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Big Bidding Frenzy Grabs Attention In West Valley Land Auction

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Bidding Frenzy

Recently, we posted a blog about land prices soaring in Greater Phoenix. Today, we're sharing how a land auction in the West Valley made waves on Oct. 17, 2024 when homebuilders clashed in a fierce bidding war. The outcome? A prized 274-acre parcel sold for $63 million, with PulteGroup and Tri Pointe Homes emerging as the victors. Located near 83rd Avenue and Happy Valley Road, this land is set to house about 650 new homes.

Homebuilders Battle For Land

The auction room was packed with energy. Three teams of homebuilders, including major players like PulteGroup, Shea Homes, and Lennar, aggressively pushed bids higher. The initial price of $46.275 million quickly escalated as groups raised the stakes by $1 million increments.

  • PulteGroup & Tri Pointe teamed up
  • Shea Homes & D.R. Horton had the original bid
  • Lennar, Taylor Morrison, & Ashton Woods also joined

Despite strong competition, PulteGroup and Tri Pointe took the crown, securing the land at $63 million.

Also Read: Our New Listing In Desert Hills On 1+ Acre With A 4-Car Garage!

Aerial view of a residential neighborhood in a desert area, with scattered homes, dry terrain, and distant mountains.

A Big Win For Pulte & Tri Pointe

PulteGroup and Tri Pointe’s win means they will share the land, with Pulte taking 60% and Tri Pointe taking 40%. They expect sales to start in 2027, further solidifying their presence in Peoria. The success highlights the high demand for developable land in the region as homebuilders look for opportunities.

State land auctions have become pivotal for the development of new communities, especially as the supply of finished lots dries up.

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