Trust Land Bought For Double The Appraised Value

Local reports show that a 175-acre state trust land parcel in Mesa, Arizona was sold on Wednesday 4/27/2005 for $42 million, or $240,000 per acre , to a group headed up by homebuilder Randall Jackson.

The property is located northwest of Signal Butte and Guadalupe Roads. The property was recently appraised at $22 million for this purchase! The property is zoned for medium density residential and could be used for custom home sites. This shows the high demand for land and that builders/developers are willing to pay higher and higher land prices due to the high demand for housing in this market!

Look for this trend to continue as Continental Homes (CHI) paid double the appraised value for a parcel at the North East corner of Cave Creek Road and Pinnacle Peak Road just over a year ago.