K. Hovnanian Homes has loaded up on more finished lots in the NW region of the Phoenix Metropolitan Study Area. According to public record, K. Hovnanian closed on 156 – 45’x110’ finished lots within the Rancho Cabrillo Master Planned Community (located at Dysart Rd and Happy Valley Rd). The transaction (click here to view the affidavit) closed November 4, 2013, for $8,424,000 ($54,000 per lot / $1,200 per front foot). The Master Planned Community is on the border of Belfiore Real Estate Consulting’s North Surprise and North Peoria submarkets.
North Surprise only has two active subdivisions currently being built by Scott Communities and Pulte Homes. Scott is building on 55’ wide lots within Rancho Cabrillo with base prices starting at $204,900 up to $264,900 (1,858 – 2,980 SF plans). Since opening in January of 2013, Scott has sold 16 homes as of Belfiore Real Estate Consulting’s most recent field survey in late October. Pulte is building a single product line on a mix of 55’, 75’, and 80’ wide lots. Pulte’s base pricing starts at $171,990 and goes up to $212,990 (1,756 – 2693 SF plans). Pulte had already sold 11 homes in its first month of being open as of Belfiore Real Estate Consulting’s first field survey in mid-October.
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