Thrac Paulette, this year’s CCIM Forecast Winner in the land category reported that there was a total of 84 residential land transactions in the Tucson market for 2013, totaling $148 million. The Northwest Submarket was the most desirable with 36 transactions in 2013. The Southeast and Far South Submarkets each had 11. Local, private builders focusing on small groups of lots indicated that they see a lot of value in the property but also caution in the market.
The following three land deals are from year-end and conclude our reporting of residential land transactions for the year.
Tucson Urban League sold approximately 5 acres previously platted for 42-lots for $275,000 ($55,000 per acre). The buyer, Rio Viejo Partners intends to replat the property for a new multifamily development, Rio Viejo Apartments. Information was not available on the number of units planned at this site.
Tony Reed of Long Realty in Tucson represented the seller and Greg Moore of Territorial Brokers of Tucson represented the buyer.
Richmond American took down 14-lots at Tangerine Crossing for $908,520 ($65,000 per lot). This transactions represents the final takedown in a rolling option that started 4 years ago. MFV-FC Portfolio, LLC and affiliate of Mountain Capital was the seller. There were no brokers involved.
Signature Homes by Miramonte, LLC (Stephen Quinlan, Manager) of Tucson purchased 19.54 acres of vacant land for $350,000 ($18,000 per acre). The property is located northeast of Thornydale on Hardy Road in Pima County. The seller was Constantino and Nelida Panousopoulos of Nogales.
In 2013 there were 3,759 actual residential building permits for single family detached units, single family attached units and multifamily units.
The CCIM 2014 Land Panelists’ forecasts follow:
- Thrac Paulette of Vast Real Estate Solutions is forecasting 3,900;
- Terry Klipp of Terramar Properties forecasts 3,558 permits,
- and John Carroll of Land Advisors forecasts 3,245 permits.
For more information, Reed can be reached at (520) 918-5189, Paulette is at (520) 624.9400. Klipp can be contacted at (520) 577-7800 and Carroll is at (520) 514.7454
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