In a sweeping cash transaction, Richmond American Homes of Arizona, under the umbrella of M.D.C. Holdings, has scooped up a former Glendale golf course for a hefty $28.64 million, according to records from Vizzda LLC, a Tempe-based real estate database; Towne Development Inc., the seller, had acquired the parcel from the city for $6.5 million back in 2019, sparking controversy as locals rallied to preserve the green space.
The 173 finished lots, amounting to roughly $165,523 each were part of a deal brokered by Scottsdale's Nathan & Associates Inc. who had their hands in both pies, representing seller and buyer, the deal sealed on April 11 featured brokers Nate Nathan, Courtney Buck, Dan Baldwin, and Ryan Duncan, according to the Business Journal.
Richmond American's real estate play comes against a backdrop of declining home sale revenues for M.D.C. Holdings, which saw a drop from $5.59 billion in 2022 to $4.52 billion in 2023; the purchase reflects the builder's adaptation to a shifty market, with new residences seemingly unfazed by a national downturn—Phoenix defies trends with new home construction up an impressive 84.5% year-to-date over last year, ABC15 News reports.
While Jim Daniel of R.L. Brown Housing Reports underlined the Valley's resilience due to job creation and population growth, stating, "Here's why we're different," he outlined the regional growth, "We have jobs being created and people moving into the Valley," with 6,994 single-family homebuilder permits issued by March, spiking from 3,790 during the same period in 2023, Phoenix's housing sector doesn't merely survive; it thrives.
Spreading beyond Glendale, builders like El Dorado Holdings and David Weekley Homes have been seizing lots across the Valley, notching up several multi-million dollar deals in April alone; high-profile transactions include the sale of Bella Vista Farms lots to Mattamy Homes and Lennar Corp., and a significant purchase by Century Communities at the expansive Teravalis project, featuring the Floreo village as its pioneer phase, this activity signals a bullish outlook for residential development amidst market vicissitudes, with builders banking on Phoenix's unique market conditions.
