Several Residential Developments Reach Final Takedown Phase This Month

TUCSON,  Arizona —  The Metro Tucson Housing Market continues to show signs of possibly its best year since 2008.  As home builders exercise options earlier than scheduled to keep up with demand in Northwest Tucson and get creative with infill projects at the same time.

Pulte Home Company exercised its final option for 119 lots at Tangerine Ridge recently for $4.12 million ($34,615 per platted lot). Pulte purchased the first 78-homesites of 197 SFR lots at Tangerine Ridge, located east of Twin Peaks on Tangerine Road, for $2.88 million ($36,933 per platted lot) from Tangerine Estate Joint Venture (Robert Sharpe, manager).

Pulte will be responsible for finishing the infrastructure and purchased paper lots with entitlements only, along with an option for the remaining 119 lots at Tangerine Ridge in June 2016.

Ted Herman with Sharpe & Associates handled the transaction.

“Lot sizes are 50’ and 65’ wide x 120’ at Tangerine Ridge, with average lot sizes of 7,460-square-feet,” said Herman. “The road improvement costs from Tangerine Ridge connecting to Twin Peaks is to be split with the Town of Marana per entitlements and specific plan. This will be a great new community and ease the demand for mid-range priced homes in the Northwest.”

Pulte Homes also took down the final option for 109 platted lots in Del Webb Active Community at Dove Moutain for $4.86 million ($44,569 per platted lot). In February 2013, Pulte Home Corporation (NYSE:PHM) announced its plans to build approximately 650 homes on 208 acres for the Del Webb at Dove Mountain Active Community in Marana.

This is the final phase of an option agreement with Cottonwood Properties, Inc. and DM Phase IV Investments, LLC (David Mehl, CEO) that was scheduled for January 2018 being acquired earlier.

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 will be located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and will reportedly have a mixture of 40′, 50′ and 60′ wide lots.

D.R. Horton took down an option at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton bought 12 finished lots for $471,000 ($39,250 per lot) from Fianchetto Farms, LLC. This was the sixth and final takedown of a 49-lot option within this 114-SFR lot subdivision and the fourth for this year, finishing earlier than expected.

D.R. Horton began construction here in August 2016. Lots are mostly 55′ x 110′ and has a second phase option for another 60 lots totaling 109 lots here.

 Dan Feig with Chapman Lindsey Commercial Real Estate Services handled the transaction.

KB Home Tucson purchased 7.15 acres at Oracle Jayne Station and La Cholla in Northwest Tucson for a 35-lot infill project. The land was rezoned to CR-5 and sold for $686,400 ($19,644 per platted lot).

Thrac Paulette of Cantera Real Estate represented Markland Investments and David Huebner of Tucson, the sellers. The seller has a 3.2 acre parcel remaining from this site zoned for medical use.

Homes are planned to be on 35’ x 100′ lots and be of two-story construction here.

For more information, Herman can be reached at 520.299.8766, Feig should be contacted at 520.747.4000 and Paulette is at 520.904.5055.

To learn more, see RED Comp #5012 #5040, #5035 and #5028




Tucson Land Speculation / New and Continuing Rolling Option Deals

TUCSON, Arizona — O.T. Builders, LLC and Mesquite Homes (Jim Campbell, CEO) of Tucson closed on the first of 29 finished lots of a new rolling option at Vail Vista Estates in the southeast submarket for $36,000. Price is a base price plus back end participation in home sales. Lot sizes are a minimum of 36,000-square-feet in Vail Vista Estates.

Thrac Paulette of Cantera Real Estate in Tucson represented the seller, Elite Performance, LLC of Tucson.

For more information, Paulette should be reached at 520.904.5055.

To learn more, see RED Comp #4849.

D.R. Horton paid $200,000 ($50,000 per lot) for four finished lots in Tierra Linda Nueva in the northwest submarket, southwest of Emigh Road and Sanders Road in Marana. This is an option takedown for 48-lots from Tierra Linda Nueva, an affiliate of Estes Land and Development of Tucson (Kip Volpe, President) in a 190 SFR lot subdivision of 36,000-square-foot minimum lot size.  This transaction represents 16 lots taken down of the 48- lot option.

Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services in Tucson represented D.R. Horton in the transaction and can be contacted for more information at 520.747.4000.

To learn more, see RED Comp #4841.

D.R. Horton bought 6 more finished lots for $229,500 ($38,250 per lot) with options at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton from Fianchetto Farms, LLC. This was the fifth takedown or 37-lots of a 49-lot option within this 114-SFR lot subdivision and the third takedown this year. Lots are mostly 55′ x 110′.

D.R. Horton began construction at Fianchetto Farms in August 2016.

Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented D.R. Horton and the seller in this transaction.

Feig and Mendenhall can be reached at 520.747.4000 for more information.

To learn more, see RED Comp #4842.

ACM Ventures, LLC of Tucson (Alan Murdock, manager) paid $435,000 ($.35 PSF) for 28.72 acres of raw land in the eastern submarket, at Tanque Verde Loop and Broadway Blvd in Tucson.  The SR zoned acreage was purchased to hold for development.

Murdock, an associate broker at Realty Executives Tucson Elite, was self-represented in the transaction. The sellers, Christine Glass and William Frick of Chandler, were represented by Ric Sack of Long Realty.

For additional information, Murdock can be called at 520.906.9202 and Sack is at 520.918.5477.

To learn more, see RED Comp #4807.

 

 

 




D.R. Horton, Tucson’s Largest New Home Builder’s Latest Buying Spree

TUCSON, Arizona — D.R. Horton (NYSE: DHI) Tucson’s largest new home builder by volume in 2016 purchased 145 lots during Q1, or 36% of the 407 total lots that sold in Tucson metro, subject to change with the final week of the quarter still to come.

The home builder posted nationally, new orders for its latest quarter surpassed expectations, the latest indication of the housing market’s recovery. New orders nationally increased 14% to 9,241 homes in the three months ended in December, above expectations of analysts surveyed by FactSet who projected 8,717.

The housing market is coming off a strong year. An estimated 1.17 million housing units were started in 2016, nearly 5% more than were started in 2015, making it the strongest year since 2007. Housing starts rose 11.3% in December to a seasonally adjusted annual rate of 1.23 million, the Commerce Department reported last week.

Permits in Tucson metro, a good indication of how much construction is in the pipeline, is also up by 42% year over year in February.

D.R. Horton wrapped up the final 43 lots of 184 total at Sycamore Vista in Vail, Arizona for $795,000 ($18,500 per lot). Previously known as New Tucson, these lots were re-platted and sold by NT Properties. This concludes the Sycamore Vista lot sales.

At Eagle Point Estates, in the western submarket of Tucson, D.R. Horton purchased 8-SFR lots for $318,000 ($39,750 per lot). This was the final takedown of a rolling option agreement for 83-lots at Eagle Point Estates. The seller, Tierra Valencia of Tucson is an affiliate of the Estes Companies (Bill Estes III, manager).  D.R. Horton began construction at Eagle Point Estates back in January 2015.  Lots are mostly 80’x100′.

In Green Valley, 43 finished lots in Rancho Abrego II were purchased for $1.83 million ($42,500 per lot). Lots are 45′ and 50′ x 115′. The seller was BBV Investment Limited Partnership LLP of Tucson, Pepper Viner, general partner, that also sold D.R. Horton 15 platted lots and common area at the new Rancho Abrego III for $262,500 ($17,500 per lot). The Rancho Abrego Community is a 55+ community.

Continuing with options at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton bought 6 more finished lots for $229,500 ($38,250 per lot) from Fianchetto Farms, LLC. This was the forth takedown of a 49-lot option within this 114-SFR lot subdivision and the second for this quarter. D.R. Horton began construction here last August 2016.  Lots are mostly 55′ x 110′.

Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services represented the parties in all of the above transactions.

For more information, Feig and Mendenhall should be reached at 520.747.4000.

To learn more, see RED Comps #4617, 4630, 4670, 4639 and 4640.