Tri Pointe (TPH), Taylor Morrison (TMHC), Landsea (LSEA) building … – The Business Journals

Even as the housing market cools, homebuilders are still busy buying land, building homes and opening new communities.
While they keep an eye on real estate cycles, they tend to keep a steady course when it comes to buying land, knowing a surge in demand is just around the corner.
“The Phoenix housing market is still one of the top markets in the country and will remain so in the near future,” said Jim Daniel, president of RL Brown Housing Reports.
Conducting a study exclusively for Phoenix Business Journal, Daniel found that there were 931 land transactions totaling $3.5 billion between January and the end of July.
Now here’s the big surprise as economists warn of a cooling housing market: For the same period last year, there were 790 transactions totaling $2.7 billion.
“That paints a pretty strong picture of where we are landwise,” he said.
New home closings are flat year over year and on pace to close 24,000 new homes in 2022, he said.
“The fundamentals driving housing are job growth and migration, which continue to be very positive,” Daniel said. “The homebuilders have met many challenges since January 2020 and will continue to innovate as market conditions evolve.”
“What builders really need to do is guarantee a closing date,” Daniel said.
Many homebuilders are moving ahead with their projects.
Tri Pointe Homes (NYSE: TPH) just broke ground on Sentinel at Oro Ridge, a 52-home neighborhood within the Oro Ridge planned community in Queen Creek. Homes will range between 2,665 and 3,124 square feet, with a grand opening slated later this fall.
James Attwood, president of Tri Pointe’s Arizona division, said strong employment growth and other fundamentals are continuing to support a strong housing market at a time when there’s still a housing shortage in the Valley.
“We’re still continuing to sell,” he said. “It’s a different environment than we were a year ago when there were lines out the door, but we’re continuing to sell homes.”
Meanwhile, Landsea Homes Corp. (Nasdaq: LSEA) opened Greenpointe at Eastmark, where plans call for building 209 homes ranging between 1,500 and 1,850 square feet. Prices begin at $389,990.
Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) is forging a path to increase its metro Phoenix community count to 50 by October, up from its current count of 40.
Opening models this summer at Rancho Mercado master-planned community in Surprise and Combs Ranch in San Tan Valley, Taylor Morrison plans to open models this fall at Stonehaven in Glendale.
With today’s shifting market conditions, Taylor Morrison’s homebuilding and mortgage teams have acted quickly to re-establish sales momentum and maintain the quality of the homebuilder’s backlog and inventory levels, said Brad Schoenberg, division president for Taylor Morrison’s Phoenix division.
Plus, he said, move-in ready and inventory homes remain in strong demand.
“The pivotal point in our current market has reinforced Taylor Morrison’s commitment to supporting the communities we build in and truly making an impact on the state’s growing economy,” Schoenberg said.
In north Scottsdale, Rosewood Homes has begun construction of model homes and pre-sales at Rosewood Highlands, its new gated community at Storyrock.
Of its 37 lots, 10 already have been sold, said David Kitnick, president and founder of Rosewood Homes.
Prices start in the high $1 millions, with homes ranging from 4,034 to 5,731 square feet.
Kitnick said he hasn’t seen a decline in traffic or sales at both his new Storyrock neighborhoods in Scottsdale.
“In fact, buyer interest has picked up in the past two weeks as interest rates dropped back down and as construction has progressed on our four model homes at Rosewood Highlands and Rosewood Canyon,” he said.
Here’s a look at some of the largest recent land deals:
Location: W/SWC US-60 &El Camino Viejo, Gold Canyon
Price: $7.46M
Acres: 40.13 (134 lots)
Buyer: DR Horton
Seller: Entrada Del Oro Partners LC, tracing to Robert Kennedy
Date closed: 7/28/2022
Location: N/NEC Rio Bravo Road & AZ-238, Maricopa
Price: $1.5M
Acres: 80
Buyer: Emmerson Holdings
Seller: Deena Gould
Date closed: 7/22/2022
Location: E/SEC of Crismon and Williams Field roads, Mesa
Price: $19.1M
Acres: 20.24
Buyer: Toll Brothers
Seller: Levine Investments
Date closed: 8/1/2022
Location: E/NEC 163rd Ave & Happy Valley Rd, Surprise
Price: $2.98M
Lots: 41
Buyer: William Lyon Homes
Seller: Brookfield Property Group
Date closed: 7/28/2022
Location: S/SEC of North Valley Parkway & Sonoran Desert Drive, Phoenix
Price: $9.1M
Acres: 20.99
Buyer: The Empire Group
Seller: The Novak Family LLC
Date closed: 7/28/2022
Location: E/SEC 107th Ave & Broadway Road, Phoenix
Price: $6.1M
Lots: 60
Buyer: Hearthstone
Seller: Forestar Group
Date closed: 7/27/2022
Location: E/SEC 107th Ave & Broadway Road, Phoenix
Price: $6.1M
Lots: 60
Buyer: D.R. Horton
Seller: Forestar Group
Date closed: 7/22/2022
Location: E/SEC Sossaman & Rittenhouse roads, Queen Creek
Price: $12.8M
Acres: 15.88
Buyer: Merit Partners & Ascent Cos.
Seller: Property Design Develop
Date closed: 7/27/2022
Location: E/I-10 & McCartney Road, Casa Grande
Price: $1.2M
Acres: 70.35
Buyer: Garvin Promotion Group
Seller: Cason Tyler Communities
Date closed: 7/18/2022
Location: W/SWC North Valley Parkway & Bronco Butte Trail, Phoenix
Price: $14.4M
Acres: 40
Buyer: The Empire Group
Seller: David J and Mary Jane McHenry Family Trust
Date closed: 7/25/2022
Location: W/SWC SR 85 & I-10, Buckeye
Price: $4.2M
Acres: 69.93
Buyer: Provident Real Estate Ventures
Seller: Buckeye 80 West One LLC, tracing to Nicholas Soranno
Date closed: 7/25/2022
Location: N/NWC Hartman & Bowlin roads, Maricopa
Price: $6.6M
Acres: 27.57 (123 lots)
Buyer: K. Hovnanian Homes
Seller: JEN Partners
Date closed: 7/7/2022
Location: W/SWC Cotton Lane & MC 85, Goodyear
Price: $3.6M
Acres: 20.21
Buyer: Cavan Cos.
Seller: Quantum Capital
Date closed: 7/12/2022
Location: S/SEC Estrella Parkway & Elliot Road, Goodyear
Price: $9.2M
Acres: 16.79
Buyer: Beazer Homes
Seller: Harvard Investments
Date closed: 7/11/2022
Location: NWC Empire Blvd. & Gary Road, Queen Creek
Price: $13.26M
Acres: 49.32
Buyer: Mattamy Homes
Seller: ATTC Inc., tracing to L. Michael Dye
Date closed: 7/2/2022
Location: N/NWC I-17 & Jomax Road, Phoenix
Price: $2.7M
Lots: 57
Buyer: DW Partners/Domain Real Estate Partners
Seller: K. Hovnanian Homes
Date closed: 6/30/2022
Location: E/SEC Verrado Way & Indian School Road, Buckeye
Price: $8.2M
Acres: 17.09
Buyer: BTR at Verrado LLC, tracing to Taylor Morrison
Seller: TM BTR of Phoenix, tracing to Taylor Morrison
Date closed: 6/30/2022
Source: Vizzda LLC
Join the Phoenix Business Journal for the latest in its series of real estate-focused virtual events that highlight key Valley cities and submarkets.
Welcome to the Valley’s Best Places to Work nomination form! Submit your information to be entered to participate in an employee survey and find out if your company has what it takes to be a Best Place to Work.
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated January 24, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.

source