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Excuse me, but to paraphrase a song lyric from the holiday season: ‘It's been said many times, many ways…’ SFR lot sales continue to be where the action is.
Meritage Homes will be constructing 24 new homes on half-acre lots at Stone Canyon at Rancho Vistoso in Oro Valley. Meritage Homes of Arizona (Michael Isles Cremieux, VP of Land Acquisitions) bought 23-lots at Rancho Vistoso’s Stone Canyon in Oro Valley for[mepr-show rules="58038"] $3.25 million ($141,000 per lot). The seller was Rialto Capital Management, a subsidiary of Lennar Homes in Tempe. In a separate transaction, Meritage acquired a single finished lot total 24-SFR lots, from the Ferguson Family Trust for $170,000. Thirteen of these lots were partially finished, so Meritage expects the total cost per finished lot to be approximately $155,000 per lot prior to construction. Sale date: 11/20/2013. All cash transaction. APNs: 219-38-015, 018, 027,029 thru 043, 045 thru 049. Single lot: sale date 12/6/2013, all cash. APN: 219-38-021, lot 361 bk 59 pg 23. Jeff Grobstein reported that the 13 lots would cost $300,000 for improvements. All costs totaled is $3.72 million, or $155,000 per finished lot.
Pulte Home Corporation (Justin Smith, Tucson Land Acquisition) bought approximately 35 acres for 48 paper lots at the southwest corner of Camino de Oeste and Tangerine Road in Marana for $850,000 ($18,000 per lot). The property is zoned SP and sold with a tentative plat approved for 48-SFR (65’x 130’) lots. The seller, the Kapsal Family Trust, was represented by Mike Carlier and Jim Vincent of the Carlier Company in Tucson. Sale date: 11/13/2013. All cash transaction. APN: 216-01-001E. Although property was zoned SP it had to be amended for approved tentative plat.
D.R. Horton closed on 7-SFR lots at Sahuarita Highlands in Sahuarita for $305,800 ($43,686 per finished lot) as part of a rolling option agreement. D.R. Horton is building a total of 153 homes here. The seller, Red Point Development (Daniel Leung, director) was represented by Dan Feig and Aaron Mendenhall with Chapman Lindsey of Tucson. Sale date 11/14/2013. All cash transaction. APNs: 303-54-059 thru 065.
For more information, contact Meritage Homes at (520) 225-6800. Carlier and Vincent can be reached at (520) 529-3800, and to speak to Feig and Mendenhall call (520) 747-4000. [/mepr-show]
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