(Phoenix) Today, the Arizona State Land Department announced that it will reschedule two auctions originally planned for Thursday, September 28, 2006.
The two State Trust Land parcels that were scheduled for auction are located in prime residential areas in northeastern Maricopa County – 327 acres in the Desert Ridge Master Planned Community and 1,276 acres in Fountain Hills.
“The residential real estate market has slowed significantly since the work on the appraisals for these two parcels was performed at the beginning of the year,” State Land Commissioner Mark Winkleman announced today. The prospective bidders have made it clear that the current appraised values no longer reflect the current market. The Land Department is in the process of re-appraising both parcels and determining the appropriate time to bring them back to the market. Because of the legal requirements the Land Department must follow, the auctions cannot be rescheduled for at least a few months.
Winkleman also noted, “These are two terrific parcels and I am confident we will have substantial interest from prospective buyers at the rescheduled auctions.”