By: Daniel Benson; Belfiore Real Estate Consulting
After beginning development approximately one year ago, Maracay (a Rose Law Group client), is now off and running at the Bridges Master Planned Community in Gilbert (SEC Queen Creek Rd and Higley Rd). Maracay entered into an option agreement (click here to view the option agreement) with TerraWest Communities / JEN Partners LLC. TW/JEN purchased the Bridges lots at a platted and engineered status, then developed the lots, and is now rolling the finished lots out to Maracay.
According to public record, Maracay has already executed two takedowns:
- Maracay drew down 19 lots (9 -70FF / 10 – 50FF) on September 30, 2013 for $1,636,800 ($86,147 per finished lot / $1,448 per weighted average front foot). (click here to view the affidavit)
- Maracay drew down 19 lots (9 – 70FF / 10 – 50FF) on July 1, 2013 for $1,636,800 ($86,147 per finished lot / $1,448 per weighted average front foot). (click here to view the affidavit).
Maracay reportedly opened up for sales on September 21, 2013 and as of Belfiore Real Estate Consulting’s survey on September 24, 2013, base pricing is as follows:
- Trestle Place (70’x130’): $325,000-$410,000 / 2,302 – 4,152 SF (click here to view community website).
- Arch Crossing (50’x115’): $277,000 – $348,000 / 1,980 – 3,769 SF (click here to view community website).
