By Real Estate Daily News
Scottsdale, Ariz. (Nov. 3, 2022) – Land Advisors Organization’s Prescott, Arizona, office represented the buyer, Southwest Sunset Homes, in the $4.25 million transaction, securing 15.12 acres within the Prescott Lakes master-planned community. The buyer plans to build semi-custom luxury homes on the newly-purchased 23 finished lots.
Capri Barney, who focuses on the rapidly developing Yavapai, Coconino, Mohave, Gila, and Navajo county markets, represented the buyer. The seller was Solstice Ridge LLC (James Fletcher principal). The property is located in the Solstice Ridge neighborhood on South Lakeview Drive. The sale fetched $281,415 per acre.
“The Prescott housing market has slowed somewhat as a result of the current economic conditions, especially in the entry level housing segment. However, since the lot supply continues to be low and the need for additional housing remains, some homebuilders see the benefit in acquiring finished lots, if they can find them,” Barney said.
Southwest Sunset Homes approached LAO with interest in entering the Prescott market. The seller was in the process of developing 56 single family lots when LAO approached him with an offer. The property was put into escrow while the seller completed the infrastructure. The buyer closed on 23 lots in the first of two phases as soon as all horizontal improvements were complete and approved by the City of Prescott.
