Condo development in this Arizona town is booming

Developers are building rapidly in the wealthy suburb of Scottsdale

TRD NATIONAL /
Apr.April 13, 2019 01:00 PM

Main Street in Scottsdale, Arizona (Credit: iStock, Wikimedia Commons)

A development boom is making its way to parts of Arizona.

As more people flock to Scottsdale, developers are taking note and building tall multifamily towers that contrast with the area’s abundance of single-family homes, the Wall Street Journal reports.

Since 2010, city officials in the affluent town have issued building permits for about 8,400 new residential units. Paradise Valley, an even wealthier town close by Scottsdale, is experiencing a similar construction boom.

Many of the projects underway, such as the Ritz-Carlton Residences in Paradise Valley, are high-end. Condos at the three-story Ritz development range from around $1.5 million to $5.5 million and come with a host of luxury amenities.

While some Arizona residents welcome the new developments, others fear it could change the charm of the frontier state. In Kierland, a high-rise condominium and hotel project proposed by DMB Circle Road Partners was recently shot down after dozens of locals protested the project.

In recent years, more people have been moving to Arizona thanks to its low taxes and affordable prices. Still, prices have been rising in the sunny state. In February, the average home sale price in Scottsdale was just over $603,000, up 7.5 percent from the prior year. [WSJ] – Natalie Hoberman


Related Articles

arrow_forward_ios
Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Developers are offering to pay the increased mansion and transfer taxes to give them an edge in a difficult market. (Credit: iStock)

Amid slow sales, developers give buyers a break on mansion taxes

Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

arrow_forward_ios