Tucson Builders’ SFR Lot Sales surpass $10mm in July & August

Tucson builders surpassed $10 million in purchases for July and August. A summary of each transaction follows:

BUILDER CASH PURCHASE
Southeast Submarket
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[mepr-show rules=”58038″]At New Tucson Unit 5 – D.R. Horton acquired 51-SFR finished lots for $1.715 million ($33,600 per lot) from NT Properties (Steve Russo, et al). New Tucson lots vary in size from 55’ to 70’ x 100’. (sale date: 8/2/2013. APNs: 305-30-086 thru 099, 101, 104 thru 107, 109 thru 119, 121, 127 thru 134; 305-26-014, 090, 111, 126, 141, 202E, 145, 147, 155, 048, 128, 136. All cash deal.)

BUILDER OPTION PURCHASES
Northwest Submarket
At Tangerine Crossing – Richmond American Homes took down 3-finished lots for $203,400 ($67,800 per lot) from MFV-FC Portfolio of Charlotte, NC. Richmond has an option agreement for 63 finished 55’ wide lots that began October, 2012. (sale date: 7/17/2013, APN: 219-37-090 thru 092. All cash deal.)

West Submarket
At Sonoran Ranch II – D.R. Horton purchased 24-finished SFR lots for $612,000 ($25,500 per lot) from Son Land Company of Torrance, CA (Luigi Schiappa, managing member). The option agreement started Q1 2013 for 52-finished SFR lots. This is the third and final takedown. Sonoran Ranch II is located west of Tucson near Star Valley and offers six models ranging in price from $141,900 to $193,900. The lots are 55’x 110’, average lot size is 6,050 sq. ft. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller. (sale date: 8/1/2013. APNs: 210-55-514thru 520, 540, 549 thru 559, 566 thru 570. All cash deal)

West Submarket
At Caddis Haley Estates – D.R. Horton took down 9-SFR finished lots for 180,000 ($20,000 per lot) from Caddis Bridge, LLC of Tucson (Greg Anderson, manager). The subdivision is located at Valencia and Vahalla. Lot sizes are 45’ wide and the option agreement is for 134-lots that started in June 2012. D.R. Horton offers five floor plan models ranging in price from $127,900 to $160,000. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller in the transaction. (sale date: 7/3/2013. APNs: 210-36-018 thru 020, 127, 128, 135, 136, 159, 160. All cash deal.)

West Submarket
New Builder joined Caddis Haley Estates – LGI Homes of Texas (Chirs Kelly) took down 24-SFR finished lots for $588,000 ($24,500 per lot) from Caddis Bridge, LLC of Tucson (Greg Anderson, manager). Lot sizes are 45’ wide and this is the first phase of an option agreement for 72-lots. LGI have secured lots in Caddis Haley and Sonora Ranch and expect to be selling homes by the end of the year. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller in the transaction. (sale date: 8/28/2013. APNs: 210-36-087, 089 thru 112. All cash deal. LGI financing construction if through the Bank of Texas)

South Submarket
At Sahuarita Highlands – D.R. Horton took down 5-finished SFR lots for $215,000 ($43,000 per lot) from Red Point Development (Daniel Leung, President) of Tucson. The option agreement is for a total of 153 lots. Sahuarita Highlands offers five floor models that range in price from $187,900 to $206,900. Dan Feig and Aaron Mendenhall of Chapman Lindsey in Tucson represented the seller. (sale date: 8/14/2013, APNs: 303-54-155 thru 157, 066, 067. All cash deal.)

BUILDER CASH PURCHASES OF RAW LAND
Northwest Submarket
A.F. Sterling HomeBuilders of Tucson (Randy Agron, Vice-President) bought 17.37 acres of raw land at Lambert and Old Father in Pima County for $420,000 ($84,000 per lot) to subdivide into five 3.3 acre parcels for semi-custom home construction by buyer. The seller was Lim Revocable Trust of Tucson. Jeremy Braun of Jeremy J. Braun in Tucson handled the transaction for buyer and seller. (sale date: 7/2/2013, APN: 224-16-0140, all cash.)

HOLD FOR INVESTMENT
Southeast Submarket
Vail, AZ – Sonoran Development of Prairie Village, KS traded into 23.19 acres of raw land valued at $221,000 ($9,530 per acre) to hold for investment. The property at Dusty Silver Spur Way and Colossal Cave Road is south of Saguaro National Park and near 414 additional undeveloped acres owned by the buyer. 2718, LLC of Tucson (Matthew McKenzie, Principal) was the seller.
(Sale date: 7/18/2013, APNs 205-76-060A, 061A, 64C, 065A, down payment was zero on the affidavit of value)

Northwest Submarket
Marana, AZ – Jon Post of Marana bought 30.59 acres of undeveloped land in Marana for $200,000 ($6,538 per acre) from T& J Family Limited Partnership, LLP of Marana. The buyer owns Post Farms which is in area of the purchase. (sale date: 7/19/2013, APN: 217-45-003A, 0040, all cash.)

See also https://realestatedaily-news.com/richmond-american-building-new-communities-north-and-south/ for $2.65 million – two Richmond American communities.

See also https://realestatedaily-news.com/new-aerie-community-planned-for-sabino-canyon-river-road/ for $1.4 million – Aerie Community at River & Sabino Canyon.

See also https://realestatedaily-news.com/the-pines-d-r-hortons-newest-community/ for $2.28 million – D.R. Horton’s new community “The Pines”.[/mepr-show]