Reverence community Summerlin Pulte homes sprawling private venture in Master Planned Community that has been on the planning phase for 10 years is finally starting construction.
Reverence community Summerlin Pulte homes parent, Pulte Group, and Summerlin Howard Hughes Corp. reported this month that Pulte’s 300 acre of land Reverence community, at the northern tip of the Las Vegas master planned community, is formally in progress.
Reverence Community Summerlin Pulte Homes
New home builder construction crews are currently grading the site, building model homes and looking to get things started on community’s recreation center in early April.
Reverence community Summerlin Pulte homes planned amenities include walking trails, an 8-acre park with an amphitheater and sport courts. Also, the 9,500-squre-foot recreation facility is slated to have a fitness center, swimming pools and pickleball and tennis courts.
Reverence community Summerlin Pulte homes was arranged before the economy crashed and would be one of the biggest single-developer tasks in Southern Nevada as of late.
The Reverence community Summerlin Pulte homes, west of the 215 Beltway between Lake Mead Boulevard and Cheyenne Avenue, also shows how land values remain well below the levels of the hyper-inflated bubble years last decade.
Pulte bought 150 acres of the Reverence community Summerlin Pulte homes site in late 2006 for $123 million, then 147 acres last year for $40 million.
Howard Hughes announced the venture in spring 2007, saying a historic was made arrangements for that fall and that Reverence was relied upon to incorporate upwards of 1,500 homes.
Pulte Homes, which purchased a large portion of the venture site for Reverence Community Summerlin Pulte homes in 2006, purchased the other a large portion of this current year at a small amount of the cost, property records appear.
The new home builder hopes to begin deals in spring 2017.
Reverence would be one of the largest single-builder projects in Southern Nevada in recent years, but the project won’t be finished overnight.
Home construction has picked up in Las Vegas after it evaporated during the recession though it’s nowhere near the levels of the real estate bubble era.
New home builder sold 4,008 new-home deals to a close in Clark County this year through July, up 10.5 percent from a similar period in 2015.
By correlation, new home builder closed nearly 39,000 deals in 2005 alone and only 3,900 in 2011, as indicated by Home Builders Research.
New home builder Pulte bought 150 acres of the Reverence site in late 2006 for $123 million from Summerlin developer Howard Hughes Corp., county records show.
Howard Hughes announced the project in spring 2007, saying Reverence would be the master-planned community’s “greenest and most environmentally sensitive village.” It also said the project was expected to have as many as 1,500 homes.
The Review-Journal detailed in mid-2007 that Pulte wanted to purchase the staying 150 acres of land before that year’s over. However, the economy went into a spiral in 2008, and no homes have been constructed.
New home builder Pulte purchased whatever is left of the venture site in March from Howard Hughes, however at a significant rebate from the primary deal: It paid $40 million for 147 acres of land, district records show.
Howard Hughes says Reverence community Summerlin Pulte homes would be the biggest single-developer venture in Summerlin.
The interest for Summerlin new homes is on the rise and the future looks brighter today than it did a few years back.
Reverence Community Summerlin Pulte Homes
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