Desert Ridge land auction postponed
Published August 16th, 2006
The Arizona State Land Department’s string of successful land auctions came to an end Aug. 8 as Commissioner Mark Winkleman cancelled an auction for more than 300 acres in Desert Ridge because the asking price was too high.
The State Land Department began advertising its 325 acres in Desert Ridge Superblock 8 — south of Deer Valley Drive, west of Tatum Boulevard — weeks ago after appraisers valued the land, zoned for multi-family residential, at $150 million.
Despite no bidders showing up for the auction, Commissioner Winkleman said there was interest from area homebuilders.
“A number of people over the last 12 months have talked to us about that piece, so there’s clearly interest,” Commissioner Winkleman said. “What we’re seeing is an individual market in transition.”
Since bidding has to start at the appraised value, and appraisals were done at the beginning of the year, the price does not reflect today’s market, he added.
Bob Flaherty, assistant vice president of Toll Brothers’ Arizona Division said his national home-building company had interest in the land, but he noted a handful of issues led them to reconsider this property.
“It’s a complex piece of property that was just too expensive,” Mr. Flaherty said.
He added his company is weary of the land because it needs infrastructure and numerous washes, which he believes make the site tough to build on.
The State Land Department commissioner said the auction has been rescheduled for 3 p.m. Sept. 28, but he explained alterations to how the land is offered may be on the horizon.
