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Real Estate Research on Summerlin Homes

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The Howard Hughes Corporation has undertaken a huge development project in the Nevada desert just west of the Las Vegas strip. Named after Howard’s grandmother, Summerlin, Nevada is one of the largest planned communities in the world. The development is about half way complete with around 40,000 of the planned 80,000 homes finished – many of which have been sold. This award winning planned community has attracted people from across many demographics, because of the diverse and well planned amenities that make Summerlin a great place to call home. Many factors go into making a planned community successful, but what this research will examine is weather Summerlin will continue to thrive when it is complete, and what factors make this an attractive or unattractive community. The Local Economy One of the most powerful forces that drive regional growth is the employment health of the area. Las Vegas was hit hard by the great recession and has had a higher unemployment rate over the national average. According to the U. S. Bureau of Labor Statistics the unemployment rate sits at around 9.5%, a major improvement over its high in July 2010 when it was around 15% (US Bureau of Labor Statistics). This indicates that the economy of the Las Vegas metropolitan area is showing signs of recovery, albeit slow recovery. The primary force that drives the economy in Las Vegas is gaming tourism; however, there has been an effort to diversity the local economy. This investment to attract other industries will prove to be invaluable to stabilizing home prices, bring the area to full employment, and by extension, allow Summerlin to thrive. Some of the largest employers are retail, and gaming companies, but there are also major employment in health... ... middle of paper ... ...est planned development in the world. It is used as a model for new projects globally and is recognized for this accomplishment. The question of weather or not Summerlin will be a successful community is answered by the macro economic forces that drive the region. Although the economic headwinds place pressure on Summerlin we are of the view that the community is positioned in a way to thrive. Las Vegas is an emerging city, and demand for housing will continue to increase as the economy recovers in the area. This will lead to increased demand for housing and commercial lease space, and will drive a population boom in the Las Vegas-Henderson MSA, which includes Summerlin. Summerlin is uniquely positioned in the area to grow more so than other communities, because of its diverse communities, amenities and services, as well as name recognition that will attract buyers.
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