Summit Club in Summerlin has sold most of its custom bundles


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Five years after starting to make deals, the Summit Club in Summerlin – home to singer Celine Dion, Vegas Golden Knights owner Bill Foley and Raiders owner Mark Davis – has sold all but five of its 150 Custom Bundles and announced plans to build 20 additional condominiums. after 29 of its 31 ultra-luxury units have sold.

The 555-acre luxury golf resort community has seen strong sales since the start of the COVID-19 pandemic in February 2020, when it sold or contracted some 154 of its 260 lots, pre-built residences and clubhouse suites – for a 59 percent.

By mid-July, the Summit was 80 percent sold and only 50 of those 260 residential opportunities remained, according to Summit Chairman Steve Jarvis. The Summit, a joint venture between Discovery Land Co. and Howard Hughes Corp., began pre-selling lots in 2015 and closing them in 2016.

“We’re looking at a sale in two and a half to three years (by 2025), which is sooner than originally planned (in 2027),” Jarvis said. “This is largely linked to the delivery of our Canyon suites (20 new condos planned). “

Le Sommet has sold or under contract 145 of the 150 luxury lots; has sold all 16 of its condominium suites in its clubhouse tower completed this year and has sold 13 of the 15 condos in its clubhouse which is under construction and will be completed by the end of 2022.

“The past 12 months of sales speed have been unprecedented for the Summit in its lifecycle,” Jarvis said. “We are at the point in the lifecycle where we are reducing our inventory and our purchasing opportunities within the Summit. “

In 2020 alone, Jarvis said he sold 38 properties and lots and is close to surpassing that figure in 2021. The peak was bolstered in part by tripling the number of California buyers in his latest pool.

“If there has been one bright side to this pandemic that we have all been faced with, it’s the speed of sales,” Jarvis said. “Partly it was the timing with our available inventory. People are realizing that if they are interested in buying, now is the time to get started.

Before the pandemic, the Summit averaged 3-4% of its sales in California. That total has since increased from 12% to 13% in its most recent sales, Jarvis said. Buyers love the lack of Nevada income tax.

Local buyers, however, make up about 75 to 80 percent of the top, Jarvis said.

“I think out-of-state buyers are getting to know not only the summit, but also all that Summerlin has to offer and all the assets and amenities, that they make the decision to make it their own. primary residence, ”Jarvis said. “They came up with the idea that it was more seasonal, but now they’re making Nevada, Summerlin, and the Summit their primary home.”

Currently, the Summit is home to approximately 60 residents.

Of the remaining five custom bundles, the lowest price is around $ 5 million. Some 18 custom homes have been completed and occupied and 28 are under construction. 30 others are in the process of a design review.

“I think we’ve seen a huge increase in design review submissions,” Jarvis said. “A lot of buyers who come in are eager to put the shovel in the ground. They hire architects and general contractors.

The two unsold condos at the 15-unit clubhouse cost more than $ 11 million, Jarvis said.

In addition, there are 28 of the 64 pre-designed development homes available which have been referred to as club residences, bungalows, and villas. Floor plans range from 3,490 square feet to 7,020 square feet. About 25 of these homes have been completed and their price ranges from $ 7.5 million to $ 12 million.

The three-story Club Tower Suites adjacent to the clubhouse (condos totaling over 40,000 square feet) range in size from 1,900 square feet to 3,500 square feet. The units were handed over to its 16 owners earlier this year, including Las Vegas Raiders and Aces owner Davis. Last summer, Davis sold his land at The Summit for $ 10.5 million ($ 2 million more than he paid) because he couldn’t see the Allegiant Stadium. He paid $ 6 million for a lot at Ascaya in Henderson where he is building a house. He paid $ 5.3 million for a two-bedroom condo in March.

“It has a phenomenal view that you can see from downtown to the stratosphere,” Davis said. “It has an incredible panoramic view of Las Vegas that I was looking for. And there is no better welcome than here at the Summit. There are fantastic people at Discovery, and it’s nice to have this place to come to.

Davis said he didn’t know what he was going to do with his apartment once he finished his house in Ascaya.

Jarvis said many owners of the Club Tower Suites own land at the Summit and are in the process of building houses. Many will keep it as a bed and breakfast when their homes are completed.

Preparatory work will begin this year on what’s called 20 Canyon Suites, which is in response to the sales popularity of other condos, Jarvis said. They are accepting reservations for these units, which range in size from 2,690 square feet to $ 7.5 million and grow to 4,905 square foot penthouses for $ 15 million.

The Canyon Suites, which overlook the 18th hole and Red Rock Canyon and are adjacent to the clubhouse, are made up of four buildings with five units per building. The penthouse on the third floor of each building will have a private elevator.

“We are constantly questioning the land plan as the market changes,” Jarvis said. “We reused some of our built products (eliminating seven club residences) for units designed by myself with Ken Crews, senior vice president of development. This will serve the lack of inventory with the sale of the club tower and up to the two remaining units in the clubhouse. These will be locked units, but you are in the core of the club village. From a service perspective and the ability of our club operations team to service equipment, clubs and residential services, this has been a big draw. “

Work on the 77,000 square foot pavilion, of which 44,000 square feet are condos, began in August. When completed, it will feature a state-of-the-art fitness and wellness center, changing rooms with spa and sauna, and treatment rooms. There is a resort-style pool complex with cabanas, fine, casual dining in a restaurant, sushi restaurant, gourmet market with dry goods, food, and luxury amenities.

A 7,000 square foot golf course currently provides food and beverage service to the resort community and hosts events. The Summit also has a farmer’s market and a barbecue area on weekends. There’s a temporary fitness center and kids’ club.

Since the pandemic, the Summit has added a pickleball complex and a wiffle ball field. Its Outdoor Pursuits program has expanded its footprint with a new outpost on the outskirts of the community providing access to hiking and biking. Two championship tennis courts are under construction and will be completed later this summer. There is a fishing camp with two docks.

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