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🏡↗ Summerlin's Growth Unstoppable: New Heights in 2023 Master-Planned Community Rankings

Issue #041 - January 17, 2024

Author

John Wu
17 Jan

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❓🙋‍♂️🙋‍♀️ Trivia Question of the Day (Updated Daily)

📌📆 Local Events in January 2024 (Jan 17 - Jan 24)

📌📆 Palo Verde High School Athletic Events in January 2024 (new)

📌🌤 Summerlin South, Las Vegas Weather (Updated Daily)

📌😜 Joke of the Day (Updated Daily)

🏡 Summerlin's Growth Unstoppable: New Heights in 2023 Master-Planned Community Rankings

🏡 Las Vegas Housing Market Slows Down in 2023 Despite Price Increases

✈ JetBlue-Spirit Merger Blocked Over Fears of Reducing Airline Competition

🏈 Champ Kelly and Antonio Pierce Favored for Raiders' Top Positions

📌⛽ What Are You Paying at the Pump? (Updated Daily)

📌👮‍♂️ LVMPD Weekly Statistical Crime Briefing Report (Updated Weekly)

📌🏠 Summerlin South Housing Market Report - December 2023

📌✅ We Want To Spotlight Your Business!

❓🙋‍♂️🙋‍♀️ Trivia Question of the Day

📆 Local Events for January 17 - 24, 2024

Wednesday, January 17, 2024

  Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)

Thursday, January 18, 2024

 Summerlin Bitcoin Happy Hour: 7 - 9 PM (Every week on Thursday)

Friday, January 19, 2024

 Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)

Saturday, January 20, 2024

 Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)

 Vegas Hikers - Ike’s Peak 4.3 Mile (southwest) 2 groups: 12:30 - 3:30 PM (Every week on Saturday until March 29, 2024)

Sunday, January 21, 2024

 Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)

Monday, January 22, 2024

Tuesday, January 23, 2024

Wednesday, January 24, 2024

  Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)

📆 PVHS Athletic Events in January 2024

Visit Here to Access the PVHS Athletic Events Monthly Schedule.

🌤 Summerlin South, Las Vegas Weather

😜 Why did the politician run for the bakery?

Scroll all the way to the bottom of the newsletter for the answer 👇

🏡↗ Summerlin's Growth Unstoppable: New Heights in 2023 Master-Planned Community Rankings

Summerlin, a community developed by Howard Hughes Holdings Inc., has once again proven its excellence by securing the 4th spot on the 2023 list of top communities by RCLCO, a national real estate consultant. The community witnessed a remarkable 39% increase in new home sales, reaching a total of 1,090 in 2023.

Karl Pischke, a principal at RCLCO Consulting, highlights the remarkable consistency of Summerlin's performance. For over 27 years, the community has consistently ranked among the top 25, including top-10 positions since 1994 and top-three from 2018 to 2021. This remarkable record, according to Pischke, is unmatched by any other master-planned community (MPC) in the U.S.

Frank Stephan, President of Nevada Region for Howard Hughes, attributes this achievement to the well-executed master plan of Summerlin, which has evolved to meet the changing needs and demands of consumers and the market. This adaptability, coupled with the continuous development of the community, is expected to maintain its top-selling status.

In 2024, Summerlin plans to expand with five new neighborhoods and additional parks in Summerlin West. The community will also see the development of Grand Park, a new village featuring a mix of classic and modern American architecture, surrounded by open spaces and parks.

Boasting over 300 parks, 200 miles of trails, exclusive community centers, and a variety of educational, healthcare, and religious facilities, Summerlin offers a comprehensive living experience. Downtown Summerlin adds to the allure with its array of fashion, dining, and entertainment options, including the Vegas Golden Knights practice facility and the Las Vegas Ballpark.

With over 100 floor plans in nearly 20 neighborhoods, Summerlin caters to a range of preferences and budgets, starting from the $400,000s. For more information, interested buyers are encouraged to visit Summerlin's website and contact builders directly.

🏡 Las Vegas Housing Market Slows Down in 2023 Despite Price Increases

The Las Vegas real estate market in 2023 experienced its slowest year in a decade, despite a slight increase in home prices due to a tight housing supply, as reported by Las Vegas Realtors (LVR).

In December 2023, the median price for existing single-family homes in Southern Nevada was $449,900, a 5.9% rise from $425,000 in December 2022. However, this is still lower than the all-time high of $482,000 in May 2022. Condos and townhomes also saw a price increase, with the median at $270,000 in December, up 9.3% from the previous year, though below the August 2022 peak of $287,000.

Merri Perry, LVR's new president, explained that the limited housing supply throughout 2023 slowed sales but helped maintain home prices. Fluctuating mortgage interest rates, which decreased towards year-end, also played a significant role.

By December's end, there were 3,766 single-family homes and 1,133 condos and townhomes listed without offers, marking a significant decline from the previous year. Total sales in December were 1,981, slightly down for homes but up 18.1% for condos and townhomes compared to December 2022. This indicates a housing supply of about two and a half months, less than the nearly four-month supply a year earlier.

The total sales for 2023 stood at 29,069, a decrease from 35,584 in 2022 and significantly lower than the record 50,010 properties sold in 2021. The year 2023 marked the lowest sales since at least 2014 and possibly since the Great Recession.

Cash transactions constituted 28.8% of sales in December, an increase from the previous year but far below the 2013 peak. Distressed sales, including short sales and foreclosures, remained low, accounting for only 1.2% of all sales in December.

LVR's December statistics revealed nearly $860 million in home sales and over $137 million in condo and townhome sales, showing an increase in total sales values compared to the previous year. The majority of properties sold within 60 days, reflecting a faster pace than the previous year.

LVR, representing around 17,000 local members, provides education, training, and political representation. For more information, visit LasVegasRealtor.com.

✈ JetBlue-Spirit Merger Blocked Over Fears of Reducing Airline Competition

A federal judge has grounded JetBlue Airways' $3.8 billion attempt to take off with Spirit Airlines, siding with the Biden administration's concerns about reduced competition and increased airfares. The Justice Department had filed a lawsuit to prevent the merger, arguing that it would eliminate Spirit Airlines, the nation's largest low-cost carrier, and harm competition, likely leading to higher fares.

JetBlue countered this argument by saying that the acquisition would benefit consumers by making the airline a stronger competitor against bigger rivals that dominate the U.S. air-travel market. However, U.S. District Judge William Young, after overseeing a non-jury trial last year, concluded that the merger would "substantially lessen competition in a relevant market," agreeing with the government's stance.

Following the ruling, Spirit Airlines' shares plummeted, losing over 53% of their value.

While the national implications of this decision are significant, the competition concerns raised by the merger do not have a major impact on Las Vegas. In Las Vegas, Spirit is the second busiest carrier at Harry Reid International Airport, with 7.7 million passengers in 2023, while JetBlue ranks ninth with 860,224 passengers. The airlines have limited overlapping routes from Las Vegas, mainly to Boston and Los Angeles, where they face competition from other carriers as well.

So, it seems like this ruling won't cause too much turbulence for Las Vegas travelers, but it remains to be seen how the rest of the country's skies will be affected by this decision.

🏈 Champ Kelly and Antonio Pierce Favored for Raiders' Top Positions

Champ Kelly (L), Antonio Pierce (R)

The Las Vegas Raiders are on the brink of making decisions regarding their new general manager and head coach, with an announcement anticipated in the next 48 hours, according to NFL sources.

Champ Kelly, who served as the interim general manager for the last eight games, is in the lead to take on the full-time general manager position. Ed Dodds, the assistant general manager for the Colts, is also in the running for the role. The Raiders have fulfilled the NFL's Rooney Rule, which requires interviews with minority candidates, allowing them to proceed with their head coach hire.

Antonio Pierce, who stepped in as interim coach for the last nine games, is the top contender for the head coach position. The Raiders have interviewed former Vikings head coach Leslie Frazier and former Seahawks and Cowboys assistant coach Kris Richard for the role. There's no indication of outreach to other current NFL coaches, suggesting a strong preference for Pierce.

Pierce, who took over after Josh McDaniels was fired, led the Raiders to a 5-4 record and has garnered significant support within the team's locker room.

Furthermore, the Raiders are considering the appointment of a president of football operations to oversee the general manager. While this is a possibility, the team might opt to hire one of the general manager candidates as

⛽ What Are You Paying at the Pump? (January 16, 2024)

📌👮‍♂️ Statistical Crime Briefing

Summerlin Area Command - Week Ending: January 12, 2024

Courtesy of The Las Vegas Metropolitan Police Department. The entire report for all Area Commands may be viewed here.

📌🏠 Summerlin South Housing Market Report - December 2023

*Median Sold Price By Bedroom Count

This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.

Visit here to see the entire report.

📌✅ We Want To Spotlight Your Business!

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We ❤️ Local Businesses!
We know our community is brimming with businesses that have fascinating stories and big hearts. If you're a local business owner making waves, crafting unique experiences, or simply putting a smile on our faces, we want to chat with you! "SummerSouth Insider" is eager to shine a light on the unsung heroes of our town. Let's collaborate and let the community know what makes your business special. Send us a message, and let's celebrate the spirit of Summerlin South together!

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Joke of the Day Answer: Because he needed good dough for his campaign!