First Superpad Sale in Community Since 2005
(Buckeye, Arizona) – June 25, 2012 – Meritage Home’s purchase of 21 acres in DMB Associate’s Verrado community marks another strong sign of the area’s homebuilding resurgence.
Friday’s closing is the first unfinished lot sale in Verrado since 2005, when DMB sold 1821 lots into the hands of 11 builders. Meritage Homes plans to begin selling these 66 lots in Verrado’s Main Street District before the end of 2012. Pricing will be announced at the Grand Opening.
A market recovery has been growing in Verrado for several years with foreclosures and short sale properties accounting for less than five percent of available resale homes. In the last six months, new homebuilders increased prices up to $15,000 and Verrado’s sales currently outpace competitive communities on similar offerings.
Another sign of the community’s strength is the economic growth and stability. Verrado’s retail and commercial properties are 100 percent leased, including multiple family-owned and operated businesses, two restaurants, a performing arts studio and medical providers.
Local job creation has spurred sales including the planned opening of the $7.5 million, 12,000-square-foot Banner Health Center at Verrado and the arrival of WorleyParsons, a global engineering, design and construction management firm. The company opened an office in Verrado and has grown to approximately 50 employees, servicing Palo Verde Nuclear Generating Station and other clients.
The new Meritage community is named Sage Hill at Verrado. The neighborhood is located at Sunrise Lane and Verrado Way, north of the Raven Golf Club. Seller was DMB White Tank, LLC, an Arizona limited liability company. Meritage will offer plans from 2,233 square feet to 4,456 square feet within their current product line.
Verrado is a modern community nestled in the foothills of the White Tank Mountains. The 8,800-acre community in Buckeye, Arizona, 25 minutes from downtown Phoenix, captures the spirit of a traditional town and offers the best of home, town and Arizona in a mountain setting. With its desert environment, varied terrain and architecture new to the Arizona market, Verrado is a community unlike any other in Arizona. Innovative design elements include front porches, alley-loaded garages, low front yard walls and the use of roof forms and materials that reflect a historic, regional style.
About DMB Associates:
DMB Associates, Inc. (“DMB”) is an Arizona-based, diversified real estate investment and development firm with real estate holdings through affiliated companies. DMB’s portfolio includes signature commercial properties, resort/recreational and primary home communities, country clubs, health clubs and spas. DMB is known for development that complements and enhances the greater communities of which they are a part. Every DMB community is distinguishable due to the Company’s core dedication to community life, partnership, legacy and stewardship. www.DMBInc.com.
Contact: Denise D. Resnik
DRA Strategic Communications