A survey by our friends at John Burns Consulting indicates that Mountains Edge and Providence continue to be among the top selling masterplans in the U.S. Ultimately, Providence is expected to include nearly 7,500 homes. Mountains Edge will be nearly 12,500 homes. Both projects are Focus Property Group developments.
Summerlin, which has been a national leader in sales for years, also continues to be a good seller. Last year Howard Hughes did several deals with homebuilders to develop on some of the western boundaries of the masterplan. Existing homes also continue to be sought after in the area, which is known for its amenity rich surroundings and access to Red Rock Canyon, which is popular with bicyclist and hikers.
A new masterplan, Cadence, is also in the works. While things are already in motion, the project is ultimately slated to be 2,200 acres (noted to be 1,727 on the City of Henderson Site), adding a significant component to the future supply of homes in the Henderson area.
New home sales topped 7,000 homes in 2013. While this pales in comparison to the pre-recession era, it is part of an overall uptrend since the trough established in 2009 and mimicked in 2011. New homes remain an option for many. An expectation of higher interest rates may drive some interest, but many buyers are looking for modern features rather than for pure financial reasons. Some of our very own have purchased within these masterplans.