1Top MPCs of 2017 | John Burns Real Estate Consulting

Top Master-Planned Communities of 2017

50 JODY KAHN Senior Vice President 603-235-5760 jkahn@realestateconsulting.com

DEVYN BACHMAN Senior Research Analyst 303-956-9881 dbachman@realestateconsulting.com

Four Masterplans Exceed 1,000 Sales in 2017

WWW.REALESTATECONSULTING .COM

2Top MPCs of 2017 | John Burns Real Estate Consulting 2Top MPCs of 2017 | John Burns Real Estate Consulting

2017 2016 RANK DEVELOPER NET SALES YOY% ∆

SOURCE: John Burns Real Estate Consulting, LLC (January 2018)

PROJECT NAME AND LOCATION 2017 2016

Top Master-Planned Communities of 2017

50 1 2

2 1

3 5

4 6

5 4

6 11

7 3

8 8

9 9

10 15

11 NR

12 16

13 7

14 NR

15 12

16 NR

17 NR

18 19

19 45

20 18

21 17

22 10

23 36

24 41t

25 20

    2,231 1,966

     1,814 1,989

     1,206 775

     1,052 769

        992 848

        919 502

        875 973

        837 564

        830 535

        758 471

        712 474

        610 458

        584 569

        563 159

        523 495

        515 264

488 300

        479 448

        473 303

        468 452

        462 453

        457 515

        456 335

        447 313

        435 441

13%

-9%

56%

37%

17%

83%

-10%

48%

55%

61%

50%

33%

3%

254%

6%

95%

63%

7%

56%

4%

2%

-11%

36%

43%

-1%

THE VILLAGES Villages, FL

IRVINE RANCH Orange County, CA

LAKEWOOD RANCH Sarasota, FL

SUMMERLIN Las Vegas, NV

WEST VILLAGES Sarasota, FL

EASTMARK Phoenix, AZ

NOCATEE Jacksonville, FL

INSPIRADA2 Las Vegas, NV

THE GREAT PARK NEIGHBORHOODS Orange County, CA

STAPLETON Denver, CO

ONTARIO RANCH Riverside-San Bernardino, CA

RANCHO MISSION VIEJO Orange County, CA

CANE BAY PLANTATION Charleston, SC

OTAY RANCH San Diego, CA

LAKE NONA Orlando, FL

WESTSHORE Sacramento, CA

BARTRAM PARK Jacksonville, FL

BAKER RANCH Orange County, CA

WILLOWSFORD Washington, DC

DAYBREAK Salt Lake City, UT

VISTANCIA Phoenix, AZ

PALOMA CREEK Dallas, TX

CADENCE Las Vegas, NV

VIERA Brevard County, FL

RIVERSTONE Houston, TX

Villages of Lake Sumter, LLC

The Irvine Company

Schroeder-Manatee Ranch, Inc.

The Howard Hughes Company

West Villages Partnership

DMB and Brookfield

The PARC Group

Beazer, KB Home, Pardee, Toll Brothers

Five Point Communities

Forest City Enterprises

Brookfield, Lennar, Lewis, Stratham

Rancho Mission Viejo, LLC

Gramling Brothers Real Estate & Development

Baldwin, Cornerstone, HomeFed, Stratford Land

Tavistock Group

K. Hovnanian, Lennar, Taylor Morrison

Eastland Development Group

Shea Homes, Toll Brothers

Willowsford Management, LLC

Daybreak Communities

Vistancia Land Holdings/Stratford Land

Provident Realty Advisors

The LandWell Company

The Viera Company

Johnson Development Corp.

Rank increased 1Estimates 2PreliminaryRank declined

19,186 15,371 25% TOP 25 TOTALBold=Multiple MPCs on list

3Top MPCs of 2017 | John Burns Real Estate Consulting

2017 2016 RANK DEVELOPER NET SALES YOY% ∆

SOURCE: John Burns Real Estate Consulting, LLC (January 2018)

PROJECT NAME AND LOCATION 2017 2016

Top Master-Planned Communities of 2017

50 26 22

27T 21

27T 14

29 37

30 NR

31 7

32 23t

33 NR

34 34

35 NR

36 30

37 26

38 NR

39 46

40 31

41 38t

42 NR

43 27

44 33

45 38t

46 44

47T NR

47T 23T

47T NR

50 32

        429 413

        428 426

        428 476

        423 333

        400 270

        399 489

        397 377

        395 386

        382 348

        379 55

        372 359

        368 373

        367 287

        361 301

       356 358

        345 317

        340 248

        337 365

        334 351

        324 315

        320 307

        315 252

        315 377

        315 163

        314 352

4%

0%

-10%

27%

48%

-18%

5%

2%

10%

589%

4%

-1%

28%

20%

-1%

9%

37%

-8%

-5%

3%

4%

25%

-16%

93%

-11%

VERRADO Phoenix, AZ

ALIANA Houston, TX

SIENA Austin, TX

BRIDGELAND Houston, TX

ESTRELLA Phoenix, AZ

ALAMO RANCH San Antonio, TX

CROSS CREEK RANCH Houston, TX

BRUNSWICK FOREST2 Wilmington, NC

SUMMERLAKE Orlando, FL

WALLIS RANCH East Bay Area, CA

SIENNA PLANTATION Houston, TX

WESTPARK2 Sacramento, CA

BEREWICK Charlotte, NC

TRADITION Port St. Lucie, FL

GREEN VALLEY RANCH Denver, CO

MOUNTAIN'S EDGE Las Vegas, NV

THE WOODLANDS Houston, TX

WOODFOREST Houston, TX

WILDWOOD AT NORTHPOINTE2 Houston, TX

WATERSET Tampa, FL

HARVEST2 Fort Worth, TX

HARVEST GREEN Houston, TX

CANYON LAKES WEST Houston, TX

SKYE CANYON Las Vegas, NV

PHILLIPS CREEK RANCH Dallas, TX

DMB

Aliana Development Company

John Lloyd Development

The Howard Hughes Company

Newland Communities

Galo Properties

Johnson Development Corp.

Brunswick Forest Realty, LLC

Starwood Land

Trumark Homes

Johnson Development Corp.

Westpark Communities

Pappas Properties

Tradition Land Company

Oakwood Homes

Focus Property Group

The Woodlands Development Company

Johnson Development Corp.

Friendswood Development Company (Lennar)

Newland Communities

Hillwood Communities

Johnson Development Corp.

Land Tejas Company

Olympia Companies

Republic Property Group

28,329 23,669 20% TOP 50 TOTALRank increased 1Estimates 2PreliminaryRank declined

Bold=Multiple MPCs on list

Top Master-Planned Communities of 201750

4Top MPCs of 2017 | John Burns Real Estate Consulting

Four Masterplans Exceed 1,000 Sales in 2017 By Jody Kahn, Senior Vice President, and Devyn Bachman, Senior Research Analyst

Masterplan sales surged in 2017. Irvine Ranch, The Villages, Lakewood Ranch, and Summerlin all captured over 1,000 net homes sales in 2017. Sales in a number of western US communities swelled, while many communities in Florida and Texas captured fewer sales as they wind down or face more competition. Texas usually dominates the top 25 ranking, but only Riverstone in Houston and Paloma Creek in Dallas had enough sales this year. We contacted 370 masterplans—many of whom we advise on market, segmentation, amenity, and marketing strategies—to arrive at our ranking. Together, the top 50 masterplans sold 28,329 homes, reflecting a 20% year-over- year increase from 2016. Their combined 2017 sales represent approximately 4.5% of all new home sales nationally. We spotted several notable trends this year.

These factors guide our ranking:

• Multiple builders selling • Shared or reciprocal amenities • Consistent entries, street names,

lighting, etc. • Community brand and marketing

Regional Shifts in the Top 25 • California and Southwest masterplans together

account for 56% of the 2017 top-selling communities, up from 48% one year ago.

• Southern California masterplans represent 24% of the top 25, rising from 16% in 2016.

• The Southwest’s market share jumped to 28% from 24% one year ago.

• Texas captures 8% of our 2017 top 25, dropping from 28% last year.

• Florida’s share rose to 28% from 20% in 2016.by 2016 Net Sale

Strong Phoenix and Las Vegas sales gains. The Summerlin and Inspirada masterplans in Las Vegas and Eastmark and Vistancia in Phoenix all report phenomenal 2017 sales that promoted them in this year’s ranking. We have been tracking the significant sales improvement in Phoenix and Las Vegas via our consulting assignments and monthly builder survey over the last 12–18 months. Developers and builders report improved demand across the full spectrum of buyer types and submarkets. Steady job growth supports demand, with a boost from retirees in Phoenix and Californians relocating to Las Vegas. Phoenix and Las Vegas are still gaining traction in their reco