By: Daniel Benson; Belfiore Real Estate Consulting
K. Hovnanian Homes continues to be bullish on the Queen Creek submarket. Last Friday K. Hovnanian Homes closed on another site the builder took through the entitlement process. The site, Quail Creek, is south of the SEC of Queen Creek Rd and Sossaman Rd. According to public record (click here to view the affidavit), K. Hovnanian Homes closed on 47 – 90 front foot P&E lots on October 11, 2013 for $2,185,000 ($46,489 per lot / $517 per front foot). K. Hovnanian Homes successfully rezoned the property and later received final plat approval from the Town back on September 18, 2013. According to K. Hovnanian Homes, site development is to begin within a week and sales are estimated to begin in July 2014. Jordan Rose, President and Founder of Rose Law Group pc and a land use attorney involved in the Queen Creek market commented, “This is a great location, Queen Creek’s market is strong and with the future opening of the freeway, it will only strengthen.”
Quail Creek is within walking distance of another piece K. Hovnanian Homes also took through the entitlement process. The community, Cielo Noche (currently under development), is at the SWC of Hawes Rd and Queen Creek Rd. Cielo Noche will include 164 – 65 front foot lots. According to public record (click here to view the affidavit), Community Development Capital Group closed on these 164 P&E lots on April 29, 2013 for $4,800,000 ($29,268 per P&E Lot / $450 per P&E front foot) and will roll finished lots out to K. Hovnanian Homes according to an option agreement (click here to view the option agreement).
