Condo development in this Arizona town is booming

Developers are building rapidly in the wealthy suburb of Scottsdale

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
Phase out of flood insurance subsidies could upend coastal real estate markets
Phase out of flood insurance subsidies could upend coastal real estate markets
Phase out of flood insurance subsidies could upend coastal real estate markets
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
 An industry report says that mortgage lenders and investors are ill-prepared for the growing challenge of climate risk. (iStock)
Mortgage market stakeholders are unprepared for growing climate change threats
Mortgage market stakeholders are unprepared for growing climate change threats
Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
432 Park Avenue residents sue developers for $250M
432 Park Avenue residents sue developers for $250M
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
David Bitton, CMO and co-founder of DoorLoop and Ori Tamuz, CEO and co-founder of DoorLoop (Bitton, DoorLoop, Getty)
Startup DoorLoop to take on goliaths in rental management software
Startup DoorLoop to take on goliaths in rental management software
Richard Grossman
Brown Harris Stevens’ NYC president Richard Grossman steps down
Brown Harris Stevens’ NYC president Richard Grossman steps down
The six bedroom Sagaponack house (Out East)
Sagaponack mansion lists for $32M in East End’s supply-constrained market
Sagaponack mansion lists for $32M in East End’s supply-constrained market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...