See full story in the Phoenix Business Journal, by Angela Gonzales Senior Reporter
Homes at Harvard Investments’ The Lakes community in Maricopa, Arizona continue to sell successfully and rapidly. Said the PBJ:
Homes are selling so quickly at the Lakes at Rancho El Dorado that prices are now in the high $200,000s, up from the mid $200,000s when Scottsdale-based Meritage Homes Corp. (NYSE: MTH) announced the opening a month ago.
Jim Belfiore, founder of Belfiore Real Estate Consulting, said home prices continue to rise at an almost inconceivable pace across metro Phoenix, with builders raising projected startup prices multiple times in many cases before offering homes for sales.
“Without more supply becoming available, my personal forecast of 12% to 15% appreciation this year — for the second consecutive year — may be eclipsed by an even larger rise,” he said.
The nation’s seventh largest homebuilder sold more than 20 homes in January and February at the Lakes.
Plans call for building 179 homes starting at 2,280 square feet. The new community is within Scottsdale-based Harvard Investments Inc.’s $150 million master-planned community called The Lakes at Rancho El Dorado in the city of Maricopa, a 30-mile drive from Phoenix Sky Harbor International Airport.
“This community is at a very attractive price point with all of Meritage’s energy and money saving features,” Belfiore said.
Near the Arizona State Route 347, this location provides residents easy access to major employment centers, premier restaurants and entertainment, he said.
Rancho at El Dorado is a master-planned community featuring a centralized lake, two community parks, playgrounds and easy access to Copper Sky Park & Recreation Center.