By Angela Gonzales | Phoenix Business Journal
Richmond American Homes of Arizona Inc. plopped down $28.64 million in cash to buy land that was once home to a golf course in Glendale.
Selling the land, according to Tempe-based real estate database Vizzda LLC, was Towne Development Inc., which paid $6.5 million to the city of Glendale in 2019 after the city shuttered the Glen Lakes Golf Course — despite a group of petitioners fighting to save the golf course.
Scottsdale-based brokerage Nathan & Associates Inc. had represented the city in that 36-acre transaction, and also represented the buyer and seller in this most recent transaction that closed April 11.
The brokers involved in the deal include Nate Nathan, Courtney Buck, Dan Baldwin and Ryan Duncan.
Richmond American, a subsidiary of Denver-based M.D.C. Holdings Inc. (NYSE: MDC), bought 173 finished lots priced at $165,523.12 per lot, according to Vizzda.
Homebuilder representatives could not be reached for comment.
In 2023, M.D.C. Holdings generated $4.52 billion in home sale revenue, down from $5.59 billion in 2022, according to its annual report.
According to national data released April 16, construction of new single-family homes has declined 14.7%. But metro Phoenix is an anomaly, said Jim Daniel, president of R.L. Brown Housing Reports.
“Here’s why we’re different,” he said. “We have jobs being created and people moving into the Valley.”
Year to date, new homebuilder permits are up 84.5% over the same period last year, he said, adding that between January and March a total of 6,994 single-family homebuilder permits were issued, up from 3,790 during the same period in 2023.
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