Developer to buy remaining Quailwood lots, complete building

A real estate investment company has bought the remaining lots in the Quailwood subdivision here and plans to sell them to a developer to complete the master-planned community. Everest Holdings of Scottsdale bought 551 lots and six bank-owned homes from several banks and in turn will sell them to Dorn Homes of Green Valley, company officials announced during the Town Council meeting Thursday. "We have been looking at the property for some time," said Ryan O'Donovan, vice president of land acquisitions for Everest. Everest has a close business relationship with Dorn Homes, which has built homes in Prescott, Clarkdale, Tucson, Oro Valley, Tubac and Green Valley, Ariz., and in Missouri, according to David Grounds, company president. Dorn sold 28 homes in the Prescott Lakes subdivision in Prescott. Grounds told the council the housing market, which remains in a slump, will determine home construction at Quailwood, which was planned for 987 lots. Quailwood is located off Bradshaw Mountain Road and Highway 69. "Our goal is we want to have the models completed and open for business in 2012," Grounds said after the meeting. Grounds said Dorn has succeeded in marketing homes in Prescott Lakes, adding, "We decided to continue growing in the Prescott and Prescott Valley area." O'Donovan told the council, "I don't have a crystal ball. It will be a few years, but we won't drag it out."

Click here to view this article from its source.