Residential Lot Sales are Brisk in Dove Mountain

a-perfect-storm-for-home-builders-at-dove-mountain-in-maranaPulte Homes closed on additional land for 241 SFR lots in the Del Webb at Dove Mountain Active Adult Community where it plans to build approximately 650 homes on 208 acres when complete. The latest takedown for 241 lots sold for $6.96 million ($28,863 per lot). This was phase three of a five phase option.

Sales have been brisk in this Del Webb community since it broke ground in February 2013. To date Del Webb has sold 98 homes, closed on 65 of these with 33 under construction. As reported back in February, there were nearly 100 inquiries within a day of posting a “coming soon” sign on the property.

Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community is located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and is a mixture of 40-, 50- and 60- foot wide lots.

Bob Hadd of the Hadd Company in Tucson represented the seller, Cottonwood Properties’ affiliate, DM Phase IV Investments, LLC (Carson Mehl, member).

Cottonwood Properties of Tucson is privately owned and the original developer of the 6,200-acre Dove Mountain community in Marana, Arizona. In addition to the many neighborhoods within Dove Mountain, Cottonwood developed The Ritz-Carlton Resort, Residences and Golf Club – home to the Accenture Match Play World Golf Championships.

Recently, a 2.04 acres sold at The Ritz-Carlton Resort, Residences and Golf Club for $845,000 for a single custom home lot to an out of state buyer. “We’re very happy with the activity we’ve been seeing at Dove Mountain,” Carson Mehl, president of Dove Mountain Homes, told us. “This was the highest price paid for a single lot since the recession.”

In addition at Dove Mountain, Mattamy Homes recently opened with 11 sales and Miramonte Homes has models under construction that should be ready in a couple of months.

Also in the Northwest, at nearby Tortolita Vistas, Maracay took down six more lots for $963,230 ($160,538 per lot). Located north of Tangerine Road on Thornydale Road, Tortolita Vistas is set in the foothills of the Tortolita mountain range, surrounded by stunning views. Homes are on over-sized one acre sites that feature lush desert open space. Maracay is building a total of 54 homes that began October 2013 in Tortolita Vistas.

Will White of Land Advisors Organization in Tucson represented Maracay in the rolling option.

To learn more, Hadd can be reached at 520.403.2812 and White is at 520.514.7454. Mehl can be contacted at 520.572.8000.

Also see RED Comp #3321 and #3328.

Related story: A Perfect Storm for Home Builders at Dove Mountain

 




Two New Subdivisions Coming to Northwest Tucson

Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015.

Realtor.com is predicting the housing market midyear is on track for best year since 2006. See REDaily News June 12, 2015.

NORTHWEST SUBMARKET

Saguaro Ranch Parcels
Saguaro Ranch Parcels (click to enlarge)

Cottonwood Properties, through affiliate DM Phase IV Investments (Carson Mehl, vice-president), recently sold two parcels along the common boundary between Canyon Pass at Dove Mountain and Saguaro Ranch for $3 million. The sale was to the new owners of Saguaro Ranch, Connecticut-based Northlight Capital Partners, and the combined area of the two parcels is approximately 57 acres.  As shown on the aerial, the parcels are on the other side of the ridge that runs along the east side of Canyon Pass Phase 4 (along New Horizon Ridge Drive).  The parcels that were sold are not visible from existing lots in Canyon Pass and are in the valley where other Saguaro Ranch development is planned. Future residents within the sold parcels will take access only from Saguaro Ranch and not be part of Canyon Pass. This boundary change will reduce the overall number of lots taking access from the Canyon Pass Phase 4 area by about 35 lots. Saguaro Ranch is a quality community and we believe this modification will be very compatible with our overall plan for Canyon Pass.

There were no brokers involved in the transaction. See RED Comp #3036 for additional information.

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Lennar Arizona bought 75 lots for Eagles Rest, a new subdivision in Rancho Vistoso MPC, at Moore Road west of Rancho Vistoso Blvd in Oro Valley for $2.94 million ($39,200 per lot). The gross area of the project site is 39.02 acres and net area is 26.57 acres. In addition to the sale price, the developer paid to plat and engineer the 75-lots while in escrow. All are 70’ by 125’lots.

The seller was The Kenneth W Olsen Family Trust of Cortaro and was represented in the sale by Ben Becker and Adam Becker of CBRE in Tucson. The developer / builder was self-represented. See RED Comp #3077 for additional information.

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DR Horton bought 58 platted and engineered lots at Sterling Meadows, a new subdivision in Marana, for $1.86 million ($32,000 per lot). Located southwest of Hartman and Overton Roads in Marana the gross area of the subdivision is 58.8 acres. All are 70’ by 125’lots.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Pacific International Properties, LP (Daniel Leung, manager). See RED Comp #2976 for additional information.

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WESTERN SUBMARKET

DR Horton purchased 9 finished SFR lots at Mission Antigua in the western submarket of Tucson. This purchase was the 4th takedown for 8 finished lots of a 38-lot rolling option for $265,917 ($29,546 per lot). The lots are mostly 45’ by 110’.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Antiqua Associates, LLC, an affiliate of Red Point Development (Daniel Leung, manager). The gross area of the subdivision is 58.8 acres. See RED Comp #3044 for additional information.

 




A Perfect Storm for Home Builders at Dove Mountain in Marana

dovemountainReal estate will always be about location, location, location but with land especially, it’s future location, future location, future location. Today, looking at Dove Mountain in Marana it’s not difficult to understand why home building there hasn’t experienced the same slow down as other places.

We sat down with Carson Mehl, President of Dove Mountain Homes and the general contractor of The Ritz-Carlton Residences, who also oversees sales and marketing for Cottonwood Properties at Dove Mountain to ask the question: What has made Dove Mountain the exception rather than the rule for home building over the past 18-months?

Mehl told us that the long-term vision and planning that has gone into Dove Mountain makes it an exceptional community in several ways. “When the Ritz Carton decided to partner with Dove Mountain, it was a sign of confidence that showed the path forward. The Ritz opened in December 2009, just at the start of the economic recession,” Mehl said. “Forbes recently named the Ritz-Carlton at Dove Mountain one of only two Five-Star resorts in Arizona for 2015.”

The resort opening and its economic impact was precisely the right prescription to keep Dove Mountain away from seeing any recession. Currently, there are six active builders: Del Webb, Mattamy, Miramonte, Meritage, Richmond and Toll Brothers are all in various stages of home sales.

Mattamy and Toll Brothers both chose Dove Mountain as their entry into the Tucson market in 2014; Mattamy for 172 platted lots and Toll Brothers for 72 platted lots. In addition there are more homebuilder transactions pending for 2015. “Homebuilders have been attracted to the premium real estate and the “shovel ready” nature of the lots. The success has been building on itself. We expect great things to continue out there for the next several years” said Will White of Land Advisors Organization who has handled the latest round for transactions for both Dove Mountain and the homebuilders.

The Ritz Carlton Residences currently has six homes under construction, ranging in price from $1 – $3 million, however, five of these were sold before completion by buyers from cold winter states, several Canadians, and some Californians, we were told.

dove mountain 2Surrounded by saguaros at the foot of the Tortolita Mountains just outside Tucson, Dove Mountain is a luxury camp in the high desert. The sprawling community is a destination in its own right with the Ritz Carlton boasting more than 20 miles of hiking trails, three pools, an idyllic spa featuring eco-friendly and holistic treatments and a Jack Nicklaus signature golf course. With numerous dining options, there’s really no reason to ever leave the property.

But, the Sonoran Desert is the real attraction in this harmonious place where finding every amenity under the sun will soon get even easier. Global retail leader, the Simon Property Group is building destination shopping, the Tucson Premium Outlets, at Twin Peaks & I-10, just down the road.

Families should also be more attracted to area, since the Marana Unified School District received voter approval for a $125 million bond that is to include construction of two new elementary STEM system schools nearby.

Mehl explained to us, “Synergy feeds on itself. While the Ritz and Dove Mountain developed a synergy, homebuilders have added to it. Limited lot supply and continued demand by new home builders, combined with the ongoing challenges and delays in rezoning experienced in Pima County. All add up to more emphasis on shovel ready lots in Dove Mountain.”

That bodes well for 2015 and beyond, as home sales, according to several groups of real estate experts anticipate, are on their way up, especially among existing homeowners looking to move up into a larger or secondary vacation home market, as money shifts back from the stock market to real estate.

“It’s decidedly a perfect storm for builders here,” concluded Mehl.

Will White and John Carroll of Land Advisors Organization in Tucson can be reached at 520.514.7454 for more information on available land at Dove Mountain, or click on map below.

Future Phase Dove Mnt