Three national homebuilders have paid $64.97 million for 559 lots in Queen Creek.
Florida-based Lennar Homes, Georgia-based Ashton Woods and Colorado-based Richmond American Homes bought the lots from Communities Southwest in a deal brokered by land brokers Nate Nathan, Dan Baldwin and Ryan Duncan of Nathan & Associates Inc.
“These sales represent a new market paradigm for land and lot pricing in the Queen Creek area, as land values and available supply on both the new home and resale home side of life futilely attempt to keep pace with consumer demand at the retail level,” Duncan said.
The land is broken up into two parcels, with one at the southeast corner of Queen Creek and Signal Butte roads while the other is west of the southwest corner of that same intersection, he said.
The parcels are within Communities Southwest’s 316-acre Madera master-planned community, which has another 342 lot within Phase II at the southwest corner of Queen Creek and Signal Butte roads that is expected to be released later this year, Duncan said.
Nathan & Associates brokers will be tapped to handle that assignment as well, he said.
Jeff Gunderson, senior vice president of land operations for Lennar, said Lennar’s 97 lots will include its NextGen product lines, including its NextGen RV plan. These multi-generational homes have been popular during the coronavirus pandemic.
The single-story homes will range from 2,200 to 3,000 square feet, Gunderson said.
“Queen Creek is great,” Gunderson said. “With the limited land and home site availability in Mesa, Chandler and Gilbert — and the great schools in Queen Creek — this is the new hot spot in the Southeast Valley.”
Last spring, Communities Southwest sold the entire first phase of Madera to Tri Pointe Homes, which paid $11.46 million for 80.3 acres, according to Vizzda LLC real estate database. Tri Pointe Homes, formerly known as Maracay, will build 266 homes within Madera for a total of development cost of $25.2 million.
Builders heading east
Queen Creek and that general area of the East Valley are highly active popular new home areas, and can be expected to remain so over the mid-term, said RL Brown, publisher of the RL Brown Housing Report.
“As available land in Queen Creek is eventually built out, the activity will continue to spread east of Queen Creek and to the south in the San Tan area,” Brown said.
Within Queen Creek, there were 97 new home communities by 25 home builders that have been active between January and the end of April, Brown said.
In total, they have generated 616 new home permits and 442 new home closings year to date, he said.
The dominant builders in permit activity have included Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC), Tempe-based Fulton Homes, Toll Brothers Inc. (NYSE: TOL), and Scottsdale-based Meritage Homes Corp. (NYSE: MTH), he said.
Brown’s data shows 3,052 available lots within Queen Creek, with those builders controlling the highest number of those lots.