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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.

 

 

 




Richmond American Growth Keeping Ahead of Inventory Curve in Tucson

TUCSON, Arizona – Richmond American Homes – Tucson Division has backhoes and bobcats ready. The number of finished lots available in submarkets that buyers desire is dwindling fast, and developing raw land—which became a lost art for many builders during the recession—is now a real necessity for growth-minded companies like Richmond.

Richmond American ran circles around other home builders this quarter in metro Tucson. Out of 490 total lots sold in the quarter to home builders, Richmond bought over 50% or 249 lots, with D.R. Horton second having acquired 145-lots and Lennar third with 68-lots.

Tucson home sales along with prices continue to rise as they have over the past four years amid ever-tightening supply and a shortage of buildable lots. Fears that higher home mortgage rates this year would keep buyers away appear to have been overblown. But now, a new test to home builders will be the almost non-existent finished lots.

Not to be left short, Richmond has continued growth on all fronts, buying platted lots, developing them and selling homes as quickly as they can be built in most communities.

Richmond will have three brand-new communities to their credit later this year. La Estancia’s 99-lots in the Vail area, Santa Rita III with 68-lots also in the Vail area,  and a third new community that closed on March 31st at Vahalla Estates.

Vahalla Estates is a new subdivision consisting of 65 lots, located at the southeast corner of Valencia Road and Vahalla Road in the western submarket of Tucson.  Lot sizes are mostly 50’x 120’ at Vahalla Estates.

Ben and Adam Becker of CBRE Tucson represented the home builder and the seller, Heater Investments, Inc. (Joe Heater, manager) in the transaction. The purchase price was $617,500 ($9,500 per platted lot).

Another 17-lots recently purchased by Richmond were at Eagle Crest Ranch, located in Pinal County, just over the border. Richmond is closing out this master community with its final 38-lots.  The purchase price for the 17-lots was $824,500 ($48,500 per finished lot) with an option for the remaining 21-lots later.

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

In January, Richmond American debuted Santa Cruz Meadows in Sahuarita, a beautiful collection of ranch-style homes with personalized options. And Linda Vista Heights in northwest Tucson that celebrated its grand opening in March.

Linda Vista Heights, Eagle Crest and Santa Cruz Meadows each with four or more floor plans offer 3-5 bedroom homes from the $200s.

A growing shortage of buildable lots for new homes will push up home prices in many U.S. markets. That’s the word from the National Association of Home Builders (NAHB), which says the availability of new-home lots is at a historic low, just as U.S. home builders are feeling more optimistic about their sales prospects than they have been since the high-flying days of the housing boom.

To learn more, see RED Comp #4702.