Tucson housing lot sales rose in July, as home sales were up 25% over last year, and sales volume increased by over 28% from 2014. At mid-year, there were reported 14 land transactions totaling over $26 million. In July, there were  11 land transactions totaling $11.6 million, 728 platted SFR and condominium lots, nine finished SFR lots and five new infill or smaller subdivision projects coming onboard.

In addition to these sales, as previously reported this month, Sunbelt Holdings’acquisition of 401 platted lots at Sycamore Canyon II (click here for full story) and 195 platted lots sold to Meritage Homes in Tucson’s first Master Plan Community in fifteen years, La Estancia, at Wilmot and I-10 in the Southeast submarket. (click here for full story)

NORTHWEST SUBMARKET
Maracay Homes took down six more lots at Tortolita Vistas for $1,018,645 ($169,774 per lot). Located just north of Tangerine Road on Thornydale Road, the Tortolita Vistas community is set in the foothills of the Tortolita mountain range and surrounded by stunning views. These over-sized one acre home sites feature lush desert open space. Maracay entered into an agreement with Ready Eight Corporation of Tucson (David Mehl, manager) for a total of 54-lots in this community that started October 2013. Will White and John Carroll with Tucson’s Land Advisors Organization represented Maracay. See RED Comp #3088 for additional information.

NORTHEAST SUBMARKET
Territory at Santa Catalina and Ranches at Santa Catalina, two recorded subdivision with an aggregate of 34 platted lots sold for $2.6 million ($76,470 per lot) to Maracay Homes. The ten half-acre lots are in Territory at Santa Catalina and the other 24 quarter-acre lots is known as Ranches at Santa Catalina. The buyer handled the entitlements and closed at final plat acceptance. The seller was J. DeGrazia Company of Tucson. Maracay plans to develop the lots for construction of 34 SFRs. There were no brokers involved, see RED Comp #3164 and #3167 for more information.

CENTRAL SUBMARKET
Stone Crossing a 28-lot recorded Condominium site in Central Tucson sold for $672,000 ($24,000 per lot). The buyer, Dr. Horton Inc., purchased the 28 condo lots in a 40 lot larger subdivision located southeast of Limberlost Dr. & Thurston Ln. HSL Stone Crossing LLC, an affiliate of HSL Properties of Tucson was the seller. There will be two different lot sizes to accommodate two distinct condo units, all units are designed to be two stories. There are 15 large lots available which are approximately 1,317-square-feet in size (ground floor) and 13 smaller lots which are approximately 1,032-square-feet in size (ground floor). Both buyer and seller were represented by Ben Becker and Adam Becker with CBRE’s Tucson office. See RED Comp #3095 for additional information.

Limberlost Estates a recorded infill for 10 platted lot subdivision sold for $348,000 ($34,800 per lot) to Barrio Partners (Daniel Campa, Sr. and Randel W Jacob, managers). Property is adjacent to LA Fitness and Sprouts Natural Foods and minutes away from the UA, Tucson Mall, the River Walk & the Foothills. Jade Bossert with Tierra Antigua Realty represented the seller, Antony Tsang of Tucson and Ana Canizales with HomeSmart Advantage Group represented the buyer. See RED Comp #3113 for additional information.

EASTERN SUBMARKET
A portion of All Faith Memorial Park sold to Tucson Land and Cattle Company of Tucson (Jim Campbell, manager) for $490,000 for 19 acres of vacant unimproved land at 2151 Avenida Los Reyes in Tucson, near Old Spanish Trail east of Houghton Road. The property was excess land to the Diocese of Tucson Catholic Cemeteries and purchased to jointly develop, after zoning and entitlements, a 25-SFR lot infill project. There were no brokers involved, see RED Comp #3136 for additional information.

Camino Seco Village a recorded 35-SFR lot subdivision at 22^nd Street and Camino Seco sold to R.B. Price & Company of Tucson (Rick Price, manager) for $200,000 ($5,714 per lot). The 5.89 acres was entitled in 2008 and sold in an REO sale by the Alliance Bank of Arizona and the Bank of Nevada. Buyer purchased to finish development. See RED Comp #3175 for additional information.

NORTHWEST SUBMARKET
Maracay Homes purchased six more lots at Tortolita Vistas for $955,845 ($159,307 per lot) for the 1-acre lots in this Northwest community, off Tangerine and Thornydale Roads. This is the fourth takedown and  25-lots to-date for Maracay here, with a rolling option for 54 total lots that was started October, 2013.

Will White of Land Advisors Organization in Tucson represented Maracay Homes in the transaction. The seller was Ready Eight Corporation (David Mehl, manager).

SOUTHERN SUBMARKET
D.R. Horton (NYSE: DHI) bought 68-platted lots at Rancho Resort in Sahuarita for $750,000 ($11,029 per lot). The seller was the Canadian-based OBASA Group of Companies of Saskatoon, Saskatchewan, Canada (Gordon Doell, CEO). The lots are in a 45+ Active Adult Community and a portion of a larger 326-lot planned subdivision on 127-acres at I-19 and Helmet Peak Road interchange.

The Real Estate Daily News reported the acquisition of the property in May 2013. (Click here for full story)  The seller had improved the property by making lot line adjustments to the plat.

Thrac Paulette of Vast Real Estate Solutions in Tucson handled the transaction that closed October 1 for both buyer and seller.

WESTERN SUBMARKET
D.R. Horton also purchased 19-finished lots at Sunset Pointe at Midvale Park for $608,000 ($32,000 per lot). The subdivision was platted in 2007 with a minimum 3,600-square-foot lots in this 55-lot subdivision on 8.76 total acres. The seller was D.B.S. Midvale, LLC (Bill Estes, Jr.) of Tucson. D.R. Horton has an option for the balance of the lots.

Dan Feig and Aaron Mendenhall of Chapman Lindsey represented D.R. Horton.

SOUTHWEST SUBMARKET
Rosemont Copper Company (Rod Pace, CEO) exercised an option agreement on 1,779 acres of ranch land for $5.28 million ($2,967 per acre) located west of Green Valley in Township 18 South – Ranges 10 & 11. The seller was AV Holdings LLC, an affiliate of Diamond Ventures of Tucson (Chad Kolodisner, Executive Vice-President).

SOUTHEAST SUBMARKET
Rosemont Copper Company also acquired 14.4 acres in Vail for $129,600 ($9,000 per acre). The seller was a Lucy Ann Fund. The property is located east of Hwy 83 in Township 18 South – Range 16 East.

DR Horton has seen some success in the southern submarket of Tucson. In Sahuarita Highlands DR Horton took down an additional five finished SFR lots for $225,923 ($45,185 per lot); its second to last takedown from Tucson-based, Red Point Development (Daniel Leung, president) in this one-acre + lot subdivision.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller in the transaction.

DR Horton also purchased more lots at Mission Antigua in the western submarket of Tucson. This purchase was for 11 finished lots of a 38-lot rolling option for $308,000 ($28,000 per lot) which will bring the subdivision to almost full build out.

Dan Feig and Aaron Mendenhall of Chapman Lindsay in Tucson represented the seller, Antigua Associates, an affiliate of Red Point Development, in the transaction.

Maracay Homes purchased six more lots at Tortolita Vistas for $999,259 ($166,543 per lot) for the 1-acre lots in this Northwest community, off Tangerine and Thornydale Roads. This is the second takedown for Maracay here, with an option for 54 total lots. The rolling option was negotiated this past October.

Will White of Land Advisors Organization in Tucson represented Maracay Homes in the transaction.The seller was Ready Eight Corporation (David Mehl, manager).

Pepper Viner at Civano III purchased two more lots in Civano for $121,916 ($60,958 per lot) from Spectrum Capital Partners (Matt Horn, manager) of Tucson. This southwest community has been very successful for Pepper Viner.

Petrus-Crown West purchased the last remaining 61.86 acres of land in Pomegranate Farms Master Planned Community for $375,000 ($6,062 per acre) in a REO sale from Great Western Bank. Petrus already owned 586 acres in Pomegranate Farms, a community is the southwest submarket, and purchased this last piece designated as commercial in the master plan. The property had no improvements, no utilities, and was purchased as raw land to hold for future development. For more information on Pomagranate Farms go to: https://realestatedaily-news.com/4-2-million-reo-pomegranate-farms-new-owner-petrus-crown-west/

Will White of Land Advisors Organization in Tucson represented Petrus in the transaction. The bank was self-represented.

To learn more Feig can be reached at 520-747-4000 x103 and Mendenhall is at 520-747-4000 x102. White can be contacted at (520) 514-7454.

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[mepr-show rules=”58038″]Sahuarita Highlands lots: Sale date: 6/25/2014. All cash. Lots 17-19, 139 & 140.
Mision Antigua lots: Sale date: 7/24/2014. All cash. Lots 7, 20, 26, 27, 30, 46, 51, 53, 56, 57 & 60.
Tortolita Vistas lots: Sale date: 7/7/2014. $871,759 down, seller carryback.  Lots 94-96, 134-136.
Civano Block 2 lots: Sale date 7/29/2014. Lot 20 & 28.
Pomegranate land: Sale dtae 7/9/2014. All cash. Proeprty is SW of Valencia & Valhalla Rd[/mepr-show]