Custom Lot in The Ridges at Summerlin Sells for Record Price

LAS VEGAS, April 17 /PRNewswire/ -- A custom lot in the The Ridges at Summerlin, a master-planned community in Las Vegas, sold on March 13, 2008 for $9 million, which translates to nearly $3 million per acre, or approximately $61 per square foot -- the highest price ever paid in The Ridges for a custom lot.

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The 3.4-acre parcel is located at the end of a cul-de-sac adjacent to Bear's Best Las Vegas, the Jack Nicklaus-designed course that is the centerpiece of The Ridges community. The spacious lot also borders Red Rock National Conservation Area to the west, ensuring the federally protected land will forever remain undeveloped.

According to Kevin Orrock, top division executive of The Howard Hughes Corporation, an affiliate of General Growth Properties and developer of Summerlin, this sale not only reinforces the value of land in The Ridges, it underscores The Ridges as the Las Vegas valley's most desirable luxury address.

"For a number of reasons, The Ridges has maintained its reputation as one of southern Nevada's most exclusive luxury communities," said Orrock. "A Summerlin address with access to the community's abundant amenities, adjacency to Red Rock Canyon National Conservation Area, proximity to major retail and dining under development in Summerlin Centre and a growing collection of the valley's most spectacular homes -- all come together to make The Ridges what it is today. A sales price like this speaks volumes not only for that individual lot, but the entire Ridges community."

According to Ivan Sher of Shapiro & Sher Group (Prudential Americana Realtors), who handled the transaction, the lot is spectacular in terms of its location and positioning within The Ridges. "The Ridges is situated on an elevated hillside overlooking the entire valley," said Sher. "This creates superb views as well as a sanctuary from the hubbub of the city, yet it's a short distance from the action unfolding in Summerlin Centre. This prime lot and others like it in The Ridges, easily command a multi-million-dollar sales price."

Last summer, a completed and furnished custom home in Promontory at The Ridges sold for $7.85 million or $1,047 per square foot, setting the record for sales per square foot in the Las Vegas Valley, according to Orrock. "That home sale, coupled with this most recent lot sale, puts The Ridges in a league of its own," he said.

About The Ridges

To date, more than 250 custom lots have been sold in The Ridges at Summerlin, named in 2004 by Forbes.com as the country's third most exclusive gated community. Custom lots in The Ridges are typically priced from the $500,000s to more than $1 million. Lot sizes typically range from one-quarter to one acre, with a limited number of larger lots more than one acre in size. http://www.theridgesinsummerlin.com/

About Summerlin

Summerlin began to take shape in 1990 and has consistently ranked in the country's top 10 best-selling master-planned communities, according to Robert Charles Lesser & Co., LLC (RCLCO), a national independent real estate advisory firm in Bethesda, Md. Located along the western rim of the Las Vegas valley, Summerlin encompasses 22,500 acres and is currently home to more than 95,000 residents who enjoy an unparalleled host of amenities. http://www.summerlin.com/

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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080417/LATH106
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Source: The Howard Hughes Corporation

CONTACT: Melissa Warren of Faiss Foley Warren, +1-702-933-7777, for The
Howard Hughes Corporation; or Tom Warden of The Howard Hughes Corporation,
+1-702-791-4267

Web site: http://www.theridgesinsummerlin.com/
http://www.summerlin.com/

2008-04-17 18:48:57 0339278 PRNEWSWIRE