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Wednesday, February 01, 2006

Desert Ridge Land Sale

On January 19, 2006, 32 acres of state trust land along the Loop 101 and 56th Street was purchased by Sonoran Desert Investors’ principal Gray Development for $33.45 million; more than $1 million an acre.  Last year this builder paid $780,000 an acre for another parcel in the Desert Ridge area.  Gray Development plans to build more than 800 high-end apartments and condominiums.  Based on the cost of the land, condominiums could sell for $500,000 or higher.

There should be several more Desert Ridge land auctions in 2006.  The following Desert Ridge land auctions have been scheduled:

  • Desert Ridge Superblock 12 on April 6, 2006:  81 acres (zoned for residential; 2-5 units per acre) located between 32nd Street and Black Mtn Pkwy, south of Deer Valley Drive.  Opening bid starts at $19.7MM.
  • Desert Ridge Superblock 4 in Summer 2006:  202 acres (zoned for residential; 2-5 units per acre) located between Tatum and 56th Street, south of Pinnacle Peak.

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Aaron Freeman of Realty Executives Scottsdale Ranch  Contributed By: Aaron Freeman
Realty Executives Scottsdale Ranch
10301 N. 92nd Street, Suite 101
Scottsdale, AZ  85258
Mobile: (480) 323-8152
Email me

Please call or e-mail me if you or someone you know is thinking of buying or selling a home, or if you would like to know the range of value of your property, I’d be happy to service your real estate needs.

Posted by Aaron Freeman on February 1, 2006 | Permalink


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