New Land Rush – Northwest Tucson

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With the housing rebound comes more builders wanting to build, and finished lots are getting pretty scarce and pushing up lot prices up. Aaron Mendenhall, Land Specialist at Chapman Lindsey in Tucson, tracks the SFR lot inventory. Mendenhall told us, “The finished lot inventory in the Tangerine Corridor (Oro Valley / Dove Mountain areas) is completely tied up by builders. There is still some finished lot inventory available in the northwest Marana area, around Gladden Farms, has approximately 300-lots left.”

As reported last month, Richmond American Homes of Arizona (James Gaulin, Director of Land Acquisition) acquired 36-SFR lots at Gladden Farms in Block 17 for[mepr-show rules=”58038″]$1.3 million ($36,500 per lot) in Marana, at “The Arbors at Gladden Farms”.

This month, Richmond American acquired an additional 57 finished lots at San Lucas Block 4 in Marana for $1.94 million ($34,000 per lot). Willow Bridge of Tucson (Greg Anderson) was the seller of the R-8 zoned lots with 8,000-square-foot minimum size, or 70-foot wide lots.

The Northwest master-planned community of San Lucas has a beautiful mountain backdrop near San Lucas Park, with dog park, sport courts, playgrounds and trails. Richmond has been at “The Palisades at San Lucas” with six floor plans and 3-car garage models since it opened.

With 15-20 lots remaining at The Palisades at San Lucas, Gaulin did not anticipate a start to building in the new subdivision, that doesn’t have a name yet, until November.

Dan Feig and Aaron Mendenhall with Chapman Lindsey of Tucson handled both of these transactions.

There are two blocks remaining (7&8) in San Lucas with a total of 154-platted lots that are currently under negotiation with a builder. DR Horton owns 60 platted lots in Block 12, with no near future plans to improve these lots.

According to Mendenhall, “Many builders are currently pursuing unentitled land in the Tangerine Corridor. The entitlement/platting process can take 1-2 years however, so we won’t see many of these lots finished until 2015. There are several platted lot deals currently under negotiation in the Northwest submarket. Other submarkets are also seeing an increased interest in platted lot communities as there is an extreme shortage of finished lots throughout Tucson.”

Richmond American is a wholly owned subsidiary of M.D.C. Holdings, Inc., (NYSE:MDC) a Delaware Corporation based in Colorado since 1972. Richmond American ranked 11 in the top 100 homebuilders for 2012, with 3,740 closing for the year.

For more information on Richmond American Communities, contact (520) 544-2700. Feig and Mendenhall should be contacted at (520) 747-4000.[/mepr-show]

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[ismember]Sale date: 9/4/2013. All cash transaction.  [/ismember]