Arizona Daily Star:  Thur., July 16, 2009

$8M buys unfinished Hovnanian
retirement hub in Vail for Pulte

By Josh Brodesky

 

For all of $8 million, Pulte Homes has purchased an unfinished retirement community in Vail, picking up hundreds of home lots as well as a 14,000 square-foot lodge, two swimming pools, 12 model homes and tennis courts, among other amenities.

Some economists and housing experts have said such fire-sale deals are a key part of the housing recovery, hinting at a bottom as builders and investors move back into the market.  Pulte closed on the deal Tuesday with K. Hovnanian Homes, the original developer of Four Seasons at Rancho del Lago, an active community for residents age 55 and up.

With the change in ownership, Pulte has renamed the community Del Webb at Rancho del Lago, although the builder will continue to offer Hovnanian's floor plans. Over time, Pulte said it may bring on its own floor plans. 

FULL STORY:   http://www.azstarnet.com/allheadlines/300964