Two New Subdivisions Coming to Northwest Tucson
Two new prestigious communities in northwest Tucson add an additional 133-P& E lots to the pipeline in June. Home sales are strong as well. According to Tucson Association of Realtors (TAR), Tucson market homes sales were up 20.92% year-over-year in May. See REDaily News June 10, 2015.
Realtor.com is predicting the housing market midyear is on track for best year since 2006. See REDaily News June 12, 2015.
NORTHWEST SUBMARKET
Cottonwood Properties, through affiliate DM Phase IV Investments (Carson Mehl, vice-president), recently sold two parcels along the common boundary between Canyon Pass at Dove Mountain and Saguaro Ranch for $3 million. The sale was to the new owners of Saguaro Ranch, Connecticut-based Northlight Capital Partners, and the combined area of the two parcels is approximately 57 acres. As shown on the aerial, the parcels are on the other side of the ridge that runs along the east side of Canyon Pass Phase 4 (along New Horizon Ridge Drive). The parcels that were sold are not visible from existing lots in Canyon Pass and are in the valley where other Saguaro Ranch development is planned. Future residents within the sold parcels will take access only from Saguaro Ranch and not be part of Canyon Pass. This boundary change will reduce the overall number of lots taking access from the Canyon Pass Phase 4 area by about 35 lots. Saguaro Ranch is a quality community and we believe this modification will be very compatible with our overall plan for Canyon Pass.
There were no brokers involved in the transaction. See RED Comp #3036 for additional information.
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Lennar Arizona bought 75 lots for Eagles Rest, a new subdivision in Rancho Vistoso MPC, at Moore Road west of Rancho Vistoso Blvd in Oro Valley for $2.94 million ($39,200 per lot). The gross area of the project site is 39.02 acres and net area is 26.57 acres. In addition to the sale price, the developer paid to plat and engineer the 75-lots while in escrow. All are 70’ by 125’lots.
The seller was The Kenneth W Olsen Family Trust of Cortaro and was represented in the sale by Ben Becker and Adam Becker of CBRE in Tucson. The developer / builder was self-represented. See RED Comp #3077 for additional information.
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DR Horton bought 58 platted and engineered lots at Sterling Meadows, a new subdivision in Marana, for $1.86 million ($32,000 per lot). Located southwest of Hartman and Overton Roads in Marana the gross area of the subdivision is 58.8 acres. All are 70’ by 125’lots.
Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Pacific International Properties, LP (Daniel Leung, manager). See RED Comp #2976 for additional information.
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WESTERN SUBMARKET
DR Horton purchased 9 finished SFR lots at Mission Antigua in the western submarket of Tucson. This purchase was the 4th takedown for 8 finished lots of a 38-lot rolling option for $265,917 ($29,546 per lot). The lots are mostly 45’ by 110’.
Dan Feig and Aaron Mendenhall with Chapman Lindsey Commercial Real Estate Services in Tucson represented the seller, Antiqua Associates, LLC, an affiliate of Red Point Development (Daniel Leung, manager). The gross area of the subdivision is 58.8 acres. See RED Comp #3044 for additional information.