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May
21

North Phoenix Land Sale is the Highest Land Sale Ever for The Arizona State Land Department

By Melissa O'Connell
269 Acres of Land in Desert Ridge Area Sells for Record 149.5 Million Dollars

The Arizona State Land Department announced the sale of 269 acres of land in the North Phoenix Desert Ridge area as the highest land sale in department history.   Rightpath Limited Development Group purchased the parcel for $149.45 million, which is $555,535.00 per acre, and is planning to develop a residential community.

This comes as good news in our Arizona market as the last record land sale set in August 2005 when Toll Brothers and Pulte Homes also purchased land in the Desert Ridge area for $135 million.

Arizona State Land Commissioner Mark Winkleman proudly proclaimed, “This is a remarkable sales price and a milestone for the State of Arizona which sends a clear message that the market is strong and very interested in the lands Trust has to offer.”  Read direct from State Land Commissiioner

Categories : Real Estate Trends & Statistics, Scottsdale Real Estate News

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