News Desk

Big Name Investors Drive Sun Belt Land Rush

Professional golfer Phil Mickelson and Tito Beveridge are among those fueling a land boom in the Sun Belt. Cities like Phoenix, Miami, and Austin are experiencing record-breaking demand as the number of available vacant sites dwindles. Tax assessors most recently valued Beveridge’s Austin-area landholdings at more than $220 million, but because much of it is listed as ranchland, appraisers list the taxable value at $6.4 million. Together with investors, Mickelson has been acquiring land south of Phoenix. In 2017, the group purchased its eighth golf course in Arizona. Though land speculation is riskier than commercial real estate investments, favorable tax treatment in Sun Belt cities makes investments more profitable. And according to the National Association of Realtors, sales of land last year rose faster than any other type of commercial real estate. Read more HERE.

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