Valencia-Based Developer Sells 404 Lots in Arizona
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Newhall Land and Farming Co., a Valencia land developer, said it has closed escrow on unimproved lots worth $14 million in Scottsdale, Ariz., part of the company’s first out-of-state venture.
The 404 lots were the first to be sold in McDowell Mountain Ranch, a 3,200-acre, master-planned community in Scottsdale. Homes there will range in price from $130,000 to $420,000, and the first models are expected to open next spring. Companies that plan to build at the site include Del Webb Corp., The Presley Cos., Woodside Homes and Camelot Homes.
Newhall Land also said that 92 homes in its Valencia communities were in escrow to builders at the end of November, the most since 1989.
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