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Homebuilder Buys Last Luxury Community Lots in North Scottsdale for $25M

By March 24, 2023No Comments

By Angela Gonzales | Phoenix Business Journal

Toll Brothers Inc. just closed on the last lots available at Storyrock, a luxury master-planned community that has 2.5 miles of frontage on the 30,000-acre McDowell Sonoran Preserve in north Scottsdale.

The Pennsylvania-based homebuilder paid $24.7 million to Storyrock Development Corp. for 100 acres of Storyrock’s 462 acres.

The deal represents one of the largest homebuilder sales in terms of dollar size since May 2022 when interest rates started increasing, said Chase Emmerson, vice president of Scottsdale-based Storyrock Development. Storyrock master plan includes 443 homes.

“This is a good sign for the new housing market here in the greater Phoenix area,” Emmerson said.

This transaction was negotiated by the Nathan & Associates Inc. team of Nate Nathan, Dan Baldwin, Joe Colucci and Ryan Duncan. The Scottsdale brokerage negotiated all lot sales on behalf of Storyrock, which features neighborhoods by Shea Homes, David Weekley Homes, Rosewood Homes and Taylor Morrison Home Corp.

Now, Toll Brothers plans to build 81 homes at Storyrock on an average of one acre each, with some of the homes on more than three acres, said Bob Flaherty, group president of Toll Brothers in Arizona.

Flaherty said he expects to begin land development this summer to prepare the way for the construction of homes in the fall of 2024, with model homes to be open by winter 2024.

Storyrock is across the street from Toll Brothers’ Sereno Canyon, a staff-gated community in the shadow of Tom’s Thumb and the McDowell Mountains. Luxury home prices range from $1.15 million to $2.93 million.

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