Mortgage And Real Estate News

Thursday, September 13, 2012

100 more lots sold in project - USATODAY.com

A Scottsdale developer believes the demand for new homes continues to improve. One indication: He recently sold 100 home lots in the North Valley.

Starwood Land Ventures President Mike Forsum projects he'll sell more plots this year at new development Arroyo Norte, east of Interstate17 and north of Anthem. Forsum sold the first round of plots to Meritage Homes Corp. just as the homebuilding market begins to to recover.

Forsum is a developer who bought the 150-acre plot from PulteGroup Inc., formerly Pulte Homes, in 2009.

The plots are part of the 291-home development north of Anthem's Firethorn.

Forsum said the housing market is "strengthening" after having dropped into a serious downturn by the end of 2007.

Forsum said there's an increased demand for new homes for a variety of reasons -- fewer quality resale homes available, better pricing for new homes and competitive interest rates.

The Phoenix Housing Market Letter in May showed an increase in single-family home permits and new-home sales. The letter showed the permits had more than doubled since May 2011.

Meritage Homes bought the 100 lots from Starwood Land Ventures. About 25 homes were sold and are under construction, said Michael IlesCremieux, Meritage Homes regional vice president of land acquisition.

The home prices range from $245,000 to $313,000, IlesCremieux said. Homes range from 2,200 square feet to 3,800 square feet in size.

"It's a really pretty location," he said.

By Betty Reid, The Republic | azcentral.com Jul 28, 2012


100 more lots sold in project - USATODAY.com

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