Effects from the new tax bill are already being felt. Californians are packing their bags and moving to more tax friendly and proximite states. Nevada’s arms are wide open to these immigrants.
One of Nevada’s welcoming arms is the Summerlin Development under the umbrella of the Howard Hughes Corporation. Never a slouch in Master Planning Community (MPC) sales, Summerlin was just ranked 4th in the nation by the consulting firm RCLCO consultant business.
Gregg Logan, managing director of RCLCO, said that Summerlin has consistently appeared in its top rankings 22 times. In fact, Summerlin was ranked as the nation’s top selling MPC 8 times between the years 1994 – 2002.
“In 2017, Summerlin sold 1,052 new homes, a dramatic increase of +37% over 2016…the primary drives of sales performance in this area include strong economic growth across the board in Nevada as well as a consistent number of buyers who are relocating from higher-priced California.”
Yes, homes in CA were selling at higher prices than NV prior to the new tax bill and, yes, the price of overall home ownership in CA is now more expensive since the new tax bill. The mortgage interest deduction cap at $750,000 and the local/state/property tax deduction cap at $10,000 make it so.
Kevin Orrock, president of Summerlin, believes that the development’s wide pricing, inventory and life style choices are also fueling demand. “While the economy has recovered, our success is also attributed to growing inventory of new homes that includes a wider variety of homes in all sizes, styles and prices to meet specific requirements of the various market segments from Millennials to empty nesters to retirees. “
There are 180 floor plans in 36 neighborhoods in 7 distinct villages and 2 custom enclaves. Prices range from $250,000 to +$1M and quick move-ins are available in all price ranges.
In addition to the residences themselves, Summerlin looks to 2018 to expand its 9 new neighborhoods by selling out 7 and adding 6 more, adding a 267 unit apartment building, adding three more substantial-sized parks to its already beautiful one, 2 more office buildings to its existing two, a police substation to its existing full station, an existing golf course and adding a 180,000 square foot campus for Aristocrat Technologies. Summerlin also has the lock on the City National Arena for the Vegas Golden Knights and the construction of the Las Vegas Ballpark.
There you have it…new homes in all sizes, styles and prices, new schools, new golf course, new apartment and business complexes and campuses and professional and amateur sporting venues and opportunities. No wonder Californians, and no doubt others, are immigrating to Nevada.
