National homebuilders snapping up lots throughout Valley

Posted at 8:35 AM, Jun 22, 2020
and last updated 2020-06-22 11:35:54-04

After a couple of slow months, national homebuilder purchases of lots has begun picking up in the Phoenix area.

Denver-based Richmond American Homes recently plopped down $4.54 million in cash for 112 lots at Vistancia Village in Peoria, according to Vizzda LLC real estate database.

The partially finished lots are north of the northwest corner of Vistancia Boulevard and Lone Mountain Road in Peoria, which is in the new Vistancia expansion in the northern part of the project, said Jim Daniel, president of RL Brown Housing Report.

This is the third national company buying large parcels this month as land purchases among homebuilders begin to accelerate. Miami-based Lennar Corp. paid $6 million to buy lots on the southeast corner of Jackrabbit and Camelback Road, about three miles west of Loop 303, while Walnut, California-based Shea Homes paid $17.5 million for prime home sites as part of the Phoenician luxury resort's plans to develop more than 300 homes at the base of Camelback Mountain in Phoenix.

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