Slowing Market Helps Developer...

Slowing market helps developer, from the Arizona Republic, reports that the slowing real estate market is giving new real estate players like Patriot American Development a chance to enter the market. Patriot American purchased two prime parcels of state trust land in Peoria yesterday. It was the only bidder on one parcel and beat out Toll Brothers on the other. In all, Patriot American purchased 1,260-acres for $102.5 million, or about $81,000 per-acre. The land is located near Jomax Road between 83rd and 67th Ave. The parcel is surrounded by housing developments West Wing Mountain and Terramar. The site is designated low density residential on Peoria's general plan.



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