(Source: RealEstateDaily): Karen Schutte – The Metro Tucson Housing Market continues to show signs of possibly its best year since 2008. As home builders exercise options earlier than scheduled to keep up with demand in Northwest Tucson and get creative with infill projects at the same time.
Pulte Home Company exercised its final option for 119 lots at Tangerine Ridge recently for $4.12 million ($34,615 per platted lot). Pulte purchased the first 78-homesites of 197 SFR lots at Tangerine Ridge, located east of Twin Peaks on Tangerine Road, for $2.88 million ($36,933 per platted lot) from Tangerine Estate Joint Venture (Robert Sharpe, manager).
Pulte will be responsible for finishing the infrastructure and purchased paper lots with entitlements only, along with an option for the remaining 119 lots at Tangerine Ridge in June 2016.
“Lot sizes are 50’ and 65’ wide x 120’ at Tangerine Ridge, with average lot sizes of 7,460-square-feet,” said Herman. “The road improvement costs from Tangerine Ridge connecting to Twin Peaks is to be split with the Town of Marana per entitlements and specific plan. This will be a great new community and ease the demand for mid-range priced homes in the Northwest.”
Pulte Homes also took down the final option for 109 platted lots in Del Webb Active Community at Dove Moutain for $4.86 million ($44,569 per platted lot). In February 2013, Pulte Home Corporation (NYSE:PHM) announced its plans to build approximately 650 homes on 208 acres for the Del Webb at Dove Mountain Active Community in Marana.
This is the final phase of an option agreement with Cottonwood Properties, Inc. and DM Phase IV Investments, LLC (David Mehl, CEO) that was scheduled for January 2018 being acquired earlier.
Del Webb Corporation was acquired by Pulte Home in 2001 and is a leading builder in active adult communities. The Del Webb at Dove Mountain Community will be located southwest of the Ritz Carlton Resort off Dove Mountain Blvd and will reportedly have a mixture of 40′, 50′ and 60′ wide lots.
D.R. Horton took down an option at Fianchetto Farms in northern Marana near Gladden Farms’ Community, D.R. Horton bought 12 finished lots for $471,000 ($39,250 per lot) from Fianchetto Farms, LLC. This was the sixth and final takedown of a 49-lot option within this 114-SFR lot subdivision and the fourth for this year, finishing earlier than expected.
D.R. Horton began construction here in August 2016. Lots are mostly 55′ x 110′ and has a second phase option for another 60 lots totaling 109 lots here.
KB Home Tucson purchased 7.15 acres at Oracle Jayne Station and La Cholla in Northwest Tucson for a 35-lot infill project. The land was rezoned to CR-5 and sold for $686,400 ($19,644 per platted lot).
Thrac Paulette of Cantera Real Estate represented Markland Investments and David Huebner of Tucson, the sellers. The seller has a 3.2 acre parcel remaining from this site zoned for medical use.
Homes are planned to be on 35’ x 100′ lots and be of two-story construction here.