Real esate:

Sales of homes, land continue to soar in Summerlin

A view of model homes in the Villa Trieste subdivision in Summerlin, Sept. 1, 2010.

Land and home sales keep climbing in the largest master-planned community in the Las Vegas Valley.

Summerlin developer Howard Hughes Corp. said today it sold 76.5 acres of land to homebuilders for $29.7 million during the three months ending Sept. 30.

That’s almost four times better than the same period last year, when it sold 21.7 acres for $7.7 million.

Meanwhile, builders sold 153 new homes in Summerlin in the third quarter, up 20 percent from 128 sales a year earlier.

The 22,500-acre community, which runs along the western rim of the valley, has about 100,000 people in 40,000 homes. It is planned for more than 200,000 residents in 80,000 homes.

Click to enlarge photo

A rendering of the Shops at Summerlin, which are set to open in fall 2014. The Shops at Summerlin will feature more than 125 stores and restaurants in an open-air shopping environment with pedestrian thoroughfares and storefronts.

Howard Hughes, based in Dallas, announced the land and home sales as part of its third-quarter earnings report. The developer posted $7.3 million in profit, up from a loss of $49.4 million a year earlier.

In the report, the company also said construction is on schedule at the Shops at Summerlin, a 1.6 million-square-foot retail and office complex it is building near Red Rock Resort.

It said it spent about $52.5 million in development costs on the project as of Sept. 30, up from $17 million three months earlier.

The complex is expected to open in fall 2014.