Study shows community amenities can help retain value of homes
The master-planned community of Summerlin, now in its 25th year, has long delivered on its promise to provide quality of life via an impressive and exceptionally full-bodied list of amenities like golf courses, parks, trails, community centers and social programming such as events, classes and activities. And according to Brian Gordon of Las Vegas-based Applied Analysis, these amenities are a major reason why homes in master-planned communities tend to better maintain both their appeal and value.
“It’s a logical conclusion that a home in a community offering residents a cohesive program of amenities, including schools, houses of worship, trails and parks and shopping centers, is often more attractive to homebuyers,” Gordon said. “That’s one of the pillars of master-planned community development: plan for and build all the amenities that make community. Over time, these amenities become an integral part of the living experience, contributing to the neighborhood’s appeal and creating value beyond a home’s four walls.”
Recent figures released by SalesTraq place two Summerlin zip codes — 89138 and 89135 at the top of the list for homes with the highest median prices, yet another indicator of the significant value created by the master-planned environment.
“Home values in Summerlin didn’t drop as sharply during the recent recession as homes values in many regions of the valley,” Gordon said. “That’s a major reason why the 2014 appreciation rate of homes in Summerlin, while still very strong at more than 10 percent, didn’t top the valley-wide list.”
According to Kevin Orrock, president of Summerlin, master-planned communities tend to attract residents purposefully seeking more than just a great home; they also want a quality lifestyle, the kind created by outdoor amenities like community pools, sports fields and beautifully landscape streetscapes and trail, as well as community amenities like shopping centers, houses of worship and schools.
“Homeowners in master-planned communities tend to stay in the community, even if they downsize or upsize their home,” Orrock said. “They understand the value of a well-planned community and are often reluctant to give up the lifestyle, access to amenities and overall community aesthetics. Master-planned living is the ultimate example of the whole being greater than the sum of its parts and no one understands that better than those who have experienced it.”