July 16, 2021 - 2:47 pm
Five years after it started closing 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 lots and announced plans to construct 20 additional condominiums after 29 of its 31 ultra-luxury units sold out.
The 555-acre luxury golf resort community has had strong sales since the onset of the COVID-19 pandemic in February 2020 when it had sold or had under contract some 154 out its 260 lots, pre-built residences and clubhouse suites — for a total of 59 percent.
Through mid-July, the Summit was 80 percent sold with only 50 of those 260 residential opportunities remaining, according to Summit President Steve Jarvis. The Summit, a joint venture between Discovery Land Co. and the Howard Hughes Corp., began pre-selling lots in 2015 and closing them in 2016.
“We’re looking at a sell out in 2½ to three years (by 2025) which is earlier than we originally anticipated (in 2027),” Jarvis said. “A lot of that has to do with delivering our Canyon Suites (20 new condos planned).”
The Summit has sold or under contract 145 of 150 luxury lots; sold all 16 of its condo suites in its clubhouse tower completed this year and sold 13 of 15 condos in its clubhouse that’s under construction and will be completed in late 2022.
“The trailing 12 months from a sales velocity have been unprecedented for the Summit within its life cycle,” Jarvis said. “We’re at the point in the life cycle where we’re narrowing down our inventory and opportunities to purchase within the Summit.”
In 2020 alone, Jarvis said they sold 38 properties and lots and are on pace to exceed that in 2021. The Summit has been bolstered in part by tripling the number of buyers from California in its latest pool.
“If there’s been any silver lining from this pandemic that we all have been challenged with, it’s been the sales velocity,” Jarvis said. “Some of it was timing with our available inventory. People are realizing if they’re interested in purchasing, now is the time to get in the game.”
Prior to the pandemic, the Summit averaged about 3 percent to 4 percent of its sales from Californians. That total has since increased to 12 percent to 13 percent in its most recent sales, Jarvis said. Buyers like Nevada’s lack of a state income tax.
Local buyers, however, make up about 75 percent to 80 percent of the Summit, Jarvis said.
“I think as buyers from out of state get acquainted with not only the Summit but all that Summerlin has to offer and all the assets and amenities, that they’re making a decision to make this their primary residence,” Jarvis said. “They came in with the mindset of this being more seasonable, but now they’re making Nevada and Summerlin and the Summit their primary residence.”
Currently, the Summit is home to about 60 residents.
Of the five custom lots remaining, the lowest price is about $5 million. Some 18 custom homes have been completed and occupied and 28 are under construction. Another 30 are in design review.
“I think we have seen a tremendous uptick in submissions to design review,” Jarvis said. “A lot of the buyers that are coming in are eager to get the shovel in the ground. They are engaging architects and general contractors.”
The two unsold condos in the 15-unit clubhouse are priced at more than $11 million, Jarvis said.
In addition, there are 28 of the 64 pre-designed developer homes available that have been referred to as club residences, bungalows and villas. Floor plans range from 3,490 square feet up to 7,020 square feet. About 25 of those homes have been completed and range in price from $7.5 to $12 million.
The three-story Club Tower Suites adjacent to the clubhouse (condos totaling more than 40,000 square feet) range in size from 1,900 square feet to 3,500 square feet. The units were turned over to its 16 owners earlier this year, and that includes Las Vegas Raiders and Aces owner Davis. Last summer, Davis sold his lot in the Summit for $10.5 million ($2 million more than he paid) because he couldn’t see Allegiant Stadium. He paid $6 million for a lot in Ascaya in Henderson where he is building a home. He paid $5.3 million for a two-bedroom condo in March.
“It’s got a phenomenal view that you can see from downtown to the Stratosphere,” Davis said. “It has an unbelievable panoramic view of Las Vegas that I was looking for. And there’s no better hospitality than there is here at the Summit. There are fantastic people at Discovery, and it’s nice to have this place to come to.”
Davis said he doesn’t know what he’s going to do with his condo once he finishes his home in Ascaya.
Jarvis said many of the owners of the Club Tower Suites have lots in The Summit and are in the process of building homes. Many will hold onto it as a guest quarters when their homes are completed.
Groundwork will start this year on what’s called 20 Canyon Suites, which is in response to popularity of sales of the other condos, Jarvis said. They’re accepting reservations for these units, which range in size from 2,690 square feet and start at $7.5 million and increase 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 every building will have a private elevator.
“We’re constantly challenging the land plan as the market changes,” Jarvis said. “We repurposed some of our built products (eliminating seven club residences) for units that were designed by myself along with Ken Crews, senior vice president of development. This will serve the lack of inventory with the sell out of the Club Tower and down to the remaining two units in the clubhouse. These will be lock-and-go units, but you’re in the nucleus of the club village. From a service perspective and the ability of our club operations’ team to service the amenity and club side and residential service side, that’s been a big draw.”
Work on the 77,000-square-foot clubhouse of which 44,000 square feet are condos began in August. When completed, it will include a state-of-the-art fitness and wellness center, locker rooms with spa and sauna facilities and treatment rooms. There’s a resort-style pool complex with cabanas, fine and casual dining in a restaurant, a sushi restaurant, gourmet market with dry goods, food and luxury amenities.
A 7,000-square-foot golf house currently provides food and beverage service for the resort community and hosts events. The Summit also has a farmer’s market and barbecue area on the weekends. There’s a temporary fitness center and kid’s club.
Since the pandemic, the Summit has added a pickleball complex and wiffle ball field. Its Outdoor Pursuits program expanded its footprint with a new outpost at the edge of the community offering access to hiking and biking. Two championship tennis courts are under construction and will be completed later this summer. There is a fish camp with two docks.