TUCSON, ARIZONA – KB Home Tucson is planning a new subdivision, Vista Del Oro, located northwest of Overton and La Cholla where the home builder has assembled 51 acres of raw land for $5.17 million ($101,372 per acre).

The land is in the county and zoned CR-5.  The property sold as raw land, with a reported tentative plat for 139 lots of 50’and 40’x120′ lot sizes.

The assemblage was handled in three transactions with David Harbour with WD Land in Irvine, California represented the seller, Tortolita Investments, LLC (Linn Harbour, manager) in the sale of 22.2 acres.

Northwest Bible Church (Brian Fuchrer, Director) and Quest Land Group (David Pooley, manager)  were the seller of the additional land and were self-represented in their respective transactions.

KB Home is an established home builder in the area, offering ENERGY STAR® certified new construction homes in metro Tucson. It offers a selection of open concept floor plans, with energy-efficient options available. The Vista Del Oro community is located near the majestic Catalina Mountain range, and near shared amenities including walking trails, parks and sports fields as well as convenient to schools, shopping, dining, recreation, regional trails, major employers, and downtown Tucson.

To find additional information on Vista Del Oro go here.

To learn more, refer to RED Comps #8229, 8230, and #8231.

Phoenix, Arizona – CBRE announced the sale of an office property in Phoenix’s Acardia neighborhood to a group of private local investors for $2.85 million.

Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Sean Spellman, Corey Hawley and Jimmy Cornish of CBRE represented the seller in the transaction. The buyer was self-represented.

Located at 4203 E. Indian School Road, the three-story building was originally built in 1984 and was renovated in 2015. The approximately 18,000 square-foot property sits on a corner lot and features 64 parking spaces. The site is in proximity to Loop 202, Loop 101 and I-10, three major freeways that connect Arcadia to the rest of the Phoenix metropolitan area.

“Arcadia is often considered one of the most affluent communities in Arizona,” said Turbow. “This is an extremely well-located asset that will only benefit from the continued growth in the region. In acquiring this value-add office building, the new owner plans to undertake further significant renovations, which will be transformative for the surrounding neighborhood.”

Migration into Arizona has been a major driver of the region’s growth. Today, Arizona’s inmigration continues to be a powerful economic force, according to a recent CBRE research report. Between 2010 and 2019, on average Phoenix received an annual net in-migration of more than 92,000 people. These inflows – drawing a diverse set of households from a wide range of geographies – are defining the next evolution of Arizona’s economy and presage
sustained economic dynamism and growth.

TUCSON, ARIZONA — Tucson Association of Realtors and MLS is reporting November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.

New Listings decreased 7.7 percent for Single Family and 10.1 percent for Townhouse/Condo. Pending Sales increased 28.5 percent for Single Family and 45.6 percent for Townhouse /Condo. Inventory decreased 51.5 percent for Single Family and 46.6 percent for Townhouse/Condo. Median Sales Price increased 20.8 percent to $290,000 for Single Family and 29.7 percent to $201,000 for Townhouse/Condo.

Days on Market decreased 44.4 percent for Single Family and 14.8 percent for Townhouse/Condo. Months Supply of Inventory decreased 54.5 percent for Single Family and 52.9 percent for Townhouse/Condo.Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market condition.

See full report here.