By: Daniel Benson; Belfiore Real Estate Consulting
This year Lennar has been one of the top sellers in the Phoenix Market at its Discovery at Morrison Ranch subdivision in Mesa. As of Belfiore’s most recent survey, the builder has averaged over 14 sales per month since opening for sales in February 2014. Lennar now has more ammo to continue this product line with its latest acquisition in phase II of the development.
According to public record (click here to view the affidavit 1, affidavit 2), Lennar closed on 134 – 50’x115’ platted & engineered lots in Phase II on 9/22/2014. The deal included two closings totaling a combined purchase price of $4,699,608 ($35,072 per lot / $701 per FF). The lots are located in the Mesa portion of Morrison Ranch which is at the southwest corner of Sossaman and Guadalupe Roads.
According to CRA (Michael Martindale; Principal, Designated Broker), the broker representing the Morrison Family, the deal is based upon a budgeted $1,152 per finished front foot basis. The deal also includes deferred consideration that Lennar will pay upon each retail home closing.
