By Matt Lee
Land sales in Arizona are tricky business. Only 18.1% of the state’s land belongs to private owners. The federal government owns 42.1%. State trust land comprises 12.7% of the land, and the remaineing 27.1% belongs to Native tribes.
As a result, private owners tend to hold on to their land when they have it. The federal government and Native tribes don’t sell their land, so the majority of land sales in Arizona are auctions done by the Arizona State Land Department.
These sales are’t cheap, so you have to be ready to spend to purchase land in Arizona. Any private land sales are also pretty costly. The selling price of land usually ranges between $4000 to $20000 per acre on real estate listings.
However, some factors can cause the prices to be higher (or lower). Let’s take a look at some of the factors that contribute to land sales in Arizona and look at some of the highest priced land sales the state has seen.
Factors that Contribute to High Prices
Arizona is a pretty remarkable state, because so much of it is rural, untouched land. While that might seem exciting to prospective land buyers, untouched land means that the plot requires a lot more work to be livable and functional.
As a result, there are three factors that can significantly increase the price of the property:
- Proximity to Utilities – One of the factors that make land attractive for buyers is the proximity to utilities. Can the land easily acces electricity, water, plumbing, and internet, etc.? Or, will new lines have to be laid? If there are utilities attached or close to the land, then this will undoubtedly increase the price.
- Scenic Views – Another selling point of this property is the scenic views it offers. Does the property promise beautiful bird sightings overlooking the Virgin River? Is there a breathtaking mountain view? If so, that’s going to cost you a lot more, than acres of empty desert.
- Road Access – A third selling point that makes properties sell at higher price points is their access to major roads. If Interstate 15 runs across the land, and the land also has access to US Highway 91 – well it’s going to cost you more than a plot of land isolated from major roadways.
So, how much does land sell for in Arizona? Let’s take a look at some of the recent high price sales.
Recent High Price Land Sales in Arizona
Here are three recent high price land sales in Arizona.
The corner of Hayden Road and Loop 10, Scottsdale Arizona – In September 2018, Nationwide Insurance, purchased 134 acres of land. You can see their plans for the land below. (image credit)
The Southeast corner of Elliot and Meridian Roads, East of Maricopa County – Well-known Texas-based land developer D.R. Horton won the auction for this land, with a bid of $245.5 million. This area is called “the Superstition Vistas” and totals 270 square miles of of land – more than Gilbert, Mesla, Tempe, and Chandler combined. (image credit)
601 N. Central Ave, Phoenix, AZ – Unlike the other two above, this piece of land only totaled 1.83 acres. However, thanks to its proximity to Phoenix, the lot sold for $14 million! (image credit)
Final Thoughts on Land Sales in Arizona
The examples are just a few of the largest state auction land sales in Arizona. However, private sales happen, too.
If you’re curious about price, you will find that possessing aesthetic views can greatly increase the value of properties. Another factor that can make any land for sale rise in value is its proximity to major roads. A third and very important factor is the presence of utilities. These and other factors can make the selling price of any property rise significantly.
Are you trying to sell land at a more profitable price? Do your research and truthfully include as much of these value-increasing factors in their real estate market listings or your land sales proposal to get the best value from the property.
Matt Lee is the owner of the Innovative Building Materials blog and a content writer for the building materials industry. He is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that save money, improve energy efficiency, and increase property value.