Is Houghton Corridor the Next ‘Hot Spot’ for Tucson Housing?

D.R. Horton took down an additional 18-lots at Caddis Haley Estates for $360,000 ($20,000 per lot). The takedown is part of a seven takedown rolling option that involves 64-lots for the homebuilder in this southwest submarket community.

Aaron Mendenhall and Dan Feig of Chapman Lindsey of Tucson handled the transaction for buyer and seller, Caddis Bridge, LLC of Tucson.

We spoke to Aaron Mendenhall, who has tracked lot sales in the Tucson market since 2008, about what he sees in the market.

Chapman Lindsey is reporting monthly single family permits have been consistently in the 170-200 range throughout 2013, until September, when it fell to 126 permits. “September is typically the lowest permit month of third quarter however, year-to-date we are still 202 permits higher than last year at this time,” according to Aaron Mendenhall of Chapman Lindsey.

“Year to date there has been 770 new lots and another 287 could be finished in Q4, which would add over 1,000 lots for the year,” said Mendenhall. “Builders are recognizing the lack of lot supply in Tucson and are developing new lots.”

Three new communities will soon offer new homes in the southeast submarket, along the Houghton Road Corridor area, Mendenhall believes will be the next “hot spot” for housing. D.R. Horton just opened its Acacia Ridge community with 114-lots near Cienega High School. Richmond and Lennar are finishing their respective communities in Mountain Vail Estates, near Empire High School and the recently completed Esmond Station K-8 School.

“The South Houghton Corridor or Corona de Tucson area boasts amazing valley and mountain views, higher elevations, slightly cooler temperatures, and is also in the Vail School District. The area had lacked retail amenities, but with the new Houghton Town Center, that is changing,” Mendenhall told us. “The Houghton Road widening between Irvington and Valencia further enhance the accessibility and connectivity of the Central Houghton Corridor to Tucson.”

To read the full Tucson Land Update.

Mendenhall can be reached at (520) 747-4000 ext. 102 and Feig should be contacted at (520) 747-400 ext. 103, for more information.

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