Daniel Benson; Belfiore Real Estate Consulting
After experiencing healthy sales within its first phase of Lehi Crossing, Taylor Morrison closed on 101 additional lots which will be replacement lots for its current product offering. Lehi Crossing is a Master Planned Community located southwest of Val Vista Drive and the 202 Red Mountain Freeway. The community is within Belfiore Real Estate Consulting’s East Mesa Submarket.
According to public record (click here to view the affidavit), Taylor Morrison closed on these 101 – 75’x120’ lots December 12, 2013 for $13,635,000 ($135,000 per finished lot / $1,800 per front foot). The seller, William Lyon Homes, is developing the lots for Taylor Morrison according to this guaranteed finished lot price. According to Greg Abrams, Director of Land Resources for Taylor Morrison, concrete is currently being poured and the lots should be finished within the next two months.
As of Belfiore Real Estate Consulting’s most recent survey of Lehi Crossing in November, Taylor Morrison had sold 71 homes in its first phase since opening in October 2012. Base pricing ranges from $342,900 – $411,990 with home plans ranging in size from 2,478 – 3,958 square feet.
Taylor Morrison’s first phase included 86 – 75’x120’ lots. Taylor Morrison purchased these 86 lots in two transactions. According to public record (click here to view the affidavit), the first transaction included 58 finished lots and closed on July 2, 2012 for $6,525,000 ($112,500 per finished lot / $1,500 per front foot). The second transaction (click here to view the affidavit) included 28 finished lots and closed on June 25, 2013 for $3,248,000 ($116,000 per finished lot / $1,547 per front foot).
View Larger Map
