Thursday, September 6, 2012

Taylor Morrison Acquires 67 Finished Lots at $2,222 Per Front Foot or $200K Per Lot in Cave Creek

VIZZDA--September 5th, 2012 -- Lennar Homes sold 67 finished lots to Taylor Morrison for $13.4M within their Lone Mountain community, located North of the Northeast corner of Lone Mountain Rd & 56th Street in Cave Creek.

The acquired lots all measure 90’x’130’ or 11,700 SF and are zoned RE-35. Lone Mountain totals 794 lots on 608 acres. US Home Corp--a subsidiary of Lennar Homes--originally acquired all 608 acres from the Arizona State Land Department at auction in 2000 for $38.5M but the transaction was not recorded until May 2nd, 2007. The Arizona State Land Department has a continuing participation agreement with Lone Mountain's builders. Lennar subsequently sold portions of the community to Pulte Homes.

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