’s website. By comparison, the median income terms of recently built single-family homes successful Southern Nevada successful July was $440,106, an all-time high, Home Builders Research reported.

Andrew Smith, president of the Las Vegas-based probe firm, pointed retired that different 55-and-older communities successful the vale person homes priced successful the $600,000- and $700,000-range.

He agreed with the conception that radical from, say, California could spend Heritage, particularly aft selling their house, though helium besides figures “a decent amount” of locals would beryllium drawn to the project.

Lennar’s project spans much than 100 acres and has been successful the works since earlier the pandemic deed and a homebuying binge swept crossed Southern Nevada and the remainder of the country.

The Miami-based homebuilder bought the tract from Summerlin developer Howard Hughes Corp. successful December 2019 for $63 cardinal and, Lennar antecedently said, broke crushed successful January 2020.

Within months, the coronavirus outbreak upended regular life, sparking immense occupation losses successful casino-heavy Las Vegas and plentifulness of turbulence successful the lodging marketplace aft overmuch of the system unopen down.

The lodging marketplace regained its footing and past accelerated to its most frenzied gait successful years with accelerated income and record-high prices, acknowledgment mostly to rock-bottom owe rates.

In Southern Nevada, radical person flooded houses with offers and routinely paid implicit the asking price, and homebuilders person enactment buyers connected waiting lists, regularly raised prices, taken bids for tons and successful immoderate cases adjacent drawn names to find who gets to bargain a place.

Buyers person been plentifulness progressive successful Southern Nevada’s 55-and-over communities, snapping up 1,686 homes successful specified outposts this twelvemonth done August, up astir 33 percent from the aforesaid agelong successful 2020, according to commercialized relation Las Vegas Realtors, which pulls information from its resale-heavy listing service.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.