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AZ land - 90% off sale
Topic Started: May 29 2011, 02:37 PM (287 Views)
jon-nyc
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Cheers
http://www.bloomberg.com/news/2011-05-27/arizona-land-sells-for-8-of-price-calpers-group-paid-at-peak.html
In my defense, I was left unsupervised.
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jon-nyc
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Cheers
And re Calpers being part of the group taking the loss, I don't know whether to laugh or cry.
In my defense, I was left unsupervised.
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jon-nyc
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Oh and is this some kind of bad joke?

Quote:
 
The site, now called Amaranth Land LLC, had been planned for a 42,000-home community by the Calpers- financed group when it was purchased in 2006.



http://en.wikipedia.org/wiki/Amaranth_Advisors
In my defense, I was left unsupervised.
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Larry
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Mmmmmmm, pie!
It looks like the original group pad a bit over 39,000 per acre. For desert. Anyone stupid enough to pay 39,000 an acre for desert land (or just about any other land, for that matter) deserves to lose their money.

The new buyers paid a bit over 3,000 an acre, more than it's worth, but a fair price.

Of the Pokatwat Tribe

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musicasacra
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HOLY CARP!!!
Not just desert -- I believe Phoenix is the fifth largest city in the country. It's a big sprawl.

If people were buying land or houses in 2006, then yeah, they paid a premium.
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Larry
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Mmmmmmm, pie!
It's not in Phoenix. It's in Goodyear, and says that's 60 miles away from Phoenix.

Of the Pokatwat Tribe

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musicasacra
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HOLY CARP!!!
Larry
May 29 2011, 05:53 PM
It's not in Phoenix. It's in Goodyear, and says that's 60 miles away from Phoenix.

It's all Phoenix really. It's a ginormous metro. And it's not 60 miles from Phoenix, I just checked the distance -- 23 miles from the Phoenix airport.
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ivorythumper
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I am so adjective that I verb nouns!
jon-nyc
May 29 2011, 02:43 PM
Oh and is this some kind of bad joke?

Quote:
 
The site, now called Amaranth Land LLC, had been planned for a 42,000-home community by the Calpers- financed group when it was purchased in 2006.



http://en.wikipedia.org/wiki/Amaranth_Advisors
I'd bet it's another Goldman Sachs boondoggle.
The dogma lives loudly within me.
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ivorythumper
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I am so adjective that I verb nouns!
Larry
May 29 2011, 05:34 PM
It looks like the original group pad a bit over 39,000 per acre. For desert. Anyone stupid enough to pay 39,000 an acre for desert land (or just about any other land, for that matter) deserves to lose their money.

The new buyers paid a bit over 3,000 an acre, more than it's worth, but a fair price.

Its incorporated city land -- in a valley that was projected for serious development. It will happen eventually -- Arizona over the next 20 years still has strong growth projections, but obviously they screwed the pooch on the timing.

$3k/ acre is a smoking deal, but probably fair for that kind of bulk.
The dogma lives loudly within me.
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blondie
Bull-Carp
There are so many Arizona properties listed for sale in our papers here. At times they outnumber anything else in the rec-property market. Many are residential homes. Huge houses by our standards with pools, lovely yards. I get the impression many just packed up their families and left Arizona.
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jon-nyc
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A good friend of mine is deeply underwater on two Arizona properties. My view is he should send the keys to the mortgage holders, but he's powering through for now.
In my defense, I was left unsupervised.
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Jolly
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Geaux Tigers!
The whole problem may solve itself.

As I understand it, the most precious commodity in that part of the world - water - is a rapidly vanishing resource.
The main obstacle to a stable and just world order is the United States.- George Soros
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ivorythumper
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I am so adjective that I verb nouns!
Jolly
May 30 2011, 05:33 AM
The whole problem may solve itself.

As I understand it, the most precious commodity in that part of the world - water - is a rapidly vanishing resource.
Not to worry -- Arizona has a massive watershed area, and the more ag land is converted to residential, the far less water is used.
The dogma lives loudly within me.
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