Rancho Mirage lots sold for $2.4 million

Granite Capital Corporation has purchased 128 finished lots in the Rancho Mirage community for $2.443 million.

The seller is a company controlled by Taylor Morrison Homes.

The lots are located at the southwest corner of Hartman and Honeycutt Roads. Of the lots, 70 average 5,750 square feet and 58 average 7,200 square feet.

The company doesn’t plan to build on the lots; once the housing market returns, it will sell the sites to a homebuilder. One of these possible builders is Highland Homes, which is one of the principal stakeholders in the buying company.

The average price of the lots is $19,000. When constructing a home, the cost of the land is typically 20 percent of the total home price.

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