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Richmond and D.R. Horton Restocking 158-Lots in Tucson area this Month

TUCSON, Arizona – On the eve of the release of NAR Pending Home Sales Index (PHS) April report, a leading indicator of housing activity, based on what we are seeing here in Tucson we predict it to be a positive one for the third month running.  Two major homebuilders, D.R. Horton and Richmond American Homes have restocked inventory in the Tucson market this month. D.R. Horton acquired an aggregate of 82-lots and Richmond American 76-lots during the month of May.

In the Southern submarket, northwest of Columbus and White Water Drive, D.R. Horton bought 62-lots remaining in a 157-lot subdivision, Desert Vista Estates from Clayton Properties Group for $1,627,500 ($26,250 per lot). The seller is a manufactured home manufacturer, Clayton Homes, and lots are mostly 55’ x 90’. We were unable to learn whether or not D.R. Horton plans to re-plat the lots.

D.R. Horton also purchased 6 finished lots under a rolling option agreement from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The price was $51,000 per lot for the 7,000-square-foot lots, or $306,000. This was a takedown on an option for 93-lots.

Tucson Land was represented by Randy Emerson of GRE Partners and D.R. Horton was represented by Dan Feig of Chapman Lindsey.

An additional 14-lots were also taken down at Fianchetto Farms in Northern Marana, near Gladden Farms for $685,500 ($48,964 per lot).  This is D.R. Horton’s second option agreement for 60-lots in this 114-lot subdivision, having finished its first agreement recently for 46-lots.

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

Two new projects were likewise acquired by Richmond American in the Northwest submarket.

Linda Vista 18 is a 36-lot subdivision southeast of Linda Vista Blvd. and Thornydale Road. Richmond acquired the 36-lots and common area totaling 12.6-acres for $30,000 per lot or $1,080,000. The seller / developer was Red Point Development (Daniel Leung, manager).

Magee 17, a 35-lot subdivision, was also bought by Richmond from Red Point Development for $875,000 ($25,000 per lot). Located also in the Northwest submarket, the new 17.54-acre subdivision is northwest of Thornydale and Magee Roads. Average lot size is 7,425-square-feet.

Richmond American Homes also took down 6 finished 70′ wide lots at Santa Cruz Meadows in Sahuarita for $312,500, or $62,500 per lot.  The fourth takedown, or 27 lots, on an agreement to purchased 49-lots at Santa Cruz Meadows.  The seller was represented by Randy Emerson of GRE Partners and the buyer was self-represented.

Richmond has also opened several lots in Rancho Sahuarita at Entrada Del Rio.

For additional information, Randy Emerson can be reached at 520.396.4812 and Dan Feig is at 520.747.4000.

To learn more, see RED Comps #5793, #5784, #5800, #5787, #5833, and #5802.

 

 




Vail, AZ is New Hotspot for Residential Lot Sales in April

TUCSON, ARIZONA – Residential lot sales in Tucson metro area totaled $1.8 million for the month of April, with the most lots being sold in the Vail area, in the southeast submarket of Tucson.

KB Home Tucson purchased 42 lots at Mountain Vail Reserve from Civano Nursery of Tucson (Alex and Leslie Shipley, managers) for $1.008 million or $24,000 per lot. The lots were platted and engineered and the final takedown of an option agreement that began in April 2017 for 77-45’x90’ partially improved lots.

Ben and Adam Becker of CBRE in Tucson represented the seller and Aaron Mendenhall with KB Home Tucson handled the sale.

For more information, Ben Becker is at 520.323.5149 and Adam Becker can be reached at 520.323.5188. Mendenhall can be contacted at 520.622.2919.

To learn more, see RED Comp #5746.

RMG Vail, LLC of Chicago (Sheldon Mandell, manager) purchased 4.51 acres of vacant land known as block 40 at Rancho del Lago in Vail from Spectrum Capital Partners, LLC for investment. The purchase price was $350,000 ($77,605 per acre). The buyer plans to hold the property for future development.

Mike Chapman of NAI Horizon represented the seller and Randy Emerson of GRE Partners represented the investor.

For more information, Chapman can be reached at 520 591 5188 and Emerson should be contacted at 520.777.4949

To learn more, see RED Comp #5740.

Tucson Land, LLC of Chicago (Sheldon Mandell, manager) sold six lots at Santa Cruz Meadows in Sahuarita to DR Horton, Inc. for $306,000 ($51,000 per lot). The lots are part of a rolling option for 93 finished lots.

Dan Feig of Chapman Lindsey Commercial Real Estate represented the buyer and Randy Emerson of GRE Partners represented the seller.

For additional information, Feig can be reached at 520.747.4000 and Emerson is at 520.777.4949.

 

 




DR Horton Joins Richmond American at Santa Cruz Meadows in Sahuarita

SAHUARITA, ARIZONA — DR Horton, Inc. purchased 10 finished lots under a rolling option agreement for 93-lots from Tucson Land, LLC at Santa Cruz Meadows in Sahuarita. The price was $51,000 per lot for the 7,000-square-foot lots.

DR Horton is the second builder at Santa Cruz Meadows along with Richmond American that has been building there for close to a year with 22 lots taken down on an agreement to purchase 49 lots at Santa Cruz Meadows.

Tucson Land was represented by Randy Emerson of GRE Partners and DR Horton was represented by Dan Feig of Chapman Lindsey Commercial Real Estate.

For additional information, Emerson can be reached at 520.396.4812 and Feig should be contacted at 520.747.4000.

To learn more, see RED Comp #5510 and RED Comp #5455.