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Excuse me, but to paraphrase a song lyric from the holiday season: ‘It’s been said many times, many ways…’ SFR lot sales continue to be where the action is.

Meritage Homes will be constructing 24 new homes on half-acre lots at Stone Canyon at Rancho Vistoso in Oro Valley.  Meritage Homes of Arizona (Michael Isles Cremieux, VP of Land Acquisitions) bought 23-lots at Rancho Vistoso’s Stone Canyon in Oro Valley for[mepr-show rules=”58038″] $3.25 million ($141,000 per lot). The seller was Rialto Capital Management, a subsidiary of Lennar Homes in Tempe. In a separate transaction, Meritage acquired a single finished lot total 24-SFR lots, from the Ferguson Family Trust for $170,000.  Thirteen of these lots were partially finished, so Meritage expects the total cost per finished lot to be approximately $155,000 per lot prior to construction. Sale date: 11/20/2013. All cash transaction. APNs: 219-38-015, 018, 027,029 thru 043, 045 thru 049. Single lot: sale date 12/6/2013, all cash. APN: 219-38-021, lot 361 bk 59 pg 23. Jeff Grobstein reported that the 13 lots would cost $300,000 for improvements. All costs totaled is $3.72 million, or $155,000 per finished lot.

Pulte Home Corporation (Justin Smith, Tucson Land Acquisition) bought approximately 35 acres for 48 paper lots at the southwest corner of Camino de Oeste and Tangerine Road in Marana for $850,000 ($18,000 per lot). The property is zoned SP and sold with a tentative plat approved for 48-SFR (65’x 130’) lots. The seller, the Kapsal Family Trust, was represented by Mike Carlier and Jim Vincent of the Carlier Company in Tucson. Sale date: 11/13/2013. All cash transaction. APN: 216-01-001E. Although property was zoned SP it had to be amended for approved tentative plat.

D.R. Horton closed on 7-SFR lots at Sahuarita Highlands in Sahuarita for $305,800 ($43,686 per finished lot) as part of a rolling option agreement. D.R. Horton is building a total of 153 homes here. The seller, Red Point Development (Daniel Leung, director) was represented by Dan Feig and Aaron Mendenhall with Chapman Lindsey of Tucson. Sale date 11/14/2013. All cash transaction. APNs: 303-54-059 thru 065.

For more information, contact Meritage Homes at (520) 225-6800. Carlier and Vincent can be reached at (520) 529-3800, and to speak to Feig and Mendenhall call (520) 747-4000. [/mepr-show]

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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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D.R. Horton (NYSE: DHI) bought 60-lots at The Pines Phase II in Marana for $2.28 million, or $38,000 per finished lot, as part of an option agreement for 123-lots with Terrazzo Homes of Tucson. The lots are on average 40’x 85’ and the builder has introduced an all-new product line ranging in size from 1,613 to 2,969 sq. ft. that take best advantage.

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[mepr-show rules=”58038″]D.R. Horton, a Texas-based company is one of the largest homebuilders in the United States, operating in 26 states and 77 metropolitan markets.

The Pines is located north of Arizona Pavilions in the shadow of Sombrero Peak, on the 18-hole Quarry Pines Golf Course, with a mix of dramatic elevations  and stunning mountain views.

This gated community with community pool is D.R. Horton’s newest community.

The Pines was developed by Standard Pacific of Tucson in 2007. Phase I has 129-lots on 21 acres with home builders such as D.R. Horton and Maracay Homes committed. Phase II of the Pines is a total of 265-lots on approximately 30 acres, plus 25 acres of open space and common area. D.R. Horton is the first builder commitment in Phase II.

The Pines is open and selling now, with five models. Hours are 9:30 – 5:30 every day, except Wednesday when it opens at noon- 5:30.

Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson handled the transaction for seller and builder.

Feig should be reached at (520) 747-4000 ext. 103 and Mendenhall is at (520) 747-4000 ext. 102. The Pines sales office can be contacted at (520) 575-5108.[/mepr-show]