Arizona in need of more lots due to hot housing market
PHOENIX, ARIZ. – Cushman & Wakefield announced that Scott W. Morrison and Karen Panietz, co-trustees of Scott W. Morrison and Karen Panietz Charitable Remainder Trust, sold 18.8 acres at Gilbert Road and Ocotillo Road in Chandler, Ariz. Scottsdale-based AV Homes of Arizona, LLC purchased the land for $4.93 million.
Brian Rosella of Cushman & Wakefield represented the seller. The buyer, AV Homes, plans to build 43 residential lots (85’ x 130’).
“Builders are in need of more lots right now because the housing market is the best it’s been since 2007,” said Rosella.
Cushman & Wakefield is tracking land transactions in the Chandler/Gilbert submarket and Rosella states, “In the first quarter of 2018 we’ve seen a record number of residential land transactions. Overall volume and price per acre are up and we expect this to continue into 2019.”