Slowing market helps developer

The first article, Slowing market helps developer, from the Arizona Republic, reports that the slowing real estate market is giving new real estate players like Patriot American Development a chance to enter the market. Patriot American purchased two prime parcels of state trust land in Peoria yesterday. It was the only bidder on one parcel and beat out Toll Brothers on the other. In all, Patriot American purchased 1,260-acres for $102.5 million, or about $81,000 per-acre. The land is located near Jomax Road between 83rd and 67th Ave. The parcel is surrounded by housing developments West Wing Mountain and Terramar. The site is designated low density residential on Peoria's general plan.

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The second article, Wickenburg growing rapidly, from the Arizona Republic, reports that in the past six years, Wickenburg's annexation has doubled its population, and town officials are reviewing proposals for 16 residential projects totaling more than 6,200 units. Construction is underway at Monte Vista Ranch, a 300-acre community one mile from downtown. It will have 150 homes, and offers 50 custom homesites from 2 to 15 acres that range from $395,000 to $1.1 million. Almost half the lots have been sold and two homes have been completed. The community also offers 65 luxury villas with 2,400 to 3,400 square feet with price tags exceeding $1 million. The largest residential project in the works is Wickenburg Ranch Estates, a 2,160 acre development situated in Yavapia County that will be annexed into the city. It will have 2,324 units ranging from custom lots to multi-family homes. It is expected to break ground this summer.

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