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Mike Ingram, left, Jerry Colangelo, center, and Carlos Slim

Mike Ingram, left, Jerry Colangelo, center, and Carlos Slim

The word is that housing inventory is down in the Phoenix area,  Well, The tide may be turning.  The intersection of Signal Butte and Ocotillo in Queen Creek will be the home of a new luxury residential development.

Some big Arizona real estate names are part of this 229-acre land sale in Queen Creek.

Mike Ingram’s El Dorado Holdings Co. has bought land at Signal Butte and Ocotillo Roads for $8.9 million from a company formed by Daryl Wolfswinkel.

The Wolfswinkel family is well-known in Arizona business and real estate as is Ingram and El Dorado. So I would say some heavy hitters are betting on the housing market in Queen Creek.

The land is near Phoenix-Mesa Gateway Airport and Arizona State University’s Polytechnic campus. El Dorado is planning a gated luxury residential development on the land.

Martin Pylman, Rick Jellies, Ken Reycraft and Kent Baker from City to City Commercial Real Estate brokered the sale.

Are you looking for a home in Queen Creek?  Search here. If you don’t have down payment money and are interested in Queen Creek you may qualify for a USDA Loan.