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.

TUCSON, Arizona — An affiliate of Tucson Land and Cattle Co. (Jim Campbell, manager) bought 59-acres at La Canada & Overton in Northwest submarket Tucson in Pima County for this new subdivision, Overton Reserve.

The developer plans to develop 106 lots: the Northern 39-acres with 83 lots and a 2.1 RAC, and the Southern 19.6-acres with 23 lots and 1.2 RAC all to be Overton Reserve. The property commanded a sale price of $2.5 million ($23,585 per lot) platted. Property was rezoned while in escrow.

Developer believes it can begin to break ground in Q2 2017.

The seller, GST LLC (Charles Jackson, manager) was represented by Ben Becker and Adam Becker with CBRE in Tucson.

For more information, the Becker Team should be reached at 520.323.5100.

To learn more, see RED Comp #4400.

Also in the Northwest Tucson submarket, Lennar Homes purchased 25-lots from Miramonte Homes in Boulder Bridge Pass at Dove Mountain in Marana. The 25 finished lots average 10,022-square-feet and sold for $2.7 million ($108,000 per lot).

Boulder Bridge Pass is at the northwest corner of Dove Mountain Boulevard and Boulder Bridge Pass. The remaining lots in this 88 lot subdivision on about 44.5 acres continue to be built by Miramonte.

To learn more, see RED Comp #4449.

DR Horton acquired 60 lots at Vista Montana Estates in Southeast Tucson from a New York investor, LG Realty LLC. Vista Montana Estates was originally platted for manufactured homes with a total of 139 lots in this Phase Two and are 50’x90’ average.

These final lots commanded a sale price of $1.98 million ($33,000 per lot) located off I-10 and Wilmot Road in Tucson.

DR Horton joins other builders Lennar and TJ Bednar at Vista Montana with these remaining 60 lots.

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

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

To learn more, see RED Comp #4405.

If the number of lots being bought by homebuilders is any indication, homebuilders’ optimism bodes well for Tucson in Q4. During the last quarter 2016 over 720-lots have sold to-date. That’s an increase of over 200% from Q3 and a 28% increase over Q4 2015.

The National builder sentiment index released last week had reached its highest point in 11 years, on the expectation of tax cuts and regulatory changes. See RED News here for full story: https://realestatedaily-news.com/us-homebuilders-turn-increasingly-optimistic/

Some of the latest year end land sales for metro Tucson follow:

NORTHWEST SUBMARKET
D.R. Horton bought 8 more finished lots at Fianchetto Farms within Gladden Farms Master Planned Community for $306,000 ($38,250 per lot) from Fianchetto Farms, LLC. This was the second takedown of a 49-lot option within this 114-SFR lot subdivision. D.R. Horton began construction here last August. Dan Feig and Aaron Mendenhall of Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction. To learn more, see RED Comp #4379.

Miramonte Homes bought four lots at La Reserve Villas for construction of townhomes for $220,000 ($55,000 per lot) from Pusch Ridge Properties, LLC of California. Buyer was exercising a rolling option for 49-lots at La Reserve Villas. To learn more, see RED Comp #4278.

SOUTHEAST SUBMARKET
A newly platted 25-lot infill project was purchased by Richmond America Homes for $1.25 million ($50,000 per lot) from Tucson Land and Cattle Company. The 19-acre Rancho Reina subdivision, located northeast of Old Spanish Trail Road and Los Reyes, received final plat approval on November 9^th from the City of Tucson. Both buyer and seller were self- represented in the transaction. To learn more, see RED Comp #4340.

SOUTHWEST SUBMARKET
Richmond American continues to build at Madera Highlands Villages at Madera Highlands Community in Sahuarita where they added another 3-lots for $266,880 ($88,960 per lot). These one-acre lots were part of a rolling option with MK Company Southwest of Scottsdale and represent 60% of the total option here. Will White and John Carroll with Land Advisors Organization in Tucson handled the transaction for buyer and seller. To learn more, see RED Comp #4350.

RB Price and Company of Tucson (Rick Price, principal) bought 336 platted and 59 partially developed lots at Diablo Village Estates for $630,000 from RES-AZ DVL, LLC of Florida. Diablo Village Estates Townhomes consists of approximately 5.95 acres with 59 partially developed lots and Diablo Village Estates is 89 acres platted for 336 SFR lots. Located near Valencia and Ajo in Southwest Tucson submarket, property is near Casino Del Sol Resort, Tucson International Airport, Raytheon, and UA Tech Park.  Ben Becker and Adam Becker with CBRE in Tucson represented the seller in this transaction. To learn more, see RED Comp #4349.