A large parcel of state land near Meridian and Elliot roads in Pinal County will be auctioned on Oct. 20, 2020. It is part of a vast tract known as Superstition Vistas. (Photo: Robert Anglen/The Republic)

A state land auction near some of the hottest residential real estate in the country will open in the far southeast Valley this month with a low appraisal price and few bidders.

That is no accident.

The starting price on the 2,783 acres up for bid in a vast tract known as the Superstition Vistas is so low some developers are calling it a steal. But most will never get a chance to bid on it.  

Restrictions imposed by the Arizona State Land Department ensure only a handful of developers nationwide are able to qualify and compete. 

Among them is Brookfield Residential Properties Inc., a publicly traded behemoth worth about $4.5 billion. Brookfield for