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.




New Homebuilder Enters La Estancia Masterplan Community

La Estancia Entry Rendering (courtesy photo Sunbelt Holdings)

TUCSON, Arizona — With strong home sales shown by Meritage Homes, Richmond American Homes is entering La Estancia masterplan with the purchase of 99-SFR lots from Sunbelt Holdings. Lots are 45’x 110’ and commanded a finished sale price of approximately $4.9 million ($49,500 per finished lot).

Scottsdale-based Sunbelt is a recognized leader in real estate development and acquired the platted but dormant masterplan in 2013 to complete infrastructure and amenities. Sunbelt has developed some of the most beloved Arizona residential communities including McDowell Mountain Ranch, Power Ranch and Vistancia in metro Phoenix. In all, Sunbelt has developed more than 50,000 acres of land over the past 30 years.

Richmond American Homes, the second homebuilder to begin construction in the highly anticipated La Estancia masterplan will be holding a grand opening soon. Richmond is not new to the Vail area with several communities already at Mountain Vail Ranch I and II and Sycamore Point.

Will White and John Carroll of Land Advisors Organization in Tucson represent Sunbelt Holdings for land sales in La Estancia.

“La Estancia has been strong since its grand opening last year and we are pleased to bring another high-quality builder to the community,” said White. “Richmond American has been a long time Tucson homebuilder and recognized the quality lifestyle Sunbelt is building into La Estancia.”

“Housing demand along the I-10 corridor is strong because of the convenience to employers such as Raytheon, UA Tech Park, Davis-Monthan and Tucson International Airport,” White continued. “Located off I-10 between Kolb and Wilmot within the sought-after Vail School District, La Estancia offers buyers a relaxing lifestyle conveniently close to Tucson’s central core.”

La Estancia includes a mix of affordable housing in a community that has set aside a portion for natural or enhanced open space, linear parks, pedestrian trails, bike paths, environmentally-friendly recreational facilities, and preserved desert wildlands, all integral to the community’s design. The Julian Wash Linear Park, running along the northern portion of the community will provide additional trails that can eventually link La Estancia residents to downtown Tucson.

Meritage was the first homebuilder in the community and began sales in Spring of 2016 on 195 homesites. Meritage sales have been strong since the opening and they reported 15 sales for February in La Estancia making it one of the best selling projects in 2017.

For additional information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #4621.

 

 




SAHBA Announces 2015 Annual Awards Winners

Don Diamond, Diamond VenturesTucson, AZ – The Southern Arizona Home Builders Association (SAHBA) has announced its 2015 Annual Awards and presented its first Legacy Awards to Peter Herder and Diamond Ventures, Inc.

The awards were presented at SAHBA’s annual installation and awards luncheon at the Westin La Paloma Resort on January 29, 2016.

“The Legacy Awards are in recognition of an individual and businesses whom have made a positive, lasting impact on the local home building industry,” said David Godlewski, SAHBA’s President.

Herder is a past Chairman of the SAHBA executive board and a former Chairman of the Board of Directors of the National Association of Home Builders. The Herder video can be viewed here: https://youtu.be/G9idcPrK1Xg

Diamond Ventures, Inc. develops and invests in a variety of residential real estate projects including large master-planned communities, builder neighborhoods and exclusive custom home communities. To view the video on Diamond Ventures click here: https://youtu.be/hG-97Td-npw

Approximately 20 judges spread over six panels determined and evaluated the award winners. Other 2015 Award winners are:

  • Production Home Builder of the Year: Pepper Viner Homes
  • Custom Home Builder of the Year: Sunset Custom Homes
  • Remodeler of the Year – Project over $50,000: McCaleb Construction
  • Remodeler of the Year – Project under $50,000: Accessible Home Remodeling
  • Trade Partner of the Year: Santa Rita Landscaping
  • Associate Firm of the Year- Corporate: NOVA Home Loans
  • Associate Firm of the Year – Small Business: OneSource Benefit Planning
  • Individual Member of the Year: Lisa Walling, Re-Bath/5-Day Kitchens
  • Home Builder Sales Manager of the Year: Heidi Yetzer, Richmond American Homes
  • Home Builder Sales Professional of the Year: Eddie Holmes, KB Home

SAHBA, representing more than 350 member businesses, advocates for public policies and develops activities and services that advance the home construction industry and a member of the National Association of Home Builders and is chartered to serve the Pima County area including the municipalities of City of Tucson, Town of Marana, Town of Oro Valley, Town of Sahuarita, as well as Cochise County and Santa Cruz County.

New home construction is one of the key driving forces to the area’s economic well-being. SAHBA is the voice of the industry dealing with critical issues like sufficient water supplies, environmental regulations, government impact fees and taxation, public funding support for transportation and other basic services impacting positive growth.

Additional information on SAHBA can be found at their website: https://www.sahba.org/