The Arizona State Land Department is calling off this week’s auctions of two prime pieces of residential land, one in northeast Phoenix’s Desert Ridge development and the other in Fountain Hills.

The auctions weren’t worth the agency’s time because no builders or investors are willing to pay the appraised prices of $150 million for a parcel of more than 325 acres in Desert Ridge and $130 million for 1,276 acres in Fountain Hills.

Posted: 09|27|06 at 7:56 am. Filed under: Property News.