(Disclosure: Rose Law Group represents Meritage Homes.) Photo via Meritage Homes
By Angela Gonzales | Phoenix Business Journal
Homes are selling so quickly at the Lakes at Rancho El Dorado that prices are now in the high $200,000s, up from the mid $200,000s when Scottsdale-based Meritage Homes Corp. (NYSE: MTH) announced the opening a month ago.
“Price increasing is due to demand, but more so rapidly increasing building costs,” said Fred Hermann, Phoenix division president of Meritage Homes.
Jim Belfiore, founder of Belfiore Real Estate Consulting, said home prices continue to rise at an almost inconceivable pace across metro Phoenix, with builders raising projected startup prices multiple times in many cases before offering homes for sales.
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