New River has a lot of up and down land. The site might have been 231 acres but how many were buildable?
A 231-acre site in New River recently went to the highest bidder, and the bid wasn’t that high.
The land, next to Interstate-17, sold for $3.3 million, or about $14,300 an acre.
Nevertheless, it sounds like it could have been a bargain.
ADDED: Given the terrible financial situation of the home builders, they may be out of the land market for a while. So if you’re a land buyer, you’re biggest competitors may be on the sidelines for a year or more.