Arizona postpones Fountain Hills land auction
Published December 31st, 2006
A recent reappraisal placed the land’s value at $95 million, a steep drop from the previous assessment of $130 million. The first appraisal came during the height of the real-estate boom, said deputy state land commissioner Jamie Hogue.
And like any bottom-line business, developers weren’t interested in buying property at the market’s peak. Tempebased SunCor Development, for one, said it would only consider buying it if the price was slashed 40 percent.
The new appraisal may now be more in tune with the market, but it’s still $17 million more than what SunCor wanted to pay.
When state officials learned there was no interest — not at a price exceeding $100,000 per acre, anyway — they postponed the auction, which had been scheduled for September.
The new auction date is March 15.
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