A new 300-acre Summerlin community, Reverence, is expected to include 1,500 attached and detached homes in numerous price ranges and sizes. The development of the site is expected to begin this fall.

The acquisition takes place during a tough time for Las Vegas homebuilders. Sales have dropped dramatically over the past year and builders have cut back on housing starts. Many builders have even dropped options to purchase land.

"It is a good thing because it shows Pulte has a vision beyond the next six months to a year when things are going to be a little painful," said Tim Sullivan, a San Diego-based real estate consultant who monitors the Las Vegas market. "It is great news for the market. We are talking about its selling homes from 2009 to 2012 and 2015. It is an indication of the long-term belief in Las Vegas."

Given the price paid for the land at $820,000 an acre, no one should assume it will be affordable housing, said Dennis Smith, president of HomeBuilders Research. It shows that land prices aren't falling as some had hoped.

Smith called it a safe purchase given the growth in Summerlin and desirability of that master-planned community.

"This one builder sees it as a viable marketplace and is positioning itself to take advantage when there is a turn in the market," Smith said. "It will be interesting to see how other builders follow and if they start buying land again. With these public builders, you never know when they are going to get in a buying mode."

Las Vegas housing analyst Steve Bottfeld says the acquisition tells him Pulte is preparing for a turn in the market. The builder is showing that it will "continue to be force to be reckoned with" in the Las Vegas housing market, he said.

"I think this just demonstrates some builders are finally beginning to believe we are on the bottom of this cycle and ready to tap into the next up tick," Bottfeld said. "If you are looking to the future, you are buying dirt in Summerlin, which is a high-end market. It bodes well for the high-end market in Las Vegas."

The property on the northernmost edge in Summerlin is located west of the 215 Beltway and is bounded by West Lake Mead Parkway Boulevard on the south and Cheyenne Avenue on the north. It sits in a cove surrounded by mountains.

The sale of such a large land tract is rare for the Howard Hughes Corp. since Summerlin started taking shape in 1990. It sold land to Del Webb, which is part of Pulte, for the development of Sun City Summerlin and to Sunrise Colony for the development of villages at Red Rock Country Club and Siena.

Since those sales, the developers of Summerlin have sold chunks of 12 to 35 acres for subdivisions and more recently have sold finished pad sites to various home builders. Using this concept, Summerlin has more diversity in its housing development.

"It is a bit out of the ordinary, but we think Pulte is an extraordinary development company and home builder," said Tom Warden, vice president of community and government relations for the Howard Hughes Corp.

Pulte's village will be designed using the latest green building practices.

"This is applying sustainability to a whole village and neighborhood," Warden said. "This is a real important step in the evolution of sustainable development."

Within the 22,500-acre master planned community, there is more than 7,000 acres left to be developed. No other land sale announcements are forthcoming, Warden said. When Summerlin is completed in the next two decades, it is expected to have about 220,000 residents.