TUCSON, ARIZONA – Meritage Homes and DR Horton recently purchased a combined total of 227-lots recently in the Hanson Ridge area of Vail for an aggregate amount of $14.7 million.
The new Meritage community consists of 126-lots, all 40’ wide, in the subdivision known as Pabst Ridge for $7,812,000 ($62,000 per lot). This transaction closed on February 25th.
D.R. Horton closed on an addition 101-lots with a mixture of 40’ and 50’ wide in the subdivision of Weissman Ridge for $6,897,500 ($68,000 per lot). This transaction closed on March 11th.
According to Redfin, in February 2022, Vail home prices were up 19.4% compared to last year, selling for a median price of $375,000. On average, homes in Vail sell after 43 days on the market compared to 44 days last year. There were 47 homes sold in February this year, down from 55 a year ago.
Both Meritage and DR Horton have been building in this area for some time. These new expansions will add to their offerings at Hanson Ridge, located along E Old Vail Rd, set against the stunning backdrop of the Rincon Mountains and within the highly sought-after Vail School District.
Dan Feig with Chapman Lindsey Commercial Real Estate Services handled both sales for buyers and the seller, Vail UPRR South, LLC and Vail UPPR Russo, LLC or Tucson, Duff Hearon, manager.
For more information, Feig should be reached at 520.747.4000 ext. #103.
To learn more, see RED Comps #9677 and #9711.