“Quail Run Estates”
The Catalyst Group has contracted and purchased five (5) acres of lands zoned for 1 acre estate lots directly south of the very successful Del Webb Anthem project in North Phoenix. The site is located just west of Highway 17 at Desert Hills Avenue & 31st Street. Pyramid One proposes development of these 5 lots, construction of all 5 homes ranging in size from 3,700 square feet to about 6,500 square feet each.
The Quail Run Estates project has been assigned to Pyramid One, LLC which is a single asset limited Liability Company owned by members of The Catalyst Group
Overview:
Lands: 5 acres (Quail Run Estates)
Zoning: R43 – 1 acre estate lots
Legal:
Northwest Quarter of Section 26, Township 6, North Range 2, east of the Gila and Salt River Base and meridian, Parcel #203-34-4005, Maricopa County, Phoenix, Arizona
Build able:
Homes up to 6,500 square feet are possible – market
comparables accommodate homes in the range of 3,200 to 7,000 square feet, with allowance for personal amenities.
Market Area:
The architectural configuration of many of the homes in the surrounding area is a mix of the southwest territorial style and the Tuscany / Mediterranean style. These concepts are standard for this area and have become very popular styles.
Home
Construction:
It is proposed to build two (2) custom homes on the property in the first phase, each to be a single story Tuscany style design home with a Mediterranean flair, having the highest demand among new custom residences for this area. As the homes will be range in size from 4,500 square feet to 6,500 square feet, the sales prices are expected to range between $900,000 to $1,200,000, which will include the lot premium.
With this location we expect the unit pricing to be very strong. Expected per square foot sales prices should range between $225 and $250 depending on the extras put into the homes.
If the demand for vacant lots is strong, consideration will be given to selling the remaining three (3) lots to outside builders.
Proposed Land:
Maricopa County Assessor’s Parcel Number 203-34-4005. The parcel is approximately five (5) acres in size. The contracted sale price for the land is $1,140,000.
Recent comparable prices in the area are changing daily so it is difficult to obtain a fixed amount. Recent single family lot sales in this include a one acre parcels just east of our parcel which just sold for $300,000 per acre and the four lots adjacent to the five lots closed at $285,000 per lot.
The entire area is residential estates (R43) one (1) home per acre and is designated as a rural area.
The area is entirely custom homes ranging in size from about 2,500 to 6,000 square feet. Property values would also greatly vary. About 40% of the area is built out. Comparable lot prices range from $270,000 to $350,000. As stated previously, land further east and south, have higher prices. Target sales prices for lots not used for houses will be at least $350,000.
Most of the homes in this area are on community wells and septic sewer systems. This piece will be serviced by a community well which is being provided by the seller. The homes will each have their own septic systems. There will be a main entrance with a single street leading to a cul de sac but no curbs or gutters will be provided.
