Real Estate News of Arizona – May 2018

 Hello Friends,

Here comes the end-of-school season and that means planning for those vacations and figuring out how to keep the kids busy during the holidays. This also means one of the busiest seasons for travel to India. If you are still thinking about booking your tickets, then you are already late. Along the same lines, this is also the busiest season for the local valley real estate. This is when families plan their move before the next school year starts, but first lets see how the valley real-estate performed in the spring –

Phoenix has some great news for Scottsdale Airpark area, according to a report published by colliers that by 2030 the Scottsdale Airpark will be home to 4,000 businesses employing as many as 80,000 workers.  The airpark is forecast to contain as much as 52 million square feet of commercial space by that time.

In 2017, the Scottsdale Airpark featured more than 40 million square feet of space at 57,000+ employees.  Multifamily projects have become a new category,  where several new projects have been built in the past 24 months.  The area now features 29 apartment communities with more than 7,000 units. Also, several noteworthy business additions and expansions occurred in the Scottsdale Airpark. A Taiwan-based global shipping company, moved its US headquarters into Perimeter Center, whereas a Fortune 1,000 global manufacturing company, moved its headquarters to Kierland from Charlotte, NC.

This year they are likely to announce of two million square foot mixed use developments.  Additionally, the market will continue the much needed redevelopment cycle of replacing 30-45 year old obsolete buildings with new, modern buildings. Property values in the area have risen to such an extent that new industrial projects have simply been priced out of the mix.  Unless rental rates significantly spike, then new industrial will be added. However continue to see expansion of the ‘car collection enthusiasts’ who already have more than 40 different auto collections in warehouses, hangers and flex space in the area. In future they predict the economy will remain resilient into 2020, which will fuel activity in the Scottsdale Airpark and surrounding commercial areas.

Now let’s take a look at the March sales of Residential Properties in Maricopa County-

● Total Sales for Single Family, Town-home, Condos for March are 8,248 whereas, February were 6,107 and January was 5,386

● The Active listings for Single Family, Town-home, Condos for March are 17,894 whereas February were 17,455 and January was 17,340

● Pending sales for Single Family, Town-home, Condos for March are 6,099 whereas February were 6,994 and January was 5,598

The total home sales by financing were-

Cash Sales – 2,021

Conventional – 4,570

FHA – 1,117

VA- 491

Let’s take a look at the March sales of Residential Properties in Pinal County-

● Total Sales for Single Family, Town-home, Condos for March are 886 whereas, February were 614  and January was 513

● The Active listings for Single Family, Town-homes, Condos for March are 1,851 whereas, February were 1,911 and January was 1,912

● Pending sales for Single Family, Town-homes, Condos for March are 700 whereas February were 809 and January was 595

Pinal county sales have picked up from last month, lot of new constructions going on especially in cities like Maricopa, queen creek, san tan valley…

Now let’s take a peek in commercial side-

Great news on the commercial side of the valley! Mesa will sink $10 million into improvements along Elliot Road from Ellsworth to Signal Butte roads to alter the stretch into a technology corridor. The changes will expand Elliot from a single-lane road to a three way stretch in both directions. The area, once just another vast stretch of Arizona desert, is now home to some of the fastest growing residential communities in metro Phoenix, including Eastmark, and a Apple “command center.”

The Village at Superstition Springs was sold, It is located just south of Superstition Springs Center, a super regional mall. It sits amid restaurants, medical buildings, car dealers and other retail.

A mixed-use 145,000 square foot development in Scottsdale, was sold to a Denver based company. It sits on 8.3acre, future plans for this area is of high-end dining, retail spaces, and creative office space with contemporary finishes and move in ready suites.

Hope this article gives you a peek in what’s happening in our valley. As always, I love your questions, comments & feedback. Please keep them coming at arti@artiiyer.com or call me at 480-242-8573. 

Disclaimer: This article makes no representation or warranties of any kind as to the accuracy of the data. The source of data has been taken from several sources such as Armls, cromford report, Better Homes and Garden, Costar, Globest, BizJournal, Newsgeni, Realty times, azcentral, wall street journal.