I just don’t get the Rancharrah project. 1/4 acre custom home lots that would even bore D R Horton are selling for half a mil. Toll Trash homes in Villages 1 and 2 are listed at $1M++. And now a 12 acre +/- Multifamily development parcel at Village 7 is listed for sale at $24,000,000. 2 friggin’ million dollars per acre for dirt.
The sales brochure claims “almost unlimited density” and MF30 but the PUD says otherwise – 21.2 unit per acre maximum. That’s $95K per allowable unit for dirt to build a nicey-nicey Pacific West type of garden apartment – the same model being used for the HOME subsidized Vintage at Summit Ridge project.
This is 5X what any sane developer would pay. Is the Rancharrah brand’s glow really that strong and I’m missing something?