We’ve been watching this dance for almost 40 years now. Following Dick Ungar’s noble attempt at developing a new golf course community in the middle of Pinal County (11 Mile Corner), many many players – including us – have attempted to pick it up and make it better. All have failed, culminating in Russ Webb’s abortive efforts in about 2015, from which came extensive landholdings by hard money lenders who ultimately foreclosed on most of Russ’s dirt. Much of which, including Jerome Shull’s, is back on the market now.
We saw a flurry of “out” (further away from utilities and clubhouse) parcels selling a few years ago in the $4-5k/ac range (if memory serves), but this is the first of a new wave of sales above $10k/ac. Let’s hope someone can pick up where Dick left off, and really make it work – seems like this part of the Golden Corridor is a shoo-in for value creation.
- Cinco de Mayo, 2022
- 14.05ac raw land and one .12ac residential lot
- $195,000, $98,500 cash down payment, seller carry (“hard money loan”)
- If the lot is worth $15,000, the land sold for about $12,500/ac
- Some utilities to the site (water and electric) but questions about sewer and CAWS availability
- Buyer intention unknown
DISCLAIMER; principals of ROX COMMERCIAL have extensive land holdings in the immediate area.