(Disclosure: Rose Law Group represents Lennar, Meritage Homes and Richmond American.)
By Karen Schutte | Real Estate Daily News
SAHUARITA, ARIZONA — The latest 428-lot subdivision in award-winning Rancho Sahuarita Master Planned Community, Entrada Del Pueblo, has all of its lots committed to four home builders now. Pulte closed on 105 SFR lots for $6,507,635 ($61,977 per finished lot) and Meritage closed on 115 SFR lots for $6,785,000 ($59,000 per finished lot). Pulte lots are all 45’x120’ and Meritage are 40’x 120’ in size. Earlier, Lennar Homes closed on 110 SFR lots for $6,864,000 ($62,400 per finished lot) and Richmond American Homes also purchased 98 SFR lots for $6,131,381 ($62,565 per finished lot).
All the home builders closed on platted lots with seller, an affiliate of Rancho Sahuarita, that will provide finished lots at a per lot development agreement. Rancho Sahuarita is a 3,000-acre master planned community located within the municipal boundaries of Sahuarita, Arizona, a town with a population of approximately 31,500 in Southern Arizona. Sahuarita is one of Arizona’s fastest-growing communities located roughly 20 minutes south of Central Tucson on Interstate 19 and Tucson International Airport a 20-minute drive. Started in 2000, Rancho Sahuarita began expansion south of Sahuarita Road with Entrada La Coraza with 144-homes earlier this year, located in the vicinity of the new hospital. Entrada Del Pueblo’s 428 homesites, will be to the south of Entrada La Coraza.
With low interest rates and limited inventory fueling record high sales prices. May saw the median existing-home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.
