A pair of national homebuilders are gobbling up lots in the West Valley in an effort to bring more entry-level homes to the low stock of housing supply.
Meritage Homes Corp. (NYSE: MTH) bought 136 acres for $14 million in Goodyear, while Landsea Homes Corp. (Nasdaq: LSEA) paid $4.94 million for 247 lots in Buckeye, according to Vizzda LLC real estate database.
Scottsdale-based Meritage will develop a new master-planned community to be known as Silva Trails at the southeast corner of Citrus Road and Van Buren Street in Goodyear, said Fred Hermann, Phoenix division president for Meritage.
Focusing on the much-needed entry level home price category, Meritage will offer three entry-level LiveNow series of homes — all built with energy efficient specifications, he said.
With sales projected to start in fall 2022, it’s too soon to discuss price points.
The new community will feature a central open space amenity with a clubhouse, pool, fitness center, outdoor barbecue area, as well as a basketball court, tot lot, and cornhole area.
The property is ideally situated near Interstate 10, providing access to existing and rapidly expanding employment centers along Loop 303, I-10 and Loop 101 freeways in the West Valley, Hermann said.
Meanwhile, Landsea Homes plans to build 247 homes at its own master-planned community to be called Bentridge at the southeast corner of Watson and Lower Buckeye Roads.
This new land buy comes on the heels of Landsea paying $9.42 million for 193 lots in Surprise, also in the West Valley.
Construction on Bentridge is expected to begin in 2022, with sales expected to begin in the fall of 2022. Landsea will offer 14 different floor plans and include single-level and two-story homes, as well as indoor-outdoor living options.
The community also will preserve more than 30 acres of open space that will include a community park.
While Brentridge will offer opportunities for first-time homebuyers, it also will offer a second collection of larger square footage plans, said Kaylee Smith, Arizona division president for Landsea Homes. Price points also are not yet available for this community.
Rinehart said the impact created by Loop 303 and the surrounding area’s expanding employment corridor has had a massive influence on the West Valley, and specifically Buckeye.
Meanwhile, Landsea Homes plans to open its sales office at Vidrio in the Estrella master-planned community in Goodyear on June 26.
Prices start at $409,900 for this community of 92 homes that range from 1,886 to 3,040 square feet.