11 Acres of Trust Land Will be Auctioned This Week

This Thursday, June 21, 2007, 11 acres of prime land in Scottsdale, AZ will be auctioned at the Arizona State Land Department.  The bidding will start at $10.2 million or $936,581 per acre.  The large parcel of land is located at the southeast corner of Frank Lloyd Wright Blvd and 100th Street which has easy access to the 101 loop, great schools, shopping and dining.  The last subdivision to be built in this small area was MADRID.  Featuring average lots, large homes with all modern “must haves” such as slab granite counters and stainless appliances, homes in MADRID are selling between $900,000 and $1,500,000.  It will be interesting to see how many bidders are interested in the land and how high the final bid price will go in today’s cooler market.  My personal opinion is that it will be of high interest to the developers because there are very few parcels this size in close in locations such as this.