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Report: Providence, Mountain’s Edge among top-selling communities

Image

Steve Marcus

A view of the master-planned community Mountain’s Edge in the southwest Las Vegas Valley on Friday, Aug. 6, 2010.

Map of Mountain's Edge

Mountain's Edge

Las Vegas

Providence

Two valley master-planned communities, Mountain's Edge and Providence, placed among the top-selling developments in the U.S. in 2010.

Mountain's Edge, a 3,500-acre community in the southwest valley, ranked fifth for 2010 sales in the annual survey by real estate advisory firm Robert Charles Lesser and Co. It was the sixth consecutive year that Mountain's Edge has finished in the top five.

The firm has been compiling the rankings since 1994, which tracks sales in 400 communities across the country.

The development saw a slight improvement in sales, up to 644 in 2010 from 596 in 2009, although still well below its peak of 2,300 in 2005. Mountain's Edge opened in 2004.

Providence, in the northwest valley, took the No. 7 spot with 378 sales in 2010, a small dip from 388 sales in 2009. It has also seen sustained success in the survey's results, placing in the top 10 for the previous five years.

Both communities have been developed by Focus Property Group.

"Given the continued weak performance that Las Vegas is experiencing compared to the rest of the country, we're especially pleased" with these rankings, said John Ritter, CEO of Focus, in a news release.

According to a recent report by SalesTraq, new home sales in Las Vegas Valley dropped 19 percent in January and February 2011 compared with 2010, while sales of existing homes increased 1 percent. And prices continued to fall: by 9.2 percent from 2010 to 2011 for new homes and 5.4 percent from 2010 to 2011 for existing homes.

Las Vegas also ranked second on a list of the country's emptiest cities, released by Forbes in March, which noted a home vacancy rate of 5.5 percent and an apartment vacancy rate of 13.5 percent.

At full build-out, Mountain's Edge is planned to have 14,500 homes. About 8,500 homes have been purchased so far.

Providence plans have 7,500 homes -- about 1,900 of which have been bought -- upon completion.

Rankings

1 - The Villages, Fla.

2010 sales: 2,107

2009 sales: 2,115

2 - Villages of Irvine, Calif.

2010 sales: 965

2009 sales: (no data)

3 - Cinco Ranch, Houston

2010 sales: 816

2009 sales: 887

4 - The Woodlands, Houston

2010 sales: 786

2009 sales: 633

5 - Mountain's Edge, Las Vegas

2010 sales: 644

2009 sales: 596

6 - Telfair, Houston

2010 sales: 406

2009 sales: 450

7 - Providence, Las Vegas

2010 sales: 378

2009 sales: 388

8 - Brambleton, Washington, D.C.

2010 sales: 352

2009 sales: (no data)

9 - Sienna Plantation, Houston

2010 sales: 288

2009 sales: 280

10 - Stapleton, Denver

2010 sales: 271

2009 sales: (no data)

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