Meritage Wins $92.2 Million Bid For Land

The Arizona Republic reports that local homebuilder Meritage Homes paid a near-record $92.2 million yesterday for a 288-acre parcel of state trust land in the Desert Ridge area. The parcel sits north of the Loop 101 and east of 56th Street. That's $320,139 per-acre for land in North Phoenix, talk about demand!

Meritage and its luxury home division, Monterey Homes, plan to build a mix of residential neighborhoods in what has become one of the hottest land markets in the Valley. Monterey plans to break ground on the first homes in about two years.

This shows the huge demand for residential land in the North Phoenix/Scottsdale area, near transportation corridors and amenities. More...