by Bill McBride on 5/29/2011 08:53:00 AM
Sunday, May 29, 2011
From Bloomberg: Arizona Land Sells for 8% of Price Calpers Group Paid at Peak (ht Justin)
A 10,200-acre desert site in Arizona sold for $32.5 million this week, five years after a group with investors including the California Public Employees’ Retirement System paid $400 million for the land.This was one of those crazy deals that happened right at the peak.
The site ... had been planned for a 42,000-home community by the Calpers- financed group when it was purchased in 2006.
I suppose paying under $10,000 per lot sounded good to someone in 2005, but the new owners are more realistic: “This won’t be developed in my lifetime.” said Kent Kleinman, a spokesman for the buyer ...
• Summary for Week Ending May 27th
• Schedule for Week of May 29th
Posted by Bill McBride on 5/29/2011 08:53:00 AM