Looks like the new home building binge in the Phoenix metro area continues unabated, at least for the time being.
Taylor Morrison and Pulte just completed a land purchase in north Phoenix, and it wasn’t cheap land, either.
Development of the land on the northwest corner of Black Mountain Parkway and Deer Valley Road is expected to start in spring 2017.
“We have had our eye on this property since 2013,” said Brad Schoenberg, president of Taylor Morrison’s Phoenix division, in a statement.
With a price tag of $100 million for enough land to build 1,200 properties, that’s quite a hefty price per lot on average.
Desert Ridge borders the newly acquired property and at the time it was developed it was the most expensive land deal in metro Phoenix. After the housing crash, this is the largest deal completed.