April 26, 2024 4:47 pm
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Land in controversial state auction goes for 4 times appraised value; Jordan Rose with further comment

Photo via D.R. Horton Facebook

By Robert Anglen | Arizona Republic

FLORENCE — A state land auction near some of the most lucrative residential real estate in the region opened Wednesday with lowest possible legal price and only four bidders.

When the gavel came down a little more than an hour later, two homebuilders had pushed the purchase price of the southeast Valley land to more than three times the appraised value of $68 million.

Texas-based D.R. Horton cast the winning bid of $245.5 million for the tract known as the Superstition Vistas. Located just east of the Maricopa County line, it is a 270-square-mile parcel bigger than Mesa, Gilbert, Tempe and most of Chandler combined.

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“This is a tremendous accomplishment for the State Land Department and a great victory of education in Arizona. To have such a robust auction with multiple legitimate potential developers means this State Land Department made a great decision to go to auction”

Jordan Rose, Rose Law Group Founder and President

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.